DGICA vs SPY: Correlation
Measured on weekly returns over the past three years, Donegal Group, Inc. (DGICA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGICA and SPY?
On 3 years of weekly data the DGICA/SPY correlation comes out at 0.11, weak. Little has changed lately, as the 1-year reading of 0.08 lands near the 3-year figure. The 5-year figure is 0.16, and annualized covariance runs at 38.1 %².
Within DGICA's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. On 12-month performance SPY holds a 8.0-point edge, +12.6% against +20.6%. Risk is not evenly split, since DGICA carries 1.6 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.
DGICA vs SPY: side by side
| DGICA (Donegal Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.6% | +20.6% |
| 5-year return | +57.1% | +82.4% |
| Volatility (ann.) | 23.2% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -20.4% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 9.9 | – |
| Dividend yield | 3.87% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | DGICA | SPY |
|---|---|---|
| 2022 | +4.0% | -18.2% |
| 2023 | +3.2% | +26.2% |
| 2024 | +15.9% | +24.9% |
| 2025 | +34.7% | +17.7% |
| 2026 | -2.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGICA and SPY good diversifiers for each other?
Yes. With a correlation of 0.11, DGICA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGICA and SPY?
Using weekly returns as of 2026-08-27: 0.11 over 3 years, with 0.08 over the last year and 0.16 over 5 years.
Is SPY a good diversifier for DGICA?
Yes. With a correlation of 0.11, DGICA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: DGICA correlations · SPY correlations
