ACLS vs AJG: Correlation
How closely do Axcelis Technologies, Inc. (ACLS) and Arthur J. Gallagher & Co. (AJG) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACLS and AJG?
Over the past 3 years, ACLS and AJG moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (-0.21). Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -265.5 %².
Out of 11 assets tracked against ACLS, AJG lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months ACLS outperformed by 61.3 percentage points (+49.4% for ACLS against -11.9% for AJG). Note the risk asymmetry: ACLS 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.
ACLS vs AJG: side by side
| ACLS (Axcelis Technologies, Inc.) | AJG (Arthur J. Gallagher & Co.) | |
|---|---|---|
| 1-year return | +49.4% | -11.9% |
| 5-year return | +140.5% | +91.1% |
| Volatility (ann.) | 51.6% | 25.0% |
| Beta vs S&P 500 | 1.57 | 0.36 |
| Max drawdown (3Y) | -78.0% | -44.4% |
| Market cap | $3.8B | $66.7B |
| P/E (trailing) | 40.4 | 43.1 |
| Dividend yield | 0.00% | 1.02% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | ACLS | AJG |
|---|---|---|
| 2022 | +6.4% | +12.4% |
| 2023 | +63.4% | +20.5% |
| 2024 | -46.1% | +27.3% |
| 2025 | +15.0% | -8.0% |
| 2026 | +52.4% | +1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACLS and AJG good diversifiers for each other?
Yes. With a correlation of -0.21, ACLS and AJG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ACLS and AJG?
As of 2026-08-27, the correlation of weekly returns between ACLS and AJG is -0.21 over 3 years, -0.34 over 1 year and -0.01 over 5 years.
Is AJG a good diversifier for ACLS?
Yes. With a correlation of -0.21, ACLS and AJG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/acls-vs-ajg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/acls-vs-ajg/)
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Related comparisons
Hubs: ACLS correlations · AJG correlations
