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Relative Intelligence · Insurance

How Arthur J. Gallagher & Co. (AJG) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on AJG alone. It places AJG (Arthur J. Gallagher & Co.) against 13 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where AJG stands in the market, and of the alternatives worth a closer look.

Period covered: AJG's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against AJG →Chart AJG vs. 13 alternatives →
On this page12 sections

Key findings

How much would $10,000 in AJG have grown?

This chart tracks a hypothetical $10,000 investment in AJG over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of AJG over the same span and AJG's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 87 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of AJG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M199720022007201220172022$10,000$100,000$1M19972004201120182025
  • TJX$958,745+9,487% total · +17.0% a year
  • AME$869,262+8,593% total · +16.6% a year
  • DGX$784,474+7,745% total · +16.2% a year
  • COST$727,732+7,177% total · +15.9% a year
  • COR$574,137+5,641% total · +15.0% a year
  • AJG$566,042+5,560% total · +14.9% a year
  • CRVL$524,989+5,150% total · +14.6% a year
  • PGR$454,424+4,444% total · +14.1% a year
  • TRV$178,972+1,690% total · +10.5% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,353 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of AJG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • TRV$25,788+158% total · +20.9% a year
  • PGR$25,636+156% total · +20.7% a year
  • CB$20,160+102% total · +15.1% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • BRK-B$18,244+82.4% total · +12.8% a year
  • MET$17,726+77.3% total · +12.1% a year
  • AJG$16,159+61.6% total · +10.1% a year
  • WTW$13,256+32.6% total · +5.8% a year
  • CRVL$12,010+20.1% total · +3.7% a year
  • EVER$10,768+7.7% total · +1.5% a year
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AJG at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$66B
Industry
Insurance - Brokers
Price history from
October 1986

Returns

Past 1 year
−6.1%total return
Past 3 years
+17.3%+5.5% a year
Past 5 years
+68.0%+10.9% a year
Past 10 years
+516%+19.9% a year
Best calendar year
+100%2000
Worst calendar year
−14.3%2007
Losing years
7 of 29full calendar years

Risk

Volatility
24.2%typical yearly swing, 5 years
Sharpe ratio
0.55return per unit of risk, 5 years
Worst decline ever
−51.1%Jan 1987 to Feb 1988
From its all-time high
−24.5%below the peak

AJG against the whole market

Where AJG ranks among every stock and fund, and what across the market has done better.

How does AJG rank among all stocks?

This section ranks AJG on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how AJG stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureAJGRankStanding
1-year return−6.1%2,221 of 3,287bottom 33%
3-year return+17.3%2,059 of 3,017bottom 33%
5-year return+68.0%921 of 2,893top 32%
10-year return+516%291 of 2,202top 13%
Volatility, 5 years24.2%278 of 2,893top 10%
Sharpe ratio, 5 years0.55805 of 2,893top 28%
Worst decline, past 10 years−44.4%273 of 2,187top 12%

