AJG vs QQQ: Correlation
How closely do Arthur J. Gallagher & Co. (AJG) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.07, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AJG and QQQ?
Across a 3-year window, the weekly returns of AJG and QQQ correlate at 0.07, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.09) than the 3-year average (0.07). Stretching to 5 years gives 0.27, with an annualized covariance of 35.7 %².
Among the 32 assets we track against AJG, QQQ ranks #20 by 3-year correlation. The last year tells two different stories: QQQ led by 38.2 percentage points, -11.9% for AJG against +26.3% for QQQ. On a rolling one-year basis the correlation drifted between -0.08 and 0.32, a moderate band.
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 QQQ: side by side
| AJG (Arthur J. Gallagher & Co.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -11.9% | +26.3% |
| 5-year return | +91.1% | +95.4% |
| Volatility (ann.) | 25.0% | 19.6% |
| Beta vs S&P 500 | 0.36 | 1.28 |
| Max drawdown (3Y) | -44.4% | -22.8% |
| Market cap | $66.7B | – |
| P/E (trailing) | 43.1 | – |
| Dividend yield | 1.02% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Financials | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | AJG | QQQ |
|---|---|---|
| 2022 | +12.4% | -32.6% |
| 2023 | +20.5% | +54.9% |
| 2024 | +27.3% | +25.6% |
| 2025 | -8.0% | +20.8% |
| 2026 | +1.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AJG and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
FAQ
What is the correlation between AJG and QQQ?
The AJG/QQQ correlation stands at 0.07 on a 3-year window (1 year: -0.09, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for AJG?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
What does a correlation of 0.07 mean?
On the −1 to +1 scale, 0.07 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.
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Related comparisons
Hubs: AJG correlations · QQQ correlations
