DZZ vs TR: Correlation
DB Gold Double Short ETN due February 15, 2038 (DZZ) and Tootsie Roll Industries, Inc. (TR) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and TR?
Across a 3-year window, the weekly returns of DZZ and TR correlate at -0.33, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.54) runs below the 3-year figure (-0.33). Stretching to 5 years gives -0.25, with an annualized covariance of -746.1 %².
Within DZZ's tracked universe of 73 assets, TR comes in at #67 by 3-year correlation. On 12-month performance TR holds a 12.7-point edge, -8.6% against +4.1%. One caveat on sizing: DZZ is 3.5 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 TR: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | TR (Tootsie Roll Industries, Inc.) | |
|---|---|---|
| 1-year return | -8.6% | +4.1% |
| 5-year return | -40.0% | +57.7% |
| Volatility (ann.) | 89.0% | 25.1% |
| Beta vs S&P 500 | 0.36 | 0.05 |
| Max drawdown (3Y) | -83.1% | -20.0% |
| Market cap | – | $3.1B |
| P/E (trailing) | – | 32.2 |
| Dividend yield | 0.00% | 0.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | TR |
|---|---|---|
| 2022 | +3.0% | +22.3% |
| 2023 | -8.3% | -18.8% |
| 2024 | -35.0% | +1.4% |
| 2025 | +132.7% | +17.9% |
| 2026 | -57.2% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and TR good diversifiers for each other?
Yes. With a correlation of -0.33, DZZ and TR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and TR?
As of 2026-08-27, the correlation of weekly returns between DZZ and TR is -0.33 over 3 years, -0.54 over 1 year and -0.25 over 5 years.
Is TR a good diversifier for DZZ?
Yes. With a correlation of -0.33, DZZ and TR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
A reading of -0.33 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
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Hubs: DZZ correlations · TR correlations