What has beaten AJG on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). AJG sits where the dashed lines cross. Anything in the green box above and to the left earned more than AJG with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to AJG; faint dots are 92 more of the 215 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%15.0%20.0%25.0%30.0%35.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AJGKO: +14.7% a year, volatility 16.8%COST: +17.4% a year, volatility 22.9%QQQ: +14.5% a year, volatility 23.0%VTV: +12.1% a year, volatility 13.7%COR: +24.2% a year, volatility 22.8%RSG: +13.9% a year, volatility 18.5%SCHG: +13.1% a year, volatility 22.4%DYNF: +14.7% a year, volatility 17.5%HDV: +12.9% a year, volatility 13.0%RWL: +13.7% a year, volatility 14.4%IOO: +15.7% a year, volatility 17.2%JQUA: +13.6% a year, volatility 15.7%USMC: +14.1% a year, volatility 16.4%GCOW: +14.1% a year, volatility 13.6%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%FTGC: +12.9% a year, volatility 15.6%SPUS: +15.0% a year, volatility 19.5%HDEF: +12.8% a year, volatility 14.2%DIVB: +13.9% a year, volatility 15.4%AVIV: +12.6% a year, volatility 16.7%CHCO: +15.9% a year, volatility 22.8%FVAL: +12.4% a year, volatility 16.4%COMT: +13.1% a year, volatility 21.1%HEWJ: +20.8% a year, volatility 19.4%HLAL: +14.0% a year, volatility 18.0%ROUS: +12.3% a year, volatility 14.4%DGT: +13.8% a year, volatility 15.1%V: +12.8% a year, volatility 22.9%SIXA: +12.8% a year, volatility 12.7%QSPT: +12.1% a year, volatility 14.8%IDOG: +14.1% a year, volatility 15.6%QDEF: +12.7% a year, volatility 13.7%SFY: +13.9% a year, volatility 19.4%VSLU: +13.7% a year, volatility 16.2%NXTG: +16.2% a year, volatility 19.1%MO: +17.8% a year, volatility 21.4%BNS: +12.9% a year, volatility 19.9%KMI: +18.7% a year, volatility 22.5%NVS: +17.1% a year, volatility 20.7%AME: +14.4% a year, volatility 22.1%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%FNDF: +13.6% a year, volatility 16.3%PBA: +13.8% a year, volatility 21.5%PVAL: +16.1% a year, volatility 15.1%AVDV: +13.9% a year, volatility 17.4%DGX: +12.3% a year, volatility 22.5%AEP: +12.4% a year, volatility 20.2%FDL: +13.9% a year, volatility 14.4%VLUE: +15.9% a year, volatility 18.4%SEIC: +12.7% a year, volatility 22.3%KT: +13.1% a year, volatility 22.6%ED: +12.0% a year, volatility 18.8%ATO: +14.9% a year, volatility 18.4%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%NI: +15.1% a year, volatility 20.3%SPHQ: +12.0% a year, volatility 16.7%AVUS: +12.2% a year, volatility 17.2%RY: +17.3% a year, volatility 18.2%DBEF: +13.1% a year, volatility 13.8%PNW: +13.4% a year, volatility 19.9%DBC: +12.0% a year, volatility 19.3%VFMF: +14.3% a year, volatility 17.6%CRAK: +19.8% a year, volatility 20.9%NANR: +17.4% a year, volatility 22.6%FYLD: +13.1% a year, volatility 16.0%IDMO: +13.3% a year, volatility 18.2%GVAL: +14.4% a year, volatility 18.7%QVAL: +13.7% a year, volatility 21.4%FLQL: +13.8% a year, volatility 16.3%PWV: +13.5% a year, volatility 14.2%JMOM: +12.9% a year, volatility 19.1%DDWM: +12.3% a year, volatility 13.4%DHS: +12.0% a year, volatility 13.9%UTES: +13.6% a year, volatility 21.1%EQL: +13.5% a year, volatility 14.5%TD: +15.8% a year, volatility 20.0%TJX: +19.9% a year, volatility 22.3%BTI: +18.7% a year, volatility 22.0%CM: +19.2% a year, volatility 21.6%EPD: +16.4% a year, volatility 17.1%BMO: +13.6% a year, volatility 21.4%GD: +12.9% a year, volatility 20.8%ETR: +19.2% a year, volatility 22.4%AMLP: +16.1% a year, volatility 18.9%PAVE: +14.9% a year, volatility 21.6%FDVV: +13.2% a year, volatility 14.6%ITA: +14.6% a year, volatility 20.4%AJG: +10.9% a year, volatility 24.2%SPY (S&P 500): +12.7% a year, volatility 17.1%PGR: +21.3% a year, volatility 25.6%TRV: +22.4% a year, volatility 22.3%CB: +15.7% a year, volatility 20.4%MET: +12.0% a year, volatility 25.4%CRVL: +7.0% a year, volatility 33.2%BRK-B: +13.4% a year, volatility 17.1%THG: +14.4% a year, volatility 22.9%MFC: +22.6% a year, volatility 24.0%ACT: +20.5% a year, volatility 24.3%AFL: +19.0% a year, volatility 20.8%WRB: +18.9% a year, volatility 22.9%VOO: +12.8% a year, volatility 16.9%WMT: +20.8% a year, volatility 22.6%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%LLY: +40.7% a year, volatility 32.8%VTI: +11.5% a year, volatility 17.5%MCK: +38.7% a year, volatility 25.0%AJGSPY (S&P 500)PGRTRVCBMETCRVLBRK-BTHGMFCACTAFLWRBWMTDXJLVHILLYVTIMCK10.0%15.0%20.0%25.0%30.0%35.