AJG vs PGR: Correlation
Measured on weekly returns over the past three years, Arthur J. Gallagher & Co. (AJG) and Progressive Corporation (PGR) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AJG and PGR?
Over the past 3 years, AJG and PGR moved with a correlation of 0.54, which is moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.54 over 3. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 317.1 %².
Among the 32 assets we track against AJG, PGR ranks #9 by 3-year correlation. On 12-month performance PGR holds a 6.6-point edge, -11.9% against -5.3%. Across three years, the rolling one-year figure varied moderately, from 0.31 to 0.73.
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 PGR: side by side
| AJG (Arthur J. Gallagher & Co.) | PGR (Progressive Corporation) | |
|---|---|---|
| 1-year return | -11.9% | -5.3% |
| 5-year return | +91.1% | +153.0% |
| Volatility (ann.) | 25.0% | 23.6% |
| Beta vs S&P 500 | 0.36 | 0.32 |
| Max drawdown (3Y) | -44.4% | -30.4% |
| Market cap | $66.7B | $126.5B |
| P/E (trailing) | 43.1 | 10.9 |
| Dividend yield | 1.02% | 0.18% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | AJG | PGR |
|---|---|---|
| 2022 | +12.4% | +26.8% |
| 2023 | +20.5% | +23.2% |
| 2024 | +27.3% | +51.4% |
| 2025 | -8.0% | -3.0% |
| 2026 | +1.2% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AJG and PGR good diversifiers for each other?
To a limited degree. At 0.54 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 PGR?
As of 2026-08-27, the correlation of weekly returns between AJG and PGR is 0.54 over 3 years, 0.54 over 1 year and 0.49 over 5 years.
Is PGR a good diversifier for AJG?
To a limited degree. At 0.54 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 0.54 mean?
On the −1 to +1 scale, 0.54 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: AJG correlations · PGR correlations
