Abstract. We determine the Hubble expansion and the general cosmic perturbation equations for a general system consisting of self-conserved matter, ρ m , and self-conserved dark energy (DE), ρ D . While at the background level the two components are non-interacting, they do interact at the perturbations level. We show that the coupled system of matter and DE perturbations can be transformed into a single, third order, matter perturbation equation, which reduces to the (derivative of the) standard one in the case that the DE is just a cosmological constant. As a nontrivial application we analyze a class of dynamical models whose DE density ρ D (H) consists of a constant term, C 0 , and a series of powers of the Hubble rate. These models were previously analyzed from the point of view of dynamical vacuum models, but here we treat them as self-conserved DE models with a dynamical equation of state. We fit them to the wealth of expansion history and linear structure formation data and compare their fit quality with that of the concordance ΛCDM model. Those with C 0 = 0 include the so-called "entropic-force" and "QCD-ghost" DE models, as well as the pure linear model ρ D ∼ H, all of which appear strongly disfavored. The models with C 0 = 0, in contrast, emerge as promising dynamical DE candidates whose phenomenological performance is highly competitive with the rigid Λ-term inherent to the ΛCDM.ArXiv ePrint: 1509.03298 arXiv:1509.03298v3 [gr-qc]