AXS vs PGR: Correlation
How closely do Axis Capital Holdings Limited (AXS) and Progressive Corporation (PGR) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXS and PGR?
Across a 3-year window, the weekly returns of AXS and PGR correlate at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Stretching to 5 years gives 0.48, with an annualized covariance of 282.6 %².
Among the 23 assets we track against AXS, PGR ranks #16 by 3-year correlation. On 12-month performance AXS holds a 6.8-point edge, +1.5% against -5.3%.
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 PGR: side by side
| AXS (Axis Capital Holdings Limited) | PGR (Progressive Corporation) | |
|---|---|---|
| 1-year return | +1.5% | -5.3% |
| 5-year return | +118.2% | +153.0% |
| Volatility (ann.) | 23.0% | 23.6% |
| Beta vs S&P 500 | 0.30 | 0.32 |
| Max drawdown (3Y) | -17.4% | -30.4% |
| Market cap | $7.2B | $126.5B |
| P/E (trailing) | 7.1 | 10.9 |
| Dividend yield | 1.76% | 0.18% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | AXS | PGR |
|---|---|---|
| 2022 | +2.6% | +26.8% |
| 2023 | +5.6% | +23.2% |
| 2024 | +63.9% | +51.4% |
| 2025 | +21.9% | -3.0% |
| 2026 | -6.7% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXS and PGR good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AXS and PGR?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.44 over the last year and 0.48 over 5 years.
Is PGR a good diversifier for AXS?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: AXS correlations · PGR correlations
