DGICB vs NDAQ: Correlation
Measured on weekly returns over the past three years, Donegal Group, Inc. (DGICB) and Nasdaq, Inc. (NDAQ) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGICB and NDAQ?
Across a 3-year window, the weekly returns of DGICB and NDAQ correlate at -0.16, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. Stretching to 5 years gives -0.08, with an annualized covariance of -157.5 %².
Within DGICB's tracked universe of 19 assets, NDAQ comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DGICB ahead by 62.2 points (+68.3% versus +6.1%). Risk is not evenly split, since DGICB carries 1.8 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 NDAQ: side by side
| DGICB (Donegal Group, Inc.) | NDAQ (Nasdaq, Inc.) | |
|---|---|---|
| 1-year return | +68.3% | +6.1% |
| 5-year return | +82.3% | +64.4% |
| Volatility (ann.) | 41.5% | 23.2% |
| Beta vs S&P 500 | 0.15 | 0.80 |
| Max drawdown (3Y) | -30.3% | -23.4% |
| Market cap | $0.9B | $55.5B |
| P/E (trailing) | 12.1 | 29.0 |
| Dividend yield | 3.00% | 1.13% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | DGICB | NDAQ |
|---|---|---|
| 2022 | +25.8% | -11.2% |
| 2023 | -6.8% | -3.7% |
| 2024 | +1.6% | +34.8% |
| 2025 | +30.8% | +27.2% |
| 2026 | +34.6% | +3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGICB and NDAQ good diversifiers for each other?
Yes. With a correlation of -0.16, DGICB and NDAQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGICB and NDAQ?
The DGICB/NDAQ correlation stands at -0.16 on a 3-year window (1 year: -0.25, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is NDAQ a good diversifier for DGICB?
Yes. With a correlation of -0.16, DGICB and NDAQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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-ndaq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgicb-vs-ndaq/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: DGICB correlations · NDAQ correlations
