DGICB vs SPY: Correlation
Donegal Group, Inc. (DGICB) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.05.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGICB and SPY?
Over the past 3 years, DGICB and SPY moved with a correlation of 0.05, which is near zero, meaning they move largely independently. The past 12 months show a tighter link (0.17) than the 3-year average (0.05). Over 5 years the correlation is 0.01, and the annualized covariance of weekly returns is 31.5 %².
Among the 19 assets we track against DGICB, SPY ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DGICB outperformed by 47.7 percentage points (+68.3% for DGICB against +20.6% for SPY). Risk is not evenly split, since DGICB carries 2.9 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 SPY: side by side
| DGICB (Donegal Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +68.3% | +20.6% |
| 5-year return | +82.3% | +82.4% |
| Volatility (ann.) | 41.5% | 14.5% |
| Beta vs S&P 500 | 0.15 | 1.00 |
| Max drawdown (3Y) | -30.3% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 3.00% | 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 | DGICB | SPY |
|---|---|---|
| 2022 | +25.8% | -18.2% |
| 2023 | -6.8% | +26.2% |
| 2024 | +1.6% | +24.9% |
| 2025 | +30.8% | +17.7% |
| 2026 | +34.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGICB and SPY good diversifiers for each other?
Yes. With a correlation of 0.05, DGICB and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGICB and SPY?
The DGICB/SPY correlation stands at 0.05 on a 3-year window (1 year: 0.17, 5 years: 0.01), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for DGICB?
Yes. With a correlation of 0.05, DGICB and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.05 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Hubs: DGICB correlations · SPY correlations
