AJG vs WTW: Correlation
Measured on weekly returns over the past three years, Arthur J. Gallagher & Co. (AJG) and Willis Towers Watson (WTW) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AJG and WTW?
Over the past 3 years, AJG and WTW moved with a correlation of 0.62, which is strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 364.5 %².
Among the 32 assets we track against AJG, WTW ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WTW outperformed by 16.1 percentage points (-11.9% for AJG against +4.2% for WTW). Stability stands out here, with the rolling one-year correlation confined to 0.48 through 0.72.
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 WTW: side by side
| AJG (Arthur J. Gallagher & Co.) | WTW (Willis Towers Watson) | |
|---|---|---|
| 1-year return | -11.9% | +4.2% |
| 5-year return | +91.1% | +68.3% |
| Volatility (ann.) | 25.0% | 23.5% |
| Beta vs S&P 500 | 0.36 | 0.32 |
| Max drawdown (3Y) | -44.4% | -30.4% |
| Market cap | $66.7B | $31.5B |
| P/E (trailing) | 43.1 | 21.2 |
| Dividend yield | 1.02% | 0.55% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | AJG | WTW |
|---|---|---|
| 2022 | +12.4% | +4.5% |
| 2023 | +20.5% | +0.1% |
| 2024 | +27.3% | +31.5% |
| 2025 | -8.0% | +6.1% |
| 2026 | +1.2% | +4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AJG and WTW good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AJG and WTW?
The AJG/WTW correlation stands at 0.62 on a 3-year window (1 year: 0.67, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is WTW a good diversifier for AJG?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 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-wtw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ajg-vs-wtw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AJG correlations · WTW correlations
