AON vs CBOE: Correlation
How closely do Aon plc (AON) and Cboe Global Markets (CBOE) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AON and CBOE?
Across a 3-year window, the weekly returns of AON and CBOE correlate at 0.22, weak. The relationship has been stable: the 1-year correlation (0.18) sits close to the 3-year figure. Stretching to 5 years gives 0.27, with an annualized covariance of 124.7 %².
By 3-year correlation, CBOE places #19 of the 32 assets tracked against AON. The last year tells two different stories: CBOE led by 37.1 percentage points, -4.6% for AON against +32.5% for CBOE. On a rolling one-year basis the correlation drifted between 0.14 and 0.51, a moderate band.
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 CBOE: side by side
| AON (Aon plc) | CBOE (Cboe Global Markets) | |
|---|---|---|
| 1-year return | -4.6% | +32.5% |
| 5-year return | +27.0% | +168.0% |
| Volatility (ann.) | 21.7% | 26.1% |
| Beta vs S&P 500 | 0.34 | 0.09 |
| Max drawdown (3Y) | -24.2% | -36.7% |
| Market cap | $74.2B | $32.8B |
| P/E (trailing) | 19.5 | 24.5 |
| Dividend yield | 0.86% | 0.92% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | AON | CBOE |
|---|---|---|
| 2022 | +0.6% | -2.2% |
| 2023 | -2.3% | +44.4% |
| 2024 | +24.5% | +10.7% |
| 2025 | -1.2% | +29.2% |
| 2026 | -0.5% | +25.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AON and CBOE good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AON and CBOE?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.18 over the last year and 0.27 over 5 years.
Is CBOE a good diversifier for AON?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
A reading of 0.22 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: AON correlations · CBOE correlations
