DGICB vs MACI: Correlation
Measured on weekly returns over the past three years, Donegal Group, Inc. (DGICB) and Melar Acquisition Corp. I - Class A (MACI) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGICB and MACI?
Across a 3-year window, the weekly returns of DGICB and MACI correlate at 0.28, weak. The link has loosened recently: the 1-year correlation (0.14) runs below the 3-year figure (0.28). Stretching to 5 years gives n/a, with an annualized covariance of 27.1 %².
By 3-year correlation, MACI places #5 of the 19 assets tracked against DGICB. Correlation aside, the last 12 months split them widely, with DGICB ahead by 63.9 points (+68.3% versus +4.4%). One caveat on sizing: DGICB is 19.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MACI: side by side
| DGICB (Donegal Group, Inc.) | MACI (Melar Acquisition Corp. I - Class A) | |
|---|---|---|
| 1-year return | +68.3% | +4.4% |
| 5-year return | +82.3% | n/a |
| Volatility (ann.) | 41.5% | 2.1% |
| Beta vs S&P 500 | 0.15 | -0.03 |
| Max drawdown (3Y) | -30.3% | -2.0% |
| Market cap | $0.9B | $0.2B |
| P/E (trailing) | 12.1 | 60.9 |
| Dividend yield | 3.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGICB | MACI |
|---|---|---|
| 2022 | +25.8% | – |
| 2023 | -6.8% | – |
| 2024 | +1.6% | – |
| 2025 | +30.8% | +5.7% |
| 2026 | +34.6% | +3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGICB and MACI good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DGICB and MACI?
The DGICB/MACI correlation stands at 0.28 on a 3-year window (1 year: 0.14, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MACI a good diversifier for DGICB?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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
$ curl https://www.pairbook.io/api/v1/pairs/dgicb-vs-maci.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgicb-vs-maci/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: DGICB correlations · MACI correlations