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AJGKO: +14.7% a year, volatility 16.8%COST: +17.4% a year, volatility 22.9%QQQ: +14.5% a year, volatility 23.0%VTV: +12.1% a year, volatility 13.7%COR: +24.2% a year, volatility 22.8%RSG: +13.9% a year, volatility 18.5%SCHG: +13.1% a year, volatility 22.4%DYNF: +14.7% a year, volatility 17.5%HDV: +12.9% a year, volatility 13.0%RWL: +13.7% a year, volatility 14.4%IOO: +15.7% a year, volatility 17.2%JQUA: +13.6% a year, volatility 15.7%USMC: +14.1% a year, volatility 16.4%GCOW: +14.1% a year, volatility 13.6%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%FTGC: +12.9% a year, volatility 15.6%SPUS: +15.0% a year, volatility 19.5%HDEF: +12.8% a year, volatility 14.2%DIVB: +13.9% a year, volatility 15.4%AVIV: +12.6% a year, volatility 16.7%CHCO: +15.9% a year, volatility 22.8%FVAL: +12.4% a year, volatility 16.4%COMT: +13.1% a year, volatility 21.1%HEWJ: +20.8% a year, volatility 19.4%HLAL: +14.0% a year, volatility 18.0%ROUS: +12.3% a year, volatility 14.4%DGT: +13.8% a year, volatility 15.1%V: +12.8% a year, volatility 22.9%SIXA: +12.8% a year, volatility 12.7%QSPT: +12.1% a year, volatility 14.8%IDOG: +14.1% a year, volatility 15.6%QDEF: +12.7% a year, volatility 13.7%SFY: +13.9% a year, volatility 19.4%VSLU: +13.7% a year, volatility 16.2%NXTG: +16.2% a year, volatility 19.1%MO: +17.8% a year, volatility 21.4%BNS: +12.9% a year, volatility 19.9%KMI: +18.7% a year, volatility 22.5%NVS: +17.1% a year, volatility 20.7%AME: +14.4% a year, volatility 22.1%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%FNDF: +13.6% a year, volatility 16.3%PBA: +13.8% a year, volatility 21.5%PVAL: +16.1% a year, volatility 15.1%AVDV: +13.9% a year, volatility 17.4%DGX: +12.3% a year, volatility 22.5%AEP: +12.4% a year, volatility 20.2%FDL: +13.9% a year, volatility 14.4%VLUE: +15.9% a year, volatility 18.4%SEIC: +12.7% a year, volatility 22.3%KT: +13.1% a year, volatility 22.6%ED: +12.0% a year, volatility 18.8%ATO: +14.9% a year, volatility 18.4%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%NI: +15.1% a year, volatility 20.3%SPHQ: +12.0% a year, volatility 16.7%AVUS: +12.2% a year, volatility 17.2%RY: +17.3% a year, volatility 18.2%DBEF: +13.1% a year, volatility 13.8%PNW: +13.4% a year, volatility 19.9%DBC: +12.0% a year, volatility 19.3%VFMF: +14.3% a year, volatility 17.6%CRAK: +19.8% a year, volatility 20.9%NANR: +17.4% a year, volatility 22.6%FYLD: +13.1% a year, volatility 16.0%IDMO: +13.3% a year, volatility 18.2%GVAL: +14.4% a year, volatility 18.7%QVAL: +13.7% a year, volatility 21.4%FLQL: +13.8% a year, volatility 16.3%PWV: +13.5% a year, volatility 14.2%JMOM: +12.9% a year, volatility 19.1%DDWM: +12.3% a year, volatility 13.4%DHS: +12.0% a year, volatility 13.9%UTES: +13.6% a year, volatility 21.1%EQL: +13.5% a year, volatility 14.5%TD: +15.8% a year, volatility 20.0%TJX: +19.9% a year, volatility 22.3%BTI: +18.7% a year, volatility 22.0%CM: +19.2% a year, volatility 21.6%EPD: +16.4% a year, volatility 17.1%BMO: +13.6% a year, volatility 21.4%GD: +12.9% a year, volatility 20.8%ETR: +19.2% a year, volatility 22.4%AMLP: +16.1% a year, volatility 18.9%PAVE: +14.9% a year, volatility 21.6%FDVV: +13.2% a year, volatility 14.6%ITA: +14.6% a year, volatility 20.4%AJG: +10.9% a year, volatility 24.2%SPY (S&P 500): +12.7% a year, volatility 17.1%PGR: +21.3% a year, volatility 25.6%TRV: +22.4% a year, volatility 22.3%CB: +15.7% a year, volatility 20.4%MET: +12.0% a year, volatility 25.4%CRVL: +7.0% a year, volatility 33.2%BRK-B: +13.4% a year, volatility 17.1%THG: +14.4% a year, volatility 22.9%MFC: +22.6% a year, volatility 24.0%ACT: +20.5% a year, volatility 24.3%AFL: +19.0% a year, volatility 20.8%WRB: +18.9% a year, volatility 22.9%VOO: +12.8% a year, volatility 16.9%WMT: +20.8% a year, volatility 22.6%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%LLY: +40.7% a year, volatility 32.8%VTI: +11.5% a year, volatility 17.5%MCK: +38.7% a year, volatility 25.0%AJGSPY (S&P 500)PGRTRVCBCRVLBRK-BAFLWRBDXJLVHILLYMCK
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than AJG?

