DZZ vs TFPM: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and Triple Flag Precious Metals Corp. (TFPM) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and TFPM?
Across a 3-year window, the weekly returns of DZZ and TFPM correlate at -0.27, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.27 over 3. Stretching to 5 years gives -0.24, with an annualized covariance of -899.3 %².
By 3-year correlation, TFPM places #49 of the 73 assets tracked against DZZ. Their recent paths diverged sharply: over the last 12 months TFPM outperformed by 42.0 percentage points (-8.6% for DZZ against +33.4% for TFPM). Risk is not evenly split, since DZZ carries 2.4 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 TFPM: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | -8.6% | +33.4% |
| 5-year return | -40.0% | n/a |
| Volatility (ann.) | 89.0% | 37.3% |
| Beta vs S&P 500 | 0.36 | 0.62 |
| Max drawdown (3Y) | -83.1% | -34.9% |
| Market cap | – | $7.2B |
| P/E (trailing) | – | 17.5 |
| Dividend yield | 0.00% | 0.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | TFPM |
|---|---|---|
| 2022 | +3.0% | – |
| 2023 | -8.3% | -1.8% |
| 2024 | -35.0% | +14.6% |
| 2025 | +132.7% | +122.2% |
| 2026 | -57.2% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and TFPM good diversifiers for each other?
Yes. With a correlation of -0.27, DZZ and TFPM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and TFPM?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.32 over the last year and -0.24 over 5 years.
Is TFPM a good diversifier for DZZ?
Yes. With a correlation of -0.27, DZZ and TFPM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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 · TFPM correlations
