DZZ vs SA: Correlation
Measured on weekly returns over the past three years, DB Gold Double Short ETN due February 15, 2038 (DZZ) and Seabridge Gold, Inc. (SA) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and SA?
On 3 years of weekly data the DZZ/SA correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.27 over 3. The 5-year figure is -0.30, and annualized covariance runs at -1354.2 %².
Among the 73 assets we track against DZZ, SA ranks #48 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SA ahead by 113.7 points (-8.6% versus +105.1%). One caveat on sizing: DZZ is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SA: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | SA (Seabridge Gold, Inc.) | |
|---|---|---|
| 1-year return | -8.6% | +105.1% |
| 5-year return | -40.0% | +93.2% |
| Volatility (ann.) | 89.0% | 56.7% |
| Beta vs S&P 500 | 0.36 | 1.46 |
| Max drawdown (3Y) | -83.1% | -52.5% |
| Market cap | – | $3.7B |
| P/E (trailing) | – | 179.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | SA |
|---|---|---|
| 2022 | +3.0% | -23.7% |
| 2023 | -8.3% | -3.6% |
| 2024 | -35.0% | -5.9% |
| 2025 | +132.7% | +159.3% |
| 2026 | -57.2% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and SA good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DZZ and SA?
As of 2026-08-27, the correlation of weekly returns between DZZ and SA is -0.27 over 3 years, -0.29 over 1 year and -0.30 over 5 years.
Is SA a good diversifier for DZZ?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DZZ correlations · SA correlations