Investments that beat AJG over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat AJG over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks AJG's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than AJG follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than AJG's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× AJG's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than AJG's.

Screen the whole market against AJG for any period in BetterThanSPYOpen these 20 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with AJG?lower diversifies moreExpenseper year
AJGArthur J. Gallagher & Co. · this page
+10.9%24.2%0.55−44.4%+516%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.340.09%
Popular alternativesbest 5 shownThe investments people most often weigh against AJG. 5 of 11 passed at least one test.
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+21.3%25.6%0.89−30.3%+816%0.59—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.46—
CBChubb Limited · Property & Casualty Insurance
Higher return, lower volatility+15.7%20.4%0.82−42.6%+248%0.52—
METMetLife, Inc. · Life Insurance
Higher return in most periods+12.0%25.4%0.58−55.2%+240%0.42—
CRVLCorVel Corporation · Insurance
Higher return in most periods+7.0%33.2%0.37−64.2%+594%0.38—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Insurance and the categories next to it (Property & Casualty Insurance, Life Insurance), plus AJG's specific themes. 21 of 50 passed at least one test.
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.4%17.1%0.82−29.6%+274%0.60—
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher return in most periods+14.4%22.9%0.70−40.1%+291%0.44—
MFCManulife Financial Corporation · Life Insurance
Higher return, similar volatilityHigher return in most periods+22.6%24.0%0.97−57.5%+373%0.29—
ACTEnact Holdings Inc. · Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst decline+20.5%24.3%0.89−20.2%—0.48—
AFLAflac Incorporated · Life Insurance
Higher return, lower volatility+19.0%20.8%0.95−54.9%+335%0.50—
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Higher return, lower volatility+18.9%22.9%0.87−45.3%+443%0.49—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 561 of 3,572 passed at least one test.
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.8%16.9%0.80−34.0%+324%0.340.03%
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.8%22.6%0.96−25.7%+508%0.32—
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.7%17.9%0.76−27.4%+196%0.33—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.130.48%
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.0%11.1%1.48−32.4%+194%0.290.40%
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.19—
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.5%17.5%0.71−35.0%+302%0.350.03%
MCKMcKesson Corporation · Health Care Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.38—
What these numbers mean for AJG
Annual return
AJG returned 10.9% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $16,800. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
AJG's volatility over the past 5 years was 24.2%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AJG's return lands within 24.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
AJG's Sharpe ratio over the past 5 years was 0.55, against 0.79 for the S&P 500, so AJG earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
AJG's worst fall from a peak to a low over the past 10 years was 44.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 44.4% fall takes a 79.9% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, AJG's monthly returns had a correlation of 0.34 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against AJG instead: the lower it is, the more that option would diversify a AJG holding. Guide: Correlation and diversification →
Show all 215 stocks and funds worth at least $500 million that earned more than AJG with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with AJGExpense
1
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.340.03%
2
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.32—
3
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.33—
4
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.130.48%
5
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.290.40%
6
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.30—
7
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.40—
8
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.180.18%
9
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.470.03%
10
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.39—
11
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.63—
12
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.250.04%
13
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.340.26%
14
BRK-BBerkshire Hathaway Inc. · Insurance
Same or nearby category+13.4%17.1%0.82−29.6%+274%0.60—
15
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.470.08%
16
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.450.39%
17
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.250.40%
18
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.450.12%
19
USMCPrincipal U.S. Mega-Cap ETF · Broad Market
Whole market+14.1%16.4%0.89−30.0%—0.340.12%
20
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.260.60%
21
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.140.50%
22
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.36—
23
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.460.20%
24
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives
Whole market+12.9%15.6%0.86−35.9%+139%0.030.98%
25
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.240.45%
26
HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International
Whole market+12.8%14.2%0.92−36.4%+134%0.320.09%
27
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.460.05%
28
AVIVAvantis International Large Cap Value ETF · International
Whole market+12.6%16.7%0.80−27.7%—0.280.25%
29
CHCOCity Holding Company · Banks - Regional
