AJG vs MRSH: Correlation
How closely do Arthur J. Gallagher & Co. (AJG) and Marsh McLennan (MRSH) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AJG and MRSH?
On 3 years of weekly data the AJG/MRSH correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. The 5-year figure is 0.82, and annualized covariance runs at 363.4 %².
Few assets follow AJG as closely as MRSH, which ranks #2 of 32 tracked partners. The trailing year gives MRSH the advantage: -11.9% versus -6.0%, a 5.9-point spread. Stability stands out here, with the rolling one-year correlation confined to 0.74 through 0.90.
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 MRSH: side by side
| AJG (Arthur J. Gallagher & Co.) | MRSH (Marsh McLennan) | |
|---|---|---|
| 1-year return | -11.9% | -6.0% |
| 5-year return | +91.1% | +31.3% |
| Volatility (ann.) | 25.0% | 18.1% |
| Beta vs S&P 500 | 0.36 | 0.33 |
| Max drawdown (3Y) | -44.4% | -34.4% |
| Market cap | $66.7B | $90.7B |
| P/E (trailing) | 43.1 | 23.6 |
| Dividend yield | 1.02% | 1.91% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | AJG | MRSH |
|---|---|---|
| 2022 | +12.4% | -3.5% |
| 2023 | +20.5% | +16.1% |
| 2024 | +27.3% | +13.7% |
| 2025 | -8.0% | -11.3% |
| 2026 | +1.2% | +4.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AJG and MRSH good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AJG and MRSH?
The AJG/MRSH correlation stands at 0.80 on a 3-year window (1 year: 0.80, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is MRSH a good diversifier for AJG?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
A reading of 0.80 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 · MRSH correlations
