AQN vs DPG: Correlation
Algonquin Power & Utilities Corp. (AQN) and Duff & Phelps Utility and Infrastructure Fund Inc. (DPG) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AQN and DPG?
Across a 3-year window, the weekly returns of AQN and DPG correlate at 0.59, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.59 over 3. Stretching to 5 years gives 0.47, with an annualized covariance of 328.5 %².
DPG is one of the assets that tracks AQN most closely: it ranks #3 out of the 12 assets we track against AQN. Their recent paths diverged sharply: over the last 12 months DPG outperformed by 21.4 percentage points (-0.1% for AQN against +21.3% for DPG). Note the risk asymmetry: AQN runs 1.7 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.
AQN vs DPG: side by side
| AQN (Algonquin Power & Utilities Corp.) | DPG (Duff & Phelps Utility and Infrastructure Fund Inc.) | |
|---|---|---|
| 1-year return | -0.1% | +21.3% |
| 5-year return | -52.8% | +54.4% |
| Volatility (ann.) | 31.1% | 17.8% |
| Beta vs S&P 500 | 0.42 | 0.36 |
| Max drawdown (3Y) | -38.7% | -14.2% |
| Market cap | $4.4B | $0.5B |
| P/E (trailing) | 23.7 | 3.4 |
| Dividend yield | 4.55% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AQN | DPG |
|---|---|---|
| 2022 | -51.7% | +3.1% |
| 2023 | +3.0% | -25.1% |
| 2024 | -25.0% | +38.2% |
| 2025 | +41.6% | +16.3% |
| 2026 | -5.6% | +19.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AQN and DPG good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AQN and DPG?
As of 2026-08-27, the correlation of weekly returns between AQN and DPG is 0.59 over 3 years, 0.49 over 1 year and 0.47 over 5 years.
Is DPG a good diversifier for AQN?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 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/aqn-vs-dpg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aqn-vs-dpg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AQN correlations · DPG correlations
