AJG vs BWA: Correlation
Arthur J. Gallagher & Co. (AJG) and BorgWarner Inc. (BWA) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AJG and BWA?
Across a 3-year window, the weekly returns of AJG and BWA correlate at -0.23, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.38) runs below the 3-year figure (-0.23). Stretching to 5 years gives 0.01, with an annualized covariance of -170.8 %².
Among the 32 assets we track against AJG, BWA ranks #26 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BWA outperformed by 62.8 percentage points (-11.9% for AJG against +50.9% for BWA).
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.
AJG vs BWA: side by side
| AJG (Arthur J. Gallagher & Co.) | BWA (BorgWarner Inc.) | |
|---|---|---|
| 1-year return | -11.9% | +50.9% |
| 5-year return | +91.1% | +84.0% |
| Volatility (ann.) | 25.0% | 29.6% |
| Beta vs S&P 500 | 0.36 | 0.54 |
| Max drawdown (3Y) | -44.4% | -38.7% |
| Market cap | $66.7B | $13.2B |
| P/E (trailing) | 43.1 | 31.9 |
| Dividend yield | 1.02% | 1.05% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | AJG | BWA |
|---|---|---|
| 2022 | +12.4% | -9.2% |
| 2023 | +20.5% | +2.5% |
| 2024 | +27.3% | -10.2% |
| 2025 | -8.0% | +43.9% |
| 2026 | +1.2% | +44.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AJG and BWA good diversifiers for each other?
Yes. With a correlation of -0.23, AJG and BWA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AJG and BWA?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.38 over the last year and 0.01 over 5 years.
Is BWA a good diversifier for AJG?
Yes. With a correlation of -0.23, AJG and BWA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AJG correlations · BWA correlations
