DGICB vs GLD: Correlation
Measured on weekly returns over the past three years, Donegal Group, Inc. (DGICB) and SPDR Gold Shares (GLD) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGICB and GLD?
Across a 3-year window, the weekly returns of DGICB and GLD correlate at -0.18, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.18 over 3. Stretching to 5 years gives -0.13, with an annualized covariance of -136.2 %².
Within DGICB's tracked universe of 19 assets, GLD comes in at #10 by 3-year correlation. The last year tells two different stories: DGICB led by 33.2 percentage points, +68.3% for DGICB against +35.1% for GLD. Risk is not evenly split, since DGICB 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.
DGICB vs GLD: side by side
| DGICB (Donegal Group, Inc.) | GLD (SPDR Gold Shares) | |
|---|---|---|
| 1-year return | +68.3% | +35.1% |
| 5-year return | +82.3% | +149.5% |
| Volatility (ann.) | 41.5% | 18.7% |
| Beta vs S&P 500 | 0.15 | 0.18 |
| Max drawdown (3Y) | -30.3% | -26.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 3.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | DGICB | GLD |
|---|---|---|
| 2022 | +25.8% | -0.8% |
| 2023 | -6.8% | +12.7% |
| 2024 | +1.6% | +26.7% |
| 2025 | +30.8% | +63.7% |
| 2026 | +34.6% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGICB and GLD good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DGICB and GLD?
The DGICB/GLD correlation stands at -0.18 on a 3-year window (1 year: -0.22, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is GLD a good diversifier for DGICB?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 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.
Use this data
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[](https://www.pairbook.io/pair/dgicb-vs-gld/)
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Related comparisons
Hubs: DGICB correlations · GLD correlations
