AFG vs AFL: Correlation
American Financial Group, Inc. (AFG) and Aflac (AFL) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFG and AFL?
Over the past 3 years, AFG and AFL moved with a correlation of 0.64, which is strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 237.8 %².
Within AFG's tracked universe of 19 assets, AFL comes in at #5 by 3-year correlation. Neither side won the trailing year by much: +10.4% against +10.8%.
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.
AFG vs AFL: side by side
| AFG (American Financial Group, Inc.) | AFL (Aflac) | |
|---|---|---|
| 1-year return | +10.4% | +10.8% |
| 5-year return | +56.7% | +131.3% |
| Volatility (ann.) | 19.5% | 19.2% |
| Beta vs S&P 500 | 0.43 | 0.36 |
| Max drawdown (3Y) | -19.8% | -13.6% |
| Market cap | $11.8B | $58.4B |
| P/E (trailing) | 12.7 | 12.6 |
| Dividend yield | 2.43% | 2.03% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | AFG | AFL |
|---|---|---|
| 2022 | +10.9% | +26.4% |
| 2023 | -7.6% | +17.4% |
| 2024 | +23.8% | +28.1% |
| 2025 | +5.4% | +8.9% |
| 2026 | +7.7% | +7.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFG and AFL good diversifiers for each other?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AFG and AFL?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.66 over the last year and 0.64 over 5 years.
Is AFL a good diversifier for AFG?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 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/afg-vs-afl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/afg-vs-afl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AFG correlations · AFL correlations
