NWE vs. DGICA

Last updated Apr 2, 2026

Compare and contrast key facts about NorthWestern Corporation (NWE) and Donegal Group Inc. (DGICA).

Performance

NWE vs. DGICA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NorthWestern Corporation (NWE) and Donegal Group Inc. (DGICA). The values are adjusted to include any dividend payments, if applicable.

NWE vs. DGICA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWE NorthWestern Corporation	3.95%	26.40%	10.51%	-10.12%	8.49%	2.10%	-15.15%	24.50%	3.52%	8.74%
DGICA Donegal Group Inc.	-14.19%	34.64%	15.93%	3.15%	4.02%	6.02%	-1.12%	13.19%	-17.96%	2.46%

Fundamentals

Market Cap NWE : $4.12B DGICA : $539.37M
EPS NWE : $2.94 DGICA : $2.40
PE Ratio NWE : 22.61 DGICA : 7.08
PS Ratio NWE : 2.54 DGICA : 0.57
PB Ratio NWE : 1.43 DGICA : 0.84
Total Revenue (TTM) NWE : $1.61B DGICA : $978.38M
Gross Profit (TTM) NWE : $1.00B DGICA : $196.62M
EBITDA (TTM) NWE : $587.31M DGICA : $80.29M

Returns By Period

In the year-to-date period, NWE achieves a 3.95% return, which is significantly higher than DGICA's -14.19% return. Over the past 10 years, NWE has underperformed DGICA with an annualized return of 4.92%, while DGICA has yielded a comparatively higher 6.45% annualized return.

NWE

• 1D: 0.73%
• 1M: -4.09%
• YTD: 3.95%
• 6M: 17.72%
• 1Y: 18.63%
• 3Y*: 9.78%
• 5Y*: 5.19%
• 10Y*: 4.92%

DGICA

• 1D: -1.16%
• 1M: -4.01%
• YTD: -14.19%
• 6M: -10.06%
• 1Y: -10.41%
• 3Y*: 8.30%
• 5Y*: 7.23%
• 10Y*: 6.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

NWE vs. DGICA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NWE

NWE Risk / Return Rank: 67
NWE Sharpe Ratio Rank: 72
NWE Sortino Ratio Rank: 65
NWE Omega Ratio Rank: 62
NWE Calmar Ratio Rank: 70
NWE Martin Ratio Rank: 69

DGICA

DGICA Risk / Return Rank: 22
DGICA Sharpe Ratio Rank: 22
DGICA Sortino Ratio Rank: 20
DGICA Omega Ratio Rank: 21
DGICA Calmar Ratio Rank: 24
DGICA Martin Ratio Rank: 23

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NWE vs. DGICA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NorthWestern Corporation (NWE) and Donegal Group Inc. (DGICA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NWE	DGICA	Difference
Sharpe ratio Return per unit of total volatility	0.93	-0.42	+1.34
Sortino ratio Return per unit of downside risk	1.40	-0.43	+1.83
Omega ratio Gain probability vs. loss probability	1.17	0.95	+0.22
Calmar ratio Return relative to maximum drawdown	1.47	-0.51	+1.98
Martin ratio Return relative to average drawdown	3.36	-1.00	+4.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWE vs. DGICA - Sharpe Ratio Comparison

The current NWE Sharpe Ratio is 0.93, which is higher than the DGICA Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of NWE and DGICA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NWE	DGICA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	-0.42	+1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.31	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.25	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.23	+0.16

Correlation

The correlation between NWE and DGICA is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NWE vs. DGICA - Dividend Comparison

NWE's dividend yield for the trailing twelve months is around 3.99%, less than DGICA's 4.30% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NWE NorthWestern Corporation	3.99%	4.09%	4.86%	5.03%	4.25%	4.34%	4.12%	3.21%	3.70%	3.52%	3.52%	3.54%
DGICA Donegal Group Inc.	4.30%	3.60%	4.44%	4.82%	4.61%	4.41%	4.23%	3.90%	4.16%	3.22%	3.13%	3.81%

Drawdowns

NWE vs. DGICA - Drawdown Comparison

The maximum NWE drawdown since its inception was -39.34%, smaller than the maximum DGICA drawdown of -43.36%. Use the drawdown chart below to compare losses from any high point for NWE and DGICA.

Drawdown Indicators

	NWE	DGICA	Difference
Max Drawdown Largest peak-to-trough decline	-39.34%	-43.36%	+4.02%
Max Drawdown (1Y) Largest decline over 1 year	-13.55%	-19.56%	+6.01%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-22.31%	-3.83%
Max Drawdown (10Y) Largest decline over 10 years	-39.34%	-30.23%	-9.11%
Current Drawdown Current decline from peak	-6.39%	-18.16%	+11.77%
Average Drawdown Average peak-to-trough decline	-10.85%	-14.18%	+3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.94%	10.00%	-4.06%

Volatility

NWE vs. DGICA - Volatility Comparison

NorthWestern Corporation (NWE) has a higher volatility of 7.03% compared to Donegal Group Inc. (DGICA) at 6.50%. This indicates that NWE's price experiences larger fluctuations and is considered to be riskier than DGICA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWE	DGICA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	6.50%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	14.57%	15.59%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	20.19%	25.18%	-4.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.72%	23.16%	-2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.59%	25.38%	-0.79%

Financials

NWE vs. DGICA - Profitability Comparison

The chart below illustrates the profitability comparison between NorthWestern Corporation and Donegal Group Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NWE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, NorthWestern Corporation reported a gross profit of 203.17M and revenue of 414.26M. Therefore, the gross margin over that period was 49.0%.

DGICA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Donegal Group Inc. reported a gross profit of 0.00 and revenue of 240.14M. Therefore, the gross margin over that period was 0.0%.

NWE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, NorthWestern Corporation reported an operating income of 60.02M and revenue of 414.26M, resulting in an operating margin of 14.5%.

DGICA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Donegal Group Inc. reported an operating income of 0.00 and revenue of 240.14M, resulting in an operating margin of 0.0%.

NWE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, NorthWestern Corporation reported a net income of 44.69M and revenue of 414.26M, resulting in a net margin of 10.8%.

DGICA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Donegal Group Inc. reported a net income of 17.19M and revenue of 240.14M, resulting in a net margin of 7.2%.