AJG vs VXZ: Correlation
Arthur J. Gallagher & Co. (AJG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AJG and VXZ?
Over the past 3 years, AJG and VXZ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.25 over 3. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -157.5 %².
Out of 32 assets tracked against AJG, VXZ lands near the bottom at #30. Neither side won the trailing year by much: -11.9% against -16.1%.
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 VXZ: side by side
| AJG (Arthur J. Gallagher & Co.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -11.9% | -16.1% |
| 5-year return | +91.1% | -53.1% |
| Volatility (ann.) | 25.0% | 25.6% |
| Beta vs S&P 500 | 0.36 | -1.31 |
| Max drawdown (3Y) | -44.4% | -36.4% |
| Market cap | $66.7B | – |
| P/E (trailing) | 43.1 | – |
| Dividend yield | 1.02% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | AJG | VXZ |
|---|---|---|
| 2022 | +12.4% | +0.5% |
| 2023 | +20.5% | -44.0% |
| 2024 | +27.3% | -12.7% |
| 2025 | -8.0% | +5.7% |
| 2026 | +1.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AJG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.25, AJG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AJG and VXZ?
As of 2026-08-27, the correlation of weekly returns between AJG and VXZ is -0.25 over 3 years, -0.27 over 1 year and -0.34 over 5 years.
Is VXZ a good diversifier for AJG?
Yes. With a correlation of -0.25, AJG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ajg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AJG correlations · VXZ correlations
