DZZ vs SKE: Correlation
How closely do DB Gold Double Short ETN due February 15, 2038 (DZZ) and Skeena Resources Limited (SKE) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and SKE?
Across a 3-year window, the weekly returns of DZZ and SKE correlate at -0.26, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Stretching to 5 years gives -0.29, with an annualized covariance of -1475.1 %².
Among the 73 assets we track against DZZ, SKE ranks #44 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SKE ahead by 131.4 points (-8.6% versus +122.8%).
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 SKE: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | SKE (Skeena Resources Limited) | |
|---|---|---|
| 1-year return | -8.6% | +122.8% |
| 5-year return | -40.0% | +205.9% |
| Volatility (ann.) | 89.0% | 62.6% |
| Beta vs S&P 500 | 0.36 | 1.42 |
| Max drawdown (3Y) | -83.1% | -36.1% |
| Market cap | – | $4.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | SKE |
|---|---|---|
| 2022 | +3.0% | -49.0% |
| 2023 | -8.3% | -8.3% |
| 2024 | -35.0% | +78.7% |
| 2025 | +132.7% | +172.1% |
| 2026 | -57.2% | +48.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and SKE good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DZZ and SKE?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.35 over the last year and -0.29 over 5 years.
Is SKE a good diversifier for DZZ?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dzz-vs-ske.json
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Related comparisons
Hubs: DZZ correlations · SKE correlations