Whole market+15.9%22.8%0.77−32.3%+286%0.32—
30
FVALFidelity Value Factor ETF · Broad Market
Whole market+12.4%16.4%0.80−37.3%+291%0.340.15%
31
COMTiShares GSCI Commodity Dynamic Roll Strategy ETF · Commodities
Whole market+13.1%21.1%0.69−39.2%+160%-0.070.49%
32
HEWJiShares Currency Hedged MSCI Japan ETF · International
Whole market+20.8%19.4%1.08−31.5%+346%0.121.02%
33
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.220.50%
34
ROUSHartford Multifactor US Equity ETF · Broad Market
Whole market+12.3%14.4%0.88−35.5%+238%0.450.19%
35
DGTState Street SPDR Global Dow ETF · International
Whole market+13.8%15.1%0.94−34.4%+261%0.340.50%
36
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.52—
37
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Whole market+12.8%12.7%1.01−18.4%—0.440.31%
38
QSPTFT Vest Nasdaq-100 Buffer ETF - September · Multi-Asset
Whole market+12.1%14.8%0.85−22.6%—0.250.90%
39
IDOGALPS International Sector Dividend Dogs ETF · International
Whole market+14.1%15.6%0.93−37.3%+180%0.210.50%
40
QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income
Whole market+12.7%13.7%0.94−35.7%+228%0.450.40%
41
SFYSoFi Select 500 ETF · Broad Market
Whole market+13.9%19.4%0.77−33.3%—0.270.19%
42
VSLUApplied Finance Valuation Large Cap ETF · Broad Market
Whole market+13.7%16.2%0.88−23.8%—0.340.49%
43
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.020.70%
44
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.32—
45
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.24—
46
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.39—
47
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.36—
48
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.26—
49
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.070.80%
50
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.030.40%
51
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.230.25%
52
PBAPembina Pipeline Corporation · Oil & Gas Midstream
Whole market+13.8%21.5%0.71−70.9%+172%0.42—
53
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.440.56%
54
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.210.36%
55
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+12.3%22.5%0.63−36.6%+243%0.38—
56
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.21—
57
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.410.43%
58
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.200.15%
59
SEICSEI Investments Company · Asset Management
Whole market+12.7%22.3%0.65−51.8%+168%0.38—
60
KTKT Corporation · Integrated Telecommunications
Whole market+13.1%22.6%0.66−60.3%+84.9%0.22—
61
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Popular alternative+22.4%22.3%1.02−46.3%+347%0.46—
62
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.0%18.8%0.70−30.9%+114%0.30—
63
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.33—
64
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.270.13%
65
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.300.27%
66
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.380.15%
67
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.26—
68
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.380.20%
69
AVUSAvantis U.S. Equity ETF · US Total Market
Whole market+12.2%17.2%0.76−37.0%—0.360.15%
70
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.23—
71
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Same or nearby category+14.4%22.9%0.70−40.1%+291%0.44—
72
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.350.35%
73
PNWPinnacle West Capital Corporation · Electric Utilities
Whole market+13.4%19.9%0.73−39.3%+103%0.30—
74
DBCInvesco DB Commodity Index Tracking Fund · Alternatives
Whole market+12.0%19.3%0.69−41.7%+160%-0.040.89%
75
VFMFVanguard U.S. Multifactor ETF · Broad Market
Whole market+14.3%17.6%0.85−41.3%—0.430.18%
76
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.130.61%
77
NANRState Street SPDR S&P North American Natural Resources ETF · Broad Market
Whole market+17.4%22.6%0.83−49.1%+241%0.280.35%
78
FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income
Whole market+13.1%16.0%0.85−44.6%+203%0.220.59%
79
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+13.3%18.2%0.78−31.3%+229%0.400.25%
80
GVALCambria Global Value ETF · International
Whole market+14.4%18.7%0.82−46.8%+173%0.190.68%
81
QVALAlpha Architect U.S. Quantitative Value ETF · Broad Market
Whole market+13.7%21.4%0.71−51.5%+230%0.400.28%
82
FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market
Whole market+13.8%16.3%0.88−33.6%—0.350.15%
83
PWVInvesco Large Cap Value ETF · Broad Market
Whole market+13.5%14.2%0.97−37.6%+223%0.510.55%
84
JMOMJPMorgan U.S. Momentum Factor ETF · Broad Market
Whole market+12.9%19.1%0.73−34.3%—0.330.12%
85
DDWMWisdomTree Dynamic International Equity Fund · International
Whole market+12.3%13.4%0.94−35.0%+149%0.340.40%
86
DHSWisdomTree U.S. High Dividend Fund · Dividend & Income
Whole market+12.0%13.9%0.89−37.4%+156%0.430.38%
87
UTESVirtus Reaves Utilities ETF · Alternatives
Whole market+13.6%21.1%0.71−35.4%+210%0.240.49%
88
EQLALPS Equal Sector Weight ETF · Broad Market
Whole market+13.5%14.5%0.94−34.2%+387%0.460.19%
89
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.15—
90
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.28—
91
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.12—
92
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.08—
93
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.40—
94
BMOBank of Montreal · Banks
Whole market+13.6%21.4%0.71−51.0%+295%0.20—
95
GDGeneral Dynamics Corporation · Aerospace & Defense
Whole market+12.9%20.8%0.69−51.6%+184%0.27—
96
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.20—
97
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.361.01%
98
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity
Whole market+14.9%21.6%0.75−44.1%—0.340.47%
99
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.400.15%
100
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense
Whole market+14.6%20.4%0.78−51.0%+258%0.320.37%

