DPG vs UTG: Correlation
Measured on weekly returns over the past three years, Duff & Phelps Utility and Infrastructure Fund Inc. (DPG) and Reaves Utility Income Fund (UTG) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DPG and UTG?
Across a 3-year window, the weekly returns of DPG and UTG correlate at 0.69, strong. The past 12 months show a weaker link (0.52) than the 3-year average (0.69). Stretching to 5 years gives 0.64, with an annualized covariance of 235.2 %².
Within DPG's tracked universe of 30 assets, UTG comes in at #9 by 3-year correlation. On 12-month performance DPG holds a 14.5-point edge, +21.3% against +6.8%.
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 UTG: side by side
| DPG (Duff & Phelps Utility and Infrastructure Fund Inc.) | UTG (Reaves Utility Income Fund) | |
|---|---|---|
| 1-year return | +21.3% | +6.8% |
| 5-year return | +54.4% | +53.5% |
| Volatility (ann.) | 17.8% | 19.1% |
| Beta vs S&P 500 | 0.36 | 0.67 |
| Max drawdown (3Y) | -14.2% | -14.9% |
| Market cap | $0.5B | $3.5B |
| P/E (trailing) | 3.4 | 2.8 |
| Dividend yield | 0.00% | 6.17% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DPG | UTG |
|---|---|---|
| 2022 | +3.1% | -13.4% |
| 2023 | -25.1% | +2.8% |
| 2024 | +38.2% | +28.1% |
| 2025 | +16.3% | +23.2% |
| 2026 | +19.5% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DPG and UTG good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DPG and UTG?
As of 2026-08-27, the correlation of weekly returns between DPG and UTG is 0.69 over 3 years, 0.52 over 1 year and 0.64 over 5 years.
Is UTG a good diversifier for DPG?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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/dpg-vs-utg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dpg-vs-utg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DPG correlations · UTG correlations
