DZZ vs WPM: Correlation
How closely do DB Gold Double Short ETN due February 15, 2038 (DZZ) and Wheaton Precious Metals Corp (WPM) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DZZ and WPM?
Across a 3-year window, the weekly returns of DZZ and WPM correlate at -0.30, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. Stretching to 5 years gives -0.33, with an annualized covariance of -1078.7 %².
By 3-year correlation, WPM places #60 of the 73 assets tracked against DZZ. Correlation aside, the last 12 months split them widely, with WPM ahead by 72.9 points (-8.6% versus +64.3%). 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 WPM: side by side
| DZZ (DB Gold Double Short ETN due February 15, 2038) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | -8.6% | +64.3% |
| 5-year return | -40.0% | +275.2% |
| Volatility (ann.) | 89.0% | 41.1% |
| Beta vs S&P 500 | 0.36 | 0.82 |
| Max drawdown (3Y) | -83.1% | -37.4% |
| Market cap | – | $71.8B |
| P/E (trailing) | – | 34.6 |
| Dividend yield | 0.00% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DZZ | WPM |
|---|---|---|
| 2022 | +3.0% | -7.5% |
| 2023 | -8.3% | +27.9% |
| 2024 | -35.0% | +15.2% |
| 2025 | +132.7% | +109.8% |
| 2026 | -57.2% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DZZ and WPM good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between DZZ and WPM?
The DZZ/WPM correlation stands at -0.30 on a 3-year window (1 year: -0.30, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is WPM a good diversifier for DZZ?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
A reading of -0.30 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-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dzz-vs-wpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DZZ correlations · WPM correlations
