AON vs RYAN: Correlation
Measured on weekly returns over the past three years, Aon plc (AON) and Ryan Specialty Holdings, Inc. (RYAN) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AON and RYAN?
Over the past 3 years, AON and RYAN moved with a correlation of 0.53, which is moderate. Recent behaviour matches the longer record: 0.60 over 1 year against 0.53 over 3. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 386.2 %².
Within AON's tracked universe of 32 assets, RYAN comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AON outperformed by 18.7 percentage points (-4.6% for AON against -23.3% for RYAN). Note the risk asymmetry: RYAN runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RYAN: side by side
| AON (Aon plc) | RYAN (Ryan Specialty Holdings, Inc.) | |
|---|---|---|
| 1-year return | -4.6% | -23.3% |
| 5-year return | +27.0% | +36.6% |
| Volatility (ann.) | 21.7% | 33.3% |
| Beta vs S&P 500 | 0.34 | 0.36 |
| Max drawdown (3Y) | -24.2% | -60.9% |
| Market cap | $74.2B | $17.0B |
| P/E (trailing) | 19.5 | 58.8 |
| Dividend yield | 0.86% | 1.16% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | AON | RYAN |
|---|---|---|
| 2022 | +0.6% | +2.9% |
| 2023 | -2.3% | +3.6% |
| 2024 | +24.5% | +50.9% |
| 2025 | -1.2% | -18.9% |
| 2026 | -0.5% | -14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AON and RYAN good diversifiers for each other?
Only partially. A correlation of 0.53 means AON and RYAN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AON and RYAN?
As of 2026-08-27, the correlation of weekly returns between AON and RYAN is 0.53 over 3 years, 0.60 over 1 year and 0.45 over 5 years.
Is RYAN a good diversifier for AON?
Only partially. A correlation of 0.53 means AON and RYAN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aon-vs-ryan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aon-vs-ryan/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AON correlations · RYAN correlations
