DZZ vs RGLD: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and Royal Gold, Inc. (RGLD) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and RGLD?
Over the past 3 years, DZZ and RGLD moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.29 over 3. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -924.7 %².
Within DZZ's tracked universe of 73 assets, RGLD comes in at #55 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RGLD outperformed by 61.9 percentage points (-8.6% for DZZ against +53.3% for RGLD). Risk is not evenly split, since DZZ carries 2.5 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
DZZ vs RGLD: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | RGLD (Royal Gold, Inc.) | |
|---|---|---|
| 1-year return | -8.6% | +53.3% |
| 5-year return | -40.0% | +156.8% |
| Volatility (ann.) | 89.0% | 35.8% |
| Beta vs S&P 500 | 0.36 | 0.64 |
| Max drawdown (3Y) | -83.1% | -38.2% |
| Market cap | – | $22.8B |
| P/E (trailing) | – | 29.5 |
| Dividend yield | 0.00% | 0.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | RGLD |
|---|---|---|
| 2022 | +3.0% | +8.5% |
| 2023 | -8.3% | +8.7% |
| 2024 | -35.0% | +10.4% |
| 2025 | +132.7% | +70.4% |
| 2026 | -57.2% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and RGLD good diversifiers for each other?
Yes. With a correlation of -0.29, DZZ and RGLD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and RGLD?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.33 over the last year and -0.32 over 5 years.
Is RGLD a good diversifier for DZZ?
Yes. With a correlation of -0.29, DZZ and RGLD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dzz-vs-rgld.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dzz-vs-rgld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DZZ correlations · RGLD correlations
