AON vs PAYX: Correlation
Aon plc (AON) and Paychex (PAYX) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AON and PAYX?
Across a 3-year window, the weekly returns of AON and PAYX correlate at 0.52, moderate. Recent behaviour matches the longer record: 0.59 over 1 year against 0.52 over 3. Stretching to 5 years gives 0.52, with an annualized covariance of 241.1 %².
By 3-year correlation, PAYX places #6 of the 32 assets tracked against AON. Twelve-month performance is nearly a tie, at -4.6% for AON and -4.8% for PAYX. The rolling one-year correlation moved between 0.19 and 0.65 over the past three years, a moderate range.
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 PAYX: side by side
| AON (Aon plc) | PAYX (Paychex) | |
|---|---|---|
| 1-year return | -4.6% | -4.8% |
| 5-year return | +27.0% | +29.0% |
| Volatility (ann.) | 21.7% | 21.3% |
| Beta vs S&P 500 | 0.34 | 0.47 |
| Max drawdown (3Y) | -24.2% | -45.0% |
| Market cap | $74.2B | $45.0B |
| P/E (trailing) | 19.5 | 25.5 |
| Dividend yield | 0.86% | 0.00% |
| Sector / category | Financials | Industrials |
Year-by-year returns
| Year | AON | PAYX |
|---|---|---|
| 2022 | +0.6% | -13.2% |
| 2023 | -2.3% | +6.2% |
| 2024 | +24.5% | +21.3% |
| 2025 | -1.2% | -17.5% |
| 2026 | -0.5% | +16.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AON and PAYX good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AON and PAYX?
The AON/PAYX correlation stands at 0.52 on a 3-year window (1 year: 0.59, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is PAYX a good diversifier for AON?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 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 · PAYX correlations