AJG against its popular alternatives

The investments people most often weigh against AJG, compared period by period and year by year.

How do AJG's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at AJG, which divides the map into what did better or worse on each measure.

Green points earned more than AJG with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAJG: 10.9% a year, volatility 24.2%SPY (S&P 500): 12.7% a year, volatility 17.1%CRVL: 7.0% a year, volatility 33.2%TRV: 22.4% a year, volatility 22.3%CB: 15.7% a year, volatility 20.4%EVER: 8.1% a year, volatility 72.9%BRO: 2.6% a year, volatility 26.0%VRSK: −1.4% a year, volatility 25.9%RYAN: 3.4% a year, volatility 35.2%PGR: 21.3% a year, volatility 25.6%MET: 12.0% a year, volatility 25.4%WTW: 6.9% a year, volatility 23.9%AON: −0.3% a year, volatility 23.8%AJGSPY (S&P 500)CRVLTRVCBEVERBROVRSKRYANPGRWTWAON0.0%20.0%40.0%60.0%80.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAJG: 10.9% a year, volatility 24.2%SPY (S&P 500): 12.7% a year, volatility 17.1%CRVL: 7.0% a year, volatility 33.2%TRV: 22.4% a year, volatility 22.3%CB: 15.7% a year, volatility 20.4%EVER: 8.1% a year, volatility 72.9%BRO: 2.6% a year, volatility 26.0%VRSK: −1.4% a year, volatility 25.9%RYAN: 3.4% a year, volatility 35.2%PGR: 21.3% a year, volatility 25.6%MET: 12.0% a year, volatility 25.4%WTW: 6.9% a year, volatility 23.9%AON: −0.3% a year, volatility 23.8%AJGSPY (S&P 500)CRVLTRVCBEVERBROVRSKRYANPGRWTWAON
All figures
InvestmentAnnual returnVolatility
TRV The Travelers Companies, Inc.+22.4%22.3%
PGR The Progressive Corporation+21.3%25.6%
CB Chubb Limited+15.7%20.4%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MET MetLife, Inc.+12.0%25.4%
AJG This pageArthur J. Gallagher & Co.+10.9%24.2%
EVER EverQuote, Inc.+8.1%72.9%
CRVL CorVel Corporation+7.0%33.2%
WTW Willis Towers Watson Public Limited Company+6.9%23.9%
RYAN Ryan Specialty Holdings, Inc.+3.4%35.2%
BRO Brown & Brown, Inc.+2.6%26.0%
AON Aon plc−0.3%23.8%
VRSK Verisk Analytics, Inc.−1.4%25.9%
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Has AJG consistently beaten its popular alternatives?

