AJG vs FISV: Correlation
How closely do Arthur J. Gallagher & Co. (AJG) and Fiserv (FISV) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AJG and FISV?
On 3 years of weekly data the AJG/FISV correlation comes out at 0.48, moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. The 5-year figure is 0.49, and annualized covariance runs at 466.4 %².
Among the 32 assets we track against AJG, FISV ranks #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AJG ahead by 50.0 points (-11.9% versus -61.9%). Across three years, the rolling one-year figure varied moderately, from 0.11 to 0.60. One caveat on sizing: FISV is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 FISV: side by side
| AJG (Arthur J. Gallagher & Co.) | FISV (Fiserv) | |
|---|---|---|
| 1-year return | -11.9% | -61.9% |
| 5-year return | +91.1% | -55.0% |
| Volatility (ann.) | 25.0% | 39.2% |
| Beta vs S&P 500 | 0.36 | 0.58 |
| Max drawdown (3Y) | -44.4% | -80.2% |
| Market cap | $66.7B | $28.0B |
| P/E (trailing) | 43.1 | 10.1 |
| Dividend yield | 1.02% | 0.00% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | AJG | FISV |
|---|---|---|
| 2022 | +12.4% | -2.6% |
| 2023 | +20.5% | +31.4% |
| 2024 | +27.3% | +54.6% |
| 2025 | -8.0% | -67.3% |
| 2026 | +1.2% | -21.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AJG and FISV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AJG and FISV?
As of 2026-08-27, the correlation of weekly returns between AJG and FISV is 0.48 over 3 years, 0.53 over 1 year and 0.49 over 5 years.
Is FISV a good diversifier for AJG?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 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/ajg-vs-fisv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ajg-vs-fisv/)
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Related comparisons
Hubs: AJG correlations · FISV correlations
