DPG vs TDS: Correlation
Measured on weekly returns over the past three years, Duff & Phelps Utility and Infrastructure Fund Inc. (DPG) and Telephone and Data Systems, Inc. (TDS) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DPG and TDS?
Across a 3-year window, the weekly returns of DPG and TDS correlate at 0.44, moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.44 over 3. Stretching to 5 years gives 0.21, with an annualized covariance of 368.9 %².
By 3-year correlation, TDS places #24 of the 30 assets tracked against DPG. The last year tells two different stories: DPG led by 38.3 percentage points, +21.3% for DPG against -17.0% for TDS. Note the risk asymmetry: TDS runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DPG vs TDS: side by side
| DPG (Duff & Phelps Utility and Infrastructure Fund Inc.) | TDS (Telephone and Data Systems, Inc.) | |
|---|---|---|
| 1-year return | +21.3% | -17.0% |
| 5-year return | +54.4% | +91.9% |
| Volatility (ann.) | 17.8% | 46.7% |
| Beta vs S&P 500 | 0.36 | 0.86 |
| Max drawdown (3Y) | -14.2% | -33.4% |
| Market cap | $0.5B | $3.8B |
| P/E (trailing) | 3.4 | 8.3 |
| Dividend yield | 0.00% | 0.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DPG | TDS |
|---|---|---|
| 2022 | +3.1% | -45.3% |
| 2023 | -25.1% | +86.3% |
| 2024 | +38.2% | +89.0% |
| 2025 | +16.3% | +20.7% |
| 2026 | +19.5% | -19.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DPG and TDS good diversifiers for each other?
Reasonably. At 0.44, DPG and TDS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DPG and TDS?
As of 2026-08-27, the correlation of weekly returns between DPG and TDS is 0.44 over 3 years, 0.48 over 1 year and 0.21 over 5 years.
Is TDS a good diversifier for DPG?
Reasonably. At 0.44, DPG and TDS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dpg-vs-tds.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dpg-vs-tds/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DPG correlations · TDS correlations