This section compares AJG with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than AJG helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than AJG over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
AJG Arthur J. Gallagher & Co. (this page)—+9.6%+2.5%+16.9%+2.2%−6.1%+17.3%+68.0%+516%24.2%0.55−44.4%—$66B—
PGR QualifiedThe Progressive Corporation3/5 short3/3 long+4.6%+4.6%+9.0%+4.8%+7.7%+56.8%+162%+816%25.6%0.89−30.3%—$129B—
CRVL QualifiedCorVel Corporation5/5 short2/3 long+13.2%+32.6%+48.6%+23.7%+10.1%+22.7%+40.1%+594%33.2%0.37−64.2%—$4.1B—
TRV QualifiedThe Travelers Companies, Inc.4/5 short2/3 long+6.6%+7.8%+32.6%+40.3%+51.5%+158%+174%+347%22.3%1.02−46.3%—$83B—
MET QualifiedMetLife, Inc.4/5 short2/3 long+4.7%+9.5%+32.0%+28.6%+32.2%+84.0%+76.5%+240%25.4%0.58−55.2%—$64B—
CB Insurance - Property & CasualtyChubb Limited2/5 short2/3 long+6.1%+1.8%+9.1%+16.4%+35.0%+78.9%+107%+248%20.4%0.82−42.6%—$138B—
WTW Insurance - BrokersWillis Towers Watson Public Limited Company2/5 short1/3 long+4.2%+9.0%+8.2%−1.3%−2.2%+60.7%+39.6%+187%23.9%0.40−32.9%—$30B—
EVER Internet Content & InformationEverQuote, Inc.2/5 short1/3 long−0.5%−17.5%+35.0%−10.7%+16.3%+205%+47.3%—72.9%0.46−91.2%—$801M—
BWIN Insurance - BrokersThe Baldwin Insurance Group, Inc.4/5 short0/3 long0.0%+18.3%+23.5%+34.1%+39.9%—————−70.2%—$2.6B—
BRO Insurance - BrokersBrown & Brown, Inc.2/5 short0/3 long+10.3%+3.1%+5.2%−8.0%−18.2%+7.9%+13.8%+317%26.0%0.23−55.8%—$24B—
TWFG Insurance - BrokersTWFG, Inc. Common Stock2/5 short0/3 long+0.1%−6.0%+30.3%−8.1%+1.7%—————−52.7%—$332M—
VRSK Software - ServicesVerisk Analytics, Inc.1/5 short0/3 long+11.0%−5.2%+6.8%−13.0%−18.1%−16.8%−6.7%+151%25.9%0.08−50.8%—$25B—
AON Insurance - BrokersAon plc0/5 short0/3 long+2.0%−18.0%−10.2%−13.2%−13.0%−3.1%−1.6%+195%23.8%0.11−38.7%—$63B—
RYAN Insurance - BrokersRyan Specialty Holdings, Inc.0/5 short0/3 long+7.1%+2.5%+14.0%−14.3%−17.3%−2.3%+18.3%—35.2%0.28−60.9%—$5.2B—
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How did AJG do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where AJG ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with AJG and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of AJG; gray means the two finished within a fraction of a point. The rank row places AJG among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of AJG20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
AJG This pageArthur J. Gallagher & Co.—−8.0%+27.4%+20.5%+12.4%+39.0%+32.1%+31.8%+19.2%+25.1%+31.1%−10.1%+3.5%+40.0%+7.6%+20.3%+35.6%−7.8%+12.7%−14.3%−0.1%−1.2%+3.3%+13.4%−13.1%+10.4%+100%+51.8%+32.5%+15.3%
Rank among alternativesTop quarter in 10 of 299 of 149 of 125 of 125 of 124 of 113 of 117 of 111 of 103 of 102 of 1010 of 106 of 104 of 108 of 101 of 103 of 107 of 91 of 97 of 96 of 97 of 95 of 97 of 95 of 94 of 82 of 71 of 72 of 77 of 7
SPY S&P 500State Street SPDR S&P 500 ETF12 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
PGR The Progressive Corporation17 of 29−3.0%+51.4%+23.2%+26.8%+10.8%+41.5%+25.1%+9.4%+61.6%+14.9%+21.1%+5.3%+30.9%+15.5%+0.2%+17.2%+21.5%−22.1%−13.2%−16.9%+37.8%+1.7%+68.5%0.0%+44.3%+42.2%−56.6%+41.6%+78.3%
CRVL CorVel Corporation13 of 29−39.2%+35.0%+70.1%−30.1%+96.2%+21.3%+41.6%+16.7%+44.5%−16.7%+18.0%−20.3%+108%−13.3%+7.0%+44.2%+52.7%−4.7%−51.6%+276%−29.2%−28.7%+5.3%+9.1%+42.2%+47.1%+32.8%−6.4%+30.8%
TRV The Travelers Companies, Inc.12 of 29+22.4%+28.8%+3.9%+22.4%+14.0%+5.3%+17.0%−9.7%+13.4%+11.0%+9.1%+19.6%+29.1%+24.8%+9.3%+14.8%+13.5%−13.8%+2.4%+22.9%+23.2%−3.6%+20.3%−20.1%−16.9%+65.7%0.0%−12.9%+43.6%
MET MetLife, Inc.10 of 25−0.8%+27.7%−5.5%+19.2%+37.5%−3.4%+28.8%−15.8%+8.4%+15.9%−8.3%+3.0%+67.5%+7.9%−28.3%+27.9%+3.7%−42.2%+5.6%+21.7%+22.2%+21.8%+25.4%−13.9%−8.8%————
CB Chubb Limited13 of 29+14.5%+23.9%+4.2%+16.0%+27.9%+1.4%+22.9%−9.6%+12.8%+15.6%+5.3%+14.4%+31.9%+17.6%+14.5%+26.4%−1.8%−13.0%+3.8%+15.4%+27.5%+5.3%+44.3%−25.4%−3.7%+159%−50.6%+7.8%+62.3%
WTW Willis Towers Watson Public Limited Company10 of 24+6.1%+31.5%+0.1%+4.5%+14.2%+5.8%+34.8%+2.4%+25.0%−3.4%+11.5%+2.8%+37.3%−10.9%+15.1%+35.6%+10.4%−32.1%−2.0%+10.4%−8.1%+23.3%+21.1%+21.8%—————
EVER EverQuote, Inc.3 of 7+35.1%+63.3%−17.0%−5.9%−58.1%+8.7%+722%——————————————————————
BWIN The Baldwin Insurance Group, Inc.0 of 1−38.0%————————————————————————————
BRO Brown & Brown, Inc.13 of 29−21.4%+44.3%+25.7%−18.4%+49.3%+21.1%+44.7%+8.3%+16.2%+41.8%−1.1%+6.1%+24.8%+14.1%−4.1%+35.3%−12.5%−9.8%−16.0%−6.9%+41.2%+34.5%+1.8%+19.1%+57.1%+84.6%+11.0%+18.8%+71.1%
TWFG TWFG, Inc. Common Stock1 of 1−6.6%————————————————————————————
VRSK Verisk Analytics, Inc.5 of 16−18.2%+16.0%+36.2%−22.3%+10.8%+39.9%+37.9%+13.6%+18.3%+5.6%+20.0%−2.5%+28.9%+27.0%+17.8%+12.5%—————————————
AON Aon plc11 of 29−0.9%+24.4%−2.3%+0.6%+43.4%+2.4%+44.7%+9.9%+21.1%+22.5%−1.6%+14.3%+52.4%+20.3%+2.9%+21.8%−14.8%−2.9%+37.0%−0.1%+54.3%+2.2%+30.3%−45.2%+6.3%−11.9%+10.7%−3.8%+44.6%
RYAN Ryan Specialty Holdings, Inc.1 of 4−18.9%+50.9%+3.6%+2.9%—————————————————————————
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Risk and diversification

