DZZ vs SW: Correlation
How closely do DB Gold Double Short ETN due February 15, 2038 (DZZ) and Smurfit Westrock (SW) trade together? Their weekly returns over three years give a correlation of -0.16, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and SW?
On 3 years of weekly data the DZZ/SW correlation comes out at -0.16, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.16 over 3. The 5-year figure is -0.14, and annualized covariance runs at -571.5 %².
Within DZZ's tracked universe of 73 assets, SW comes in at #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SW ahead by 18.3 points (-8.6% versus +9.7%). Note the risk asymmetry: DZZ runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SW: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | SW (Smurfit Westrock) | |
|---|---|---|
| 1-year return | -8.6% | +9.7% |
| 5-year return | -40.0% | +2.6% |
| Volatility (ann.) | 89.0% | 40.1% |
| Beta vs S&P 500 | 0.36 | 0.92 |
| Max drawdown (3Y) | -83.1% | -40.5% |
| Market cap | – | $25.5B |
| P/E (trailing) | – | 51.7 |
| Dividend yield | 0.00% | 3.57% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | DZZ | SW |
|---|---|---|
| 2022 | +3.0% | -28.0% |
| 2023 | -8.3% | +14.1% |
| 2024 | -35.0% | +37.6% |
| 2025 | +132.7% | -26.2% |
| 2026 | -57.2% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and SW good diversifiers for each other?
Yes. With a correlation of -0.16, DZZ and SW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and SW?
As of 2026-08-27, the correlation of weekly returns between DZZ and SW is -0.16 over 3 years, -0.25 over 1 year and -0.14 over 5 years.
Is SW a good diversifier for DZZ?
Yes. With a correlation of -0.16, DZZ and SW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 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-sw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dzz-vs-sw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DZZ correlations · SW correlations
