DZZ vs SLV: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and iShares Silver Trust (SLV) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and SLV?
Across a 3-year window, the weekly returns of DZZ and SLV correlate at -0.25, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.21) sits close to the 3-year figure. Stretching to 5 years gives -0.29, with an annualized covariance of -864.9 %².
By 3-year correlation, SLV places #39 of the 73 assets tracked against DZZ. Their recent paths diverged sharply: over the last 12 months SLV outperformed by 88.0 percentage points (-8.6% for DZZ against +79.4% for SLV). One caveat on sizing: DZZ is 2.3 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 SLV: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | -8.6% | +79.4% |
| 5-year return | -40.0% | +182.0% |
| Volatility (ann.) | 89.0% | 38.6% |
| Beta vs S&P 500 | 0.36 | 0.80 |
| Max drawdown (3Y) | -83.1% | -52.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Expense ratio | – | 0.50% |
| Assets under management | – | $28.1B |
| Sector / category | US Listed | ETF · Commodities |
SLV, iShares's Commodities Focused fund, carries $28.1B under management, a 0.50% expense ratio, a 0.00% trailing dividend yield.
Year-by-year returns
| Year | DZZ | SLV |
|---|---|---|
| 2022 | +3.0% | +2.4% |
| 2023 | -8.3% | -1.1% |
| 2024 | -35.0% | +20.9% |
| 2025 | +132.7% | +144.7% |
| 2026 | -57.2% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and SLV good diversifiers for each other?
Yes. With a correlation of -0.25, DZZ and SLV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and SLV?
The DZZ/SLV correlation stands at -0.25 on a 3-year window (1 year: -0.21, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is SLV a good diversifier for DZZ?
Yes. With a correlation of -0.25, DZZ and SLV have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dzz-vs-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dzz-vs-slv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DZZ correlations · SLV correlations
