DZZ vs URI: Correlation
How closely do DB Gold Double Short ETN due February 15, 2038 (DZZ) and United Rentals (URI) 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 URI?
Across a 3-year window, the weekly returns of DZZ and URI correlate at -0.16, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.31) than the 3-year average (-0.16). Stretching to 5 years gives -0.13, with an annualized covariance of -565.7 %².
Within DZZ's tracked universe of 73 assets, URI comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months URI outperformed by 18.8 percentage points (-8.6% for DZZ against +10.2% for URI). 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 URI: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | URI (United Rentals) | |
|---|---|---|
| 1-year return | -8.6% | +10.2% |
| 5-year return | -40.0% | +204.1% |
| Volatility (ann.) | 89.0% | 39.5% |
| Beta vs S&P 500 | 0.36 | 1.42 |
| Max drawdown (3Y) | -83.1% | -37.0% |
| Market cap | – | $64.6B |
| P/E (trailing) | – | 25.4 |
| Dividend yield | 0.00% | 0.71% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | DZZ | URI |
|---|---|---|
| 2022 | +3.0% | +7.0% |
| 2023 | -8.3% | +63.6% |
| 2024 | -35.0% | +24.0% |
| 2025 | +132.7% | +15.9% |
| 2026 | -57.2% | +29.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and URI good diversifiers for each other?
Yes. With a correlation of -0.16, DZZ and URI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DZZ and URI?
As of 2026-08-27, the correlation of weekly returns between DZZ and URI is -0.16 over 3 years, -0.31 over 1 year and -0.13 over 5 years.
Is URI a good diversifier for DZZ?
Yes. With a correlation of -0.16, DZZ and URI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 mean?
A reading of -0.16 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-uri.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dzz-vs-uri/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DZZ correlations · URI correlations
