CEG vs DGICA: Correlation
Measured on weekly returns over the past three years, Constellation Energy (CEG) and Donegal Group, Inc. (DGICA) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEG and DGICA?
Across a 3-year window, the weekly returns of CEG and DGICA correlate at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.12 versus -0.23 over 3 years. Stretching to 5 years gives -0.19, with an annualized covariance of -277.6 %².
By 3-year correlation, DGICA places #27 of the 32 assets tracked against CEG. Correlation aside, the last 12 months split them widely, with DGICA ahead by 22.7 points (-10.1% versus +12.6%). Risk is not evenly split, since CEG carries 2.2 times the volatility of the other side.
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.
CEG vs DGICA: side by side
| CEG (Constellation Energy) | DGICA (Donegal Group, Inc.) | |
|---|---|---|
| 1-year return | -10.1% | +12.6% |
| 5-year return | +598.5% | +57.1% |
| Volatility (ann.) | 52.1% | 23.2% |
| Beta vs S&P 500 | 1.42 | 0.18 |
| Max drawdown (3Y) | -50.7% | -20.4% |
| Market cap | $100.1B | $0.7B |
| P/E (trailing) | 27.3 | 9.9 |
| Dividend yield | 0.58% | 3.87% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | CEG | DGICA |
|---|---|---|
| 2022 | – | +4.0% |
| 2023 | +37.2% | +3.2% |
| 2024 | +92.7% | +15.9% |
| 2025 | +58.8% | +34.7% |
| 2026 | -19.7% | -2.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEG and DGICA good diversifiers for each other?
Yes. With a correlation of -0.23, CEG and DGICA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CEG and DGICA?
The CEG/DGICA correlation stands at -0.23 on a 3-year window (1 year: -0.12, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is DGICA a good diversifier for CEG?
Yes. With a correlation of -0.23, CEG and DGICA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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/ceg-vs-dgica.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ceg-vs-dgica/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CEG correlations · DGICA correlations
