AAL vs DGICB: Correlation
American Airlines Group, Inc. (AAL) and Donegal Group, Inc. (DGICB) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAL and DGICB?
Over the past 3 years, AAL and DGICB moved with a correlation of 0.30, which is moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 558.7 %².
Within AAL's tracked universe of 22 assets, DGICB comes in at #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DGICB outperformed by 63.8 percentage points (+4.5% for AAL against +68.3% for DGICB).
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.
AAL vs DGICB: side by side
| AAL (American Airlines Group, Inc.) | DGICB (Donegal Group, Inc.) | |
|---|---|---|
| 1-year return | +4.5% | +68.3% |
| 5-year return | -29.7% | +82.3% |
| Volatility (ann.) | 45.3% | 41.5% |
| Beta vs S&P 500 | 1.29 | 0.15 |
| Max drawdown (3Y) | -51.4% | -30.3% |
| Market cap | $9.1B | $0.9B |
| P/E (trailing) | – | 12.1 |
| Dividend yield | 0.00% | 3.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAL | DGICB |
|---|---|---|
| 2022 | -29.2% | +25.8% |
| 2023 | +8.0% | -6.8% |
| 2024 | +26.9% | +1.6% |
| 2025 | -12.0% | +30.8% |
| 2026 | -10.5% | +34.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAL and DGICB good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AAL and DGICB?
The AAL/DGICB correlation stands at 0.30 on a 3-year window (1 year: 0.39, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is DGICB a good diversifier for AAL?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 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/aal-vs-dgicb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aal-vs-dgicb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AAL correlations · DGICB correlations
