AJG vs FSLR: Correlation
Measured on weekly returns over the past three years, Arthur J. Gallagher & Co. (AJG) and First Solar (FSLR) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AJG and FSLR?
Across a 3-year window, the weekly returns of AJG and FSLR correlate at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.23 over 3 years. Stretching to 5 years gives 0.01, with an annualized covariance of -322.5 %².
Among the 32 assets we track against AJG, FSLR ranks #27 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FSLR outperformed by 21.8 percentage points (-11.9% for AJG against +9.9% for FSLR). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.35 to 0.37. One caveat on sizing: FSLR is 2.2 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 FSLR: side by side
| AJG (Arthur J. Gallagher & Co.) | FSLR (First Solar) | |
|---|---|---|
| 1-year return | -11.9% | +9.9% |
| 5-year return | +91.1% | +119.6% |
| Volatility (ann.) | 25.0% | 56.2% |
| Beta vs S&P 500 | 0.36 | 1.14 |
| Max drawdown (3Y) | -44.4% | -60.0% |
| Market cap | $66.7B | $22.6B |
| P/E (trailing) | 43.1 | 12.7 |
| Dividend yield | 1.02% | 0.00% |
| Sector / category | Financials | Information Technology |
Year-by-year returns
| Year | AJG | FSLR |
|---|---|---|
| 2022 | +12.4% | +71.9% |
| 2023 | +20.5% | +15.0% |
| 2024 | +27.3% | +2.3% |
| 2025 | -8.0% | +48.2% |
| 2026 | +1.2% | -19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AJG and FSLR good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between AJG and FSLR?
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 FSLR a good diversifier for AJG?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
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 · FSLR correlations
