AMG vs CG: Correlation
Measured on weekly returns over the past three years, Affiliated Managers Group, Inc. (AMG) and The Carlyle Group Inc. (CG) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMG and CG?
Across a 3-year window, the weekly returns of AMG and CG correlate at 0.60, strong. The past 12 months show a weaker link (0.41) than the 3-year average (0.60). Stretching to 5 years gives 0.62, with an annualized covariance of 584.0 %².
Few assets follow AMG as closely as CG, which ranks #1 of 13 tracked partners. Correlation aside, the last 12 months split them widely, with AMG ahead by 84.5 points (+62.7% versus -21.8%).
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.
AMG vs CG: side by side
| AMG (Affiliated Managers Group, Inc.) | CG (The Carlyle Group Inc.) | |
|---|---|---|
| 1-year return | +62.7% | -21.8% |
| 5-year return | +116.5% | +18.0% |
| Volatility (ann.) | 26.6% | 36.8% |
| Beta vs S&P 500 | 0.82 | 1.68 |
| Max drawdown (3Y) | -27.0% | -40.4% |
| Market cap | $9.6B | $17.5B |
| P/E (trailing) | 13.0 | 50.8 |
| Dividend yield | 0.01% | 2.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMG | CG |
|---|---|---|
| 2022 | -3.7% | -43.8% |
| 2023 | -4.4% | +42.6% |
| 2024 | +22.2% | +28.1% |
| 2025 | +55.9% | +20.2% |
| 2026 | +28.5% | -14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMG and CG good diversifiers for each other?
To a limited degree. At 0.60 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 AMG and CG?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.41 over the last year and 0.62 over 5 years.
Is CG a good diversifier for AMG?
To a limited degree. At 0.60 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 0.60 mean?
On the −1 to +1 scale, 0.60 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
$ curl https://www.pairbook.io/api/v1/pairs/amg-vs-cg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amg-vs-cg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AMG correlations · CG correlations
