AXS vs L: Correlation
Axis Capital Holdings Limited (AXS) and Loews Corporation (L) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXS and L?
Over the past 3 years, AXS and L moved with a correlation of 0.69, which is strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 262.3 %².
Few assets follow AXS as closely as L, which ranks #3 of 23 tracked partners. On 12-month performance L holds a 12.7-point edge, +1.5% against +14.2%.
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.
AXS vs L: side by side
| AXS (Axis Capital Holdings Limited) | L (Loews Corporation) | |
|---|---|---|
| 1-year return | +1.5% | +14.2% |
| 5-year return | +118.2% | +100.1% |
| Volatility (ann.) | 23.0% | 16.6% |
| Beta vs S&P 500 | 0.30 | 0.33 |
| Max drawdown (3Y) | -17.4% | -12.2% |
| Market cap | $7.2B | $22.5B |
| P/E (trailing) | 7.1 | 13.5 |
| Dividend yield | 1.76% | 0.23% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | AXS | L |
|---|---|---|
| 2022 | +2.6% | +1.4% |
| 2023 | +5.6% | +19.8% |
| 2024 | +63.9% | +22.1% |
| 2025 | +21.9% | +24.7% |
| 2026 | -6.7% | +4.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXS and L good diversifiers for each other?
Only partially. A correlation of 0.69 means AXS and L 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 AXS and L?
The AXS/L correlation stands at 0.69 on a 3-year window (1 year: 0.66, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is L a good diversifier for AXS?
Only partially. A correlation of 0.69 means AXS and L share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
A reading of 0.69 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/axs-vs-l.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/axs-vs-l/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AXS correlations · L correlations