How AJG has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were AJG's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents AJG's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means AJG fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringAJG fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−51.1%—Jan 1987Feb 198813 monthsOct 198920 months
2008 financial crisis−49.1%−26.4%Oct 2001Mar 20097.4 yearsOct 201019 months
No named crash−44.4%+26.7%Jun 2025May 202611 monthsNot yet—
Covid crash−37.2%−33.6%Feb 2020Mar 20201 monthOct 20207 months
Dot-com bust−34.6%+0.5%Dec 2000Jan 20011 monthSep 20018 months

How did AJG do in stock market crashes?

This section measures how far AJG, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than AJG.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
AJG This pageArthur J. Gallagher & Co.—−4.8%−18.8%−37.0%−11.5%−6.1%−23.1%−13.4%−1.1%−46.0%−41.2%
SPY S&P 500State Street SPDR S&P 500 ETF3 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
PGR The Progressive Corporation6 of 10−2.9%−10.5%−18.3%−22.3%−4.3%−12.3%−16.6%−1.2%−52.9%−36.2%
CRVL CorVel Corporation4 of 10−1.3%−36.0%−34.6%−15.3%−6.4%−11.4%−22.0%−2.6%−57.2%−20.8%
TRV The Travelers Companies, Inc.3 of 10−2.6%−18.9%−39.2%−15.7%−8.8%−11.4%−18.1%−1.1%−43.7%−55.1%
MET MetLife, Inc.0 of 9−12.6%−19.5%−55.0%−20.9%−6.9%−36.5%−36.3%−3.4%−82.3%—
CB Chubb Limited2 of 10−5.6%−19.1%−42.2%−13.6%−8.4%−9.7%−13.7%−0.2%−51.2%−52.4%
WTW Willis Towers Watson Public Limited Company3 of 9−4.9%−21.4%−30.3%−9.0%−5.9%−17.8%−18.3%−2.4%−54.2%—
EVER EverQuote, Inc.1 of 4−3.0%−61.7%−49.2%−74.7%——————
BRO Brown & Brown, Inc.6 of 10−4.9%−27.3%−34.8%−13.6%−5.4%−15.9%−22.9%0.0%−42.1%−31.4%
VRSK Verisk Analytics, Inc.4 of 8−2.6%−28.4%−28.5%−17.4%−6.6%−19.1%−8.0%−1.0%——
AON Aon plc5 of 10−2.4%−25.4%−38.7%−17.0%−5.3%−17.4%−20.7%0.0%−30.3%−66.5%
RYAN Ryan Specialty Holdings, Inc.1 of 2−9.4%−17.7%————————
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How closely does AJG move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares AJG with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than AJG's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
AJG This pageArthur J. Gallagher & Co.80%46%1.740.61
TRV The Travelers Companies, Inc.70%48%1.480.59
CB Chubb Limited63%48%1.320.54
BRO Brown & Brown, Inc.78%69%1.130.66
CRVL CorVel Corporation120%115%1.050.98
MET MetLife, Inc.91%97%0.941.03
WTW Willis Towers Watson Public Limited Company68%73%0.930.61
AON Aon plc79%89%0.890.78
VRSK Verisk Analytics, Inc.63%73%0.870.73
PGR The Progressive Corporation72%-5%—0.36
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What diversifies AJG?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with AJG's. Because such investments tend not to fall at the same time, pairing AJG with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which AJG lost money. The last two columns show a portfolio that is 80% AJG and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202520152009200720062005200280/20 mix volatility80/20 mix annual return
AJG Arthur J. Gallagher & Co. (this page)1.00+68.0%0.55−8.0%−10.1%−7.8%−14.3%−0.1%−1.2%−13.1%24.8%+10.1%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.29+119%1.48+27.1%——————20.4%+11.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.13+225%1.34+32.8%+7.7%+2.0%−7.4%———20.3%+13.9%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.45+101%1.04+9.7%−25.3%—————21.3%+11.6%
HDV Dividend & IncomeiShares Core High Dividend ETF0.47+83.3%1.00+11.9%−0.3%—————21.3%+10.9%
SMH TechnologyVanEck Semiconductor ETF-0.02+323%0.97+49.2%−0.3%+60.5%+6.0%−6.7%+10.8%−47.0%20.9%+16.8%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.35+85.0%0.96+23.1%+4.1%—————20.7%+11.3%
GLD CommoditiesSPDR Gold Shares0.03+126%0.96+63.7%−10.7%+24.0%+30.4%+22.6%+17.8%—20.2%+12.5%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.27+136%0.93+26.6%——————21.3%+13.0%

Stocks

InvestmentCorrelation5Y returnSharpe202520152009200720062005200280/20 mix volatility80/20 mix annual return
AJG Arthur J. Gallagher & Co. (this page)1.00+68.0%0.55−8.0%−10.1%−7.8%−14.3%−0.1%−1.2%−13.1%24.8%+10.1%
CAH Medical - DistributionCardinal Health, Inc.0.32+479%1.55+76.3%+12.6%−4.4%−9.8%−5.8%+18.7%−8.3%22.1%+16.0%
CLS Hardware, Equipment & PartsCelestica Inc.-0.17+3,143%1.47+220%−6.0%+105%−25.7%−26.0%−25.2%−65.1%21.3%+29.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.01+1,636%1.46+121%+67.7%+17.8%+2.1%+38.9%+20.1%−9.4%21.8%+25.2%
MCK Medical - DistributionMcKesson Corporation0.38+413%1.44+44.5%−4.5%+62.9%+29.7%−1.2%+64.9%−27.2%22.2%+15.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.22+690%1.41+19.2%+17.4%—————22.1%+18.1%
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Common questions

What was AJG's worst drawdown?

AJG's deepest decline since it began trading in 1986 was 51.1%, from January 1987 to February 1988. It took 20 months from the low to climb back to its old high.

What were AJG's best and worst years?

Over 29 full calendar years, AJG's best year was 2000, when it returned 100%. Its worst was 2007, with a return of -14.3%.

Is there a better investment than AJG?

Among AJG's popular alternatives, TRV and CB earned more than AJG with less volatility over the past 5 years. TRV returned 22.4% a year at 22.3% volatility, against 10.9% a year at 24.2%. Looking beyond its popular alternatives, BRK-B (insurance) and THG (property & casualty insurance) earned more than AJG with less volatility over the past 5 years. BRK-B returned 13.4% a year at 17.1% volatility, against 10.9% a year at 24.2%.

Is AJG more volatile than the S&P 500?

Yes. AJG's volatility over the past 5 years was 24.2%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AJG's return lands within 24.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is AJG's Sharpe ratio?

AJG's Sharpe ratio over the past 5 years was 0.55, against 0.79 for the S&P 500, so AJG earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is AJG with the S&P 500?

Over the past 5 years, AJG's monthly returns had a correlation of 0.34 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against AJG instead: the lower it is, the more that option would diversify a AJG holding.

What are the best alternatives to AJG?

Of the 13 popular alternatives we compared, four outperformed AJG in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: PGR, CRVL and TRV.

Did AJG outperform the S&P 500?

AJG finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned -8.0%, against +17.7% for the index.

How did AJG do in stock market crashes?

AJG fell less than the S&P 500 (SPY) in five of the ten major crashes it has traded through, and further in three. The clearest case was the 2008 financial crisis, when AJG fell 46.0% and the S&P 500 fell 55.2%.

What diversifies AJG?

These had a low correlation with AJG over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.29), DXJ (correlation 0.13) and EMLP (correlation 0.45); among large stocks, CAH (correlation 0.32), CLS (correlation -0.17) and FIX (correlation 0.01). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to AJG

Other stocks and ETFs