AON vs WTW: Correlation
How closely do Aon plc (AON) and Willis Towers Watson (WTW) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AON and WTW?
Over the past 3 years, AON and WTW moved with a correlation of 0.59, which is moderate. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 300.3 %².
Among the 32 assets we track against AON, WTW ranks #4 by 3-year correlation. Over the last 12 months WTW came out ahead by 8.8 percentage points (-4.6% against +4.2%). The rolling one-year correlation moved between 0.45 and 0.73 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 WTW: side by side
| AON (Aon plc) | WTW (Willis Towers Watson) | |
|---|---|---|
| 1-year return | -4.6% | +4.2% |
| 5-year return | +27.0% | +68.3% |
| Volatility (ann.) | 21.7% | 23.5% |
| Beta vs S&P 500 | 0.34 | 0.32 |
| Max drawdown (3Y) | -24.2% | -30.4% |
| Market cap | $74.2B | $31.5B |
| P/E (trailing) | 19.5 | 21.2 |
| Dividend yield | 0.86% | 0.55% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | AON | WTW |
|---|---|---|
| 2022 | +0.6% | +4.5% |
| 2023 | -2.3% | +0.1% |
| 2024 | +24.5% | +31.5% |
| 2025 | -1.2% | +6.1% |
| 2026 | -0.5% | +4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AON and WTW good diversifiers for each other?
Only partially. A correlation of 0.59 means AON and WTW 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 WTW?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.60 over the last year and 0.65 over 5 years.
Is WTW a good diversifier for AON?
Only partially. A correlation of 0.59 means AON and WTW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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/aon-vs-wtw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aon-vs-wtw/)
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Related comparisons
Hubs: AON correlations · WTW correlations
