ARTNA vs DGICB: Correlation
How closely do Artesian Resources Corporation - Class A Non-Voting (ARTNA) and Donegal Group, Inc. (DGICB) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARTNA and DGICB?
Across a 3-year window, the weekly returns of ARTNA and DGICB correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.48) runs below the 3-year figure (-0.24). Stretching to 5 years gives -0.12, with an annualized covariance of -223.5 %².
DGICB is close to the least connected end of ARTNA's tracked universe, ranking #11 of 12. The last year tells two different stories: DGICB led by 57.7 percentage points, +10.6% for ARTNA against +68.3% for DGICB. Note the risk asymmetry: DGICB runs 1.8 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.
ARTNA vs DGICB: side by side
| ARTNA (Artesian Resources Corporation - Class A Non-Voting) | DGICB (Donegal Group, Inc.) | |
|---|---|---|
| 1-year return | +10.6% | +68.3% |
| 5-year return | +4.6% | +82.3% |
| Volatility (ann.) | 22.9% | 41.5% |
| Beta vs S&P 500 | 0.27 | 0.15 |
| Max drawdown (3Y) | -34.3% | -30.3% |
| Market cap | $0.4B | $0.9B |
| P/E (trailing) | 15.6 | 12.1 |
| Dividend yield | 3.54% | 3.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARTNA | DGICB |
|---|---|---|
| 2022 | +29.3% | +25.8% |
| 2023 | -27.6% | -6.8% |
| 2024 | -21.2% | +1.6% |
| 2025 | +3.8% | +30.8% |
| 2026 | +15.0% | +34.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARTNA and DGICB good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARTNA and DGICB?
The ARTNA/DGICB correlation stands at -0.24 on a 3-year window (1 year: -0.48, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is DGICB a good diversifier for ARTNA?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 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/artna-vs-dgicb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/artna-vs-dgicb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARTNA correlations · DGICB correlations
