AFG vs L: Correlation
Measured on weekly returns over the past three years, American Financial Group, Inc. (AFG) and Loews Corporation (L) 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 AFG and L?
On 3 years of weekly data the AFG/L correlation comes out at 0.68, strong. Recent behaviour matches the longer record: 0.62 over 1 year against 0.68 over 3. The 5-year figure is 0.69, and annualized covariance runs at 220.7 %².
L is one of the assets that tracks AFG most closely: it ranks #1 out of the 19 assets we track against AFG. Neither side won the trailing year by much: +10.4% against +14.2%.
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 L: side by side
| AFG (American Financial Group, Inc.) | L (Loews Corporation) | |
|---|---|---|
| 1-year return | +10.4% | +14.2% |
| 5-year return | +56.7% | +100.1% |
| Volatility (ann.) | 19.5% | 16.6% |
| Beta vs S&P 500 | 0.43 | 0.33 |
| Max drawdown (3Y) | -19.8% | -12.2% |
| Market cap | $11.8B | $22.5B |
| P/E (trailing) | 12.7 | 13.5 |
| Dividend yield | 2.43% | 0.23% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | AFG | L |
|---|---|---|
| 2022 | +10.9% | +1.4% |
| 2023 | -7.6% | +19.8% |
| 2024 | +23.8% | +22.1% |
| 2025 | +5.4% | +24.7% |
| 2026 | +7.7% | +4.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFG and L good diversifiers for each other?
Only partially. A correlation of 0.68 means AFG and L 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 AFG and L?
As of 2026-08-27, the correlation of weekly returns between AFG and L is 0.68 over 3 years, 0.62 over 1 year and 0.69 over 5 years.
Is L a good diversifier for AFG?
Only partially. A correlation of 0.68 means AFG and L 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?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/afg-vs-l.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/afg-vs-l/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AFG correlations · L correlations
