AON vs BWA: Correlation
Aon plc (AON) and BorgWarner Inc. (BWA) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AON and BWA?
Over the past 3 years, AON and BWA moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.33) runs below the 3-year figure (-0.20). Over 5 years the correlation is 0.03, and the annualized covariance of weekly returns is -128.3 %².
By 3-year correlation, BWA places #24 of the 32 assets tracked against AON. Correlation aside, the last 12 months split them widely, with BWA ahead by 55.5 points (-4.6% versus +50.9%).
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.
AON vs BWA: side by side
| AON (Aon plc) | BWA (BorgWarner Inc.) | |
|---|---|---|
| 1-year return | -4.6% | +50.9% |
| 5-year return | +27.0% | +84.0% |
| Volatility (ann.) | 21.7% | 29.6% |
| Beta vs S&P 500 | 0.34 | 0.54 |
| Max drawdown (3Y) | -24.2% | -38.7% |
| Market cap | $74.2B | $13.2B |
| P/E (trailing) | 19.5 | 31.9 |
| Dividend yield | 0.86% | 1.05% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | AON | BWA |
|---|---|---|
| 2022 | +0.6% | -9.2% |
| 2023 | -2.3% | +2.5% |
| 2024 | +24.5% | -10.2% |
| 2025 | -1.2% | +43.9% |
| 2026 | -0.5% | +44.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AON and BWA good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AON and BWA?
The AON/BWA correlation stands at -0.20 on a 3-year window (1 year: -0.33, 5 years: 0.03), computed from weekly returns as of 2026-08-27.
Is BWA a good diversifier for AON?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 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.
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Related comparisons
Hubs: AON correlations · BWA correlations
