AJG vs RSG: Correlation
Arthur J. Gallagher & Co. (AJG) and Republic Services (RSG) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AJG and RSG?
On 3 years of weekly data the AJG/RSG correlation comes out at 0.45, moderate. Recent behaviour matches the longer record: 0.41 over 1 year against 0.45 over 3. The 5-year figure is 0.50, and annualized covariance runs at 181.2 %².
By 3-year correlation, RSG places #18 of the 32 assets tracked against AJG. Over the last 12 months RSG came out ahead by 6.3 percentage points (-11.9% against -5.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.11 to 0.75. One caveat on sizing: AJG is 1.5 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 RSG: side by side
| AJG (Arthur J. Gallagher & Co.) | RSG (Republic Services) | |
|---|---|---|
| 1-year return | -11.9% | -5.6% |
| 5-year return | +91.1% | +87.9% |
| Volatility (ann.) | 25.0% | 16.2% |
| Beta vs S&P 500 | 0.36 | 0.17 |
| Max drawdown (3Y) | -44.4% | -22.5% |
| Market cap | $66.7B | $67.1B |
| P/E (trailing) | 43.1 | 31.0 |
| Dividend yield | 1.02% | 1.13% |
| Sector / category | Financials | Industrials |
Year-by-year returns
| Year | AJG | RSG |
|---|---|---|
| 2022 | +12.4% | -6.2% |
| 2023 | +20.5% | +29.6% |
| 2024 | +27.3% | +23.0% |
| 2025 | -8.0% | +6.4% |
| 2026 | +1.2% | +4.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AJG and RSG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AJG and RSG?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.41 over the last year and 0.50 over 5 years.
Is RSG a good diversifier for AJG?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 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 · RSG correlations
