SAFT vs UTZ: Correlation
Measured on weekly returns over the past three years, Safety Insurance Group, Inc. (SAFT) and Utz Brands Inc (UTZ) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAFT and UTZ?
Across a 3-year window, the weekly returns of SAFT and UTZ correlate at 0.68, strong. Lately the two have moved closer together, with the 1-year correlation at 0.91 versus 0.68 over 3 years. Stretching to 5 years gives 0.58, with an annualized covariance of 1383.2 %².
Within SAFT's tracked universe of 13 assets, UTZ comes in at #5 by 3-year correlation. The last year tells two different stories: SAFT led by 40.5 percentage points, +48.8% for SAFT against +8.3% for UTZ. Note the risk asymmetry: UTZ runs 2.1 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.
SAFT vs UTZ: side by side
| SAFT (Safety Insurance Group, Inc.) | UTZ (Utz Brands Inc) | |
|---|---|---|
| 1-year return | +48.8% | +8.3% |
| 5-year return | +58.1% | -16.7% |
| Volatility (ann.) | 30.8% | 65.9% |
| Beta vs S&P 500 | 0.17 | 0.07 |
| Max drawdown (3Y) | -20.1% | -63.8% |
| Market cap | $1.5B | $2.0B |
| P/E (trailing) | 22.3 | – |
| Dividend yield | 3.55% | 2.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SAFT | UTZ |
|---|---|---|
| 2022 | +3.1% | +0.9% |
| 2023 | -5.4% | +3.9% |
| 2024 | +13.3% | -2.1% |
| 2025 | -0.8% | -32.3% |
| 2026 | +36.6% | +39.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAFT and UTZ good diversifiers for each other?
Only partially. A correlation of 0.68 means SAFT and UTZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SAFT and UTZ?
As of 2026-08-27, the correlation of weekly returns between SAFT and UTZ is 0.68 over 3 years, 0.91 over 1 year and 0.58 over 5 years.
Is UTZ a good diversifier for SAFT?
Only partially. A correlation of 0.68 means SAFT and UTZ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 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/saft-vs-utz.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: SAFT correlations · UTZ correlations
