AJG vs EIG: Correlation
Measured on weekly returns over the past three years, Arthur J. Gallagher & Co. (AJG) and Employers Holdings Inc (EIG) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AJG and EIG?
Over the past 3 years, AJG and EIG moved with a correlation of 0.56, which is moderate. Recent behaviour matches the longer record: 0.59 over 1 year against 0.56 over 3. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 321.0 %².
Within AJG's tracked universe of 32 assets, EIG comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EIG ahead by 28.6 points (-11.9% versus +16.7%).
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 EIG: side by side
| AJG (Arthur J. Gallagher & Co.) | EIG (Employers Holdings Inc) | |
|---|---|---|
| 1-year return | -11.9% | +16.7% |
| 5-year return | +91.1% | +43.2% |
| Volatility (ann.) | 25.0% | 22.8% |
| Beta vs S&P 500 | 0.36 | 0.32 |
| Max drawdown (3Y) | -44.4% | -31.3% |
| Market cap | $66.7B | $0.9B |
| P/E (trailing) | 43.1 | 62.1 |
| Dividend yield | 1.02% | 2.64% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | AJG | EIG |
|---|---|---|
| 2022 | +12.4% | +12.6% |
| 2023 | +20.5% | -6.1% |
| 2024 | +27.3% | +33.4% |
| 2025 | -8.0% | -13.3% |
| 2026 | +1.2% | +16.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AJG and EIG good diversifiers for each other?
To a limited degree. At 0.56 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 AJG and EIG?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.59 over the last year and 0.46 over 5 years.
Is EIG a good diversifier for AJG?
To a limited degree. At 0.56 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 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ajg-vs-eig.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ajg-vs-eig/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AJG correlations · EIG correlations
