AJG vs GNRC: Correlation
Arthur J. Gallagher & Co. (AJG) and Generac (GNRC) show a negative relationship: their 3-year correlation of weekly returns is -0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AJG and GNRC?
Across a 3-year window, the weekly returns of AJG and GNRC correlate at -0.14, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.37 versus -0.14 over 3 years. Stretching to 5 years gives 0.07, with an annualized covariance of -165.8 %².
By 3-year correlation, GNRC places #21 of the 32 assets tracked against AJG. The last year tells two different stories: GNRC led by 17.4 percentage points, -11.9% for AJG against +5.5% for GNRC. This link changes with the market regime, having swung between -0.45 and 0.29 on a rolling one-year basis. Note the risk asymmetry: GNRC runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 GNRC: side by side
| AJG (Arthur J. Gallagher & Co.) | GNRC (Generac) | |
|---|---|---|
| 1-year return | -11.9% | +5.5% |
| 5-year return | +91.1% | -55.4% |
| Volatility (ann.) | 25.0% | 46.1% |
| Beta vs S&P 500 | 0.36 | 1.35 |
| Max drawdown (3Y) | -44.4% | -47.8% |
| Market cap | $66.7B | $11.6B |
| P/E (trailing) | 43.1 | 47.4 |
| Dividend yield | 1.02% | 0.00% |
| Sector / category | Financials | Industrials |
Year-by-year returns
| Year | AJG | GNRC |
|---|---|---|
| 2022 | +12.4% | -71.4% |
| 2023 | +20.5% | +28.4% |
| 2024 | +27.3% | +20.0% |
| 2025 | -8.0% | -12.0% |
| 2026 | +1.2% | +44.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AJG and GNRC good diversifiers for each other?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between AJG and GNRC?
Using weekly returns as of 2026-08-27: -0.14 over 3 years, with -0.37 over the last year and 0.07 over 5 years.
Is GNRC a good diversifier for AJG?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
What does a correlation of -0.14 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-gnrc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ajg-vs-gnrc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AJG correlations · GNRC correlations
