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

> Source: EasyCompare research, https://easycompare.io/research/ajg
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** AJG is 24.5% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record. That said, over the past 6 months, AJG rose 16.9% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100.
- **Stock or market?:** AJG rose 2.5% over the past 3 months, 3.7 points ahead of the insurance ETF KIE (State Street SPDR S&P Insurance ETF), which fell 1.2%. The S&P 500 rose 3.9%. Last month cut against the tape: AJG rose 9.6% while the S&P 500 fell 0.6%.
- **Past 1 to 3 years:** AJG has gone against the market, falling 6.1% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (17.3% against 89.3%). The long record (ahead of 87% of the stocks worth at least $300 million over 10 years) has not carried into the past 3 years (behind 68% of them).
- **Long term:** AJG turned $10,000 into $61,600 over the past decade, against $42,100 in the S&P 500. On the flip side, over 5 years AJG trailed the index: 68.0% against 81.7%.
- **In a crash:** AJG fell less than the S&P 500 in five of seven sell-offs, but the Covid crash broke the pattern: it fell 37.0%, more than the S&P 500's 33.7%.
- **Diversification:** Against the S&P 500, AJG has a correlation of 0.34 over 5 years, less closely than 61% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 10 years AJG kept more of the market's gains than of its losses: 80% of the S&P 500's gains in rising months and 46% of its losses in falling ones, with a beta of 0.61.
- **Better options**
  - **Popular alternatives:** TRV (Travelers Companies) and CB (Chubb) 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%.
  - **Nearby categories and themes:** BRK-B (Berkshire Hathaway, insurance) and THG (Hanover Insurance Group, 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%.
  - **Whole market:** 215 of the 3,633 stocks and funds worth at least $500 million earned more than AJG with less volatility over the past 5 years, among them VOO (Vanguard S&P 500 ETF), BRK-B (Berkshire Hathaway) and BRK-A (Berkshire Hathaway).

## 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.

- $10,000 invested in AJG at the end of September 1997 would have grown to $566,042 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of AJG, and TJX finished highest, at $958,745.

## 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.

- AJG is still 24.5% below its all-time high.
- 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.
- Over 29 full calendar years, AJG's best was 2000, when it returned 100%, and its worst was 2007, when it lost 14.3%. It lost money in seven of those years.

- Type: Stock, Financials (Insurance - Brokers)
- Trading since: October 17, 1986
- Market value: $66B
- Volatility (5 years): 24.2%; Sharpe ratio: 0.55
- Worst decline ever: −51.1%, from January 14, 1987 to February 17, 1988; back at its high by October 19, 1989

| Period | AJG total return |
| --- | --- |
| 1 month | +9.6% |
| 3 months | +2.5% |
| 6 months | +16.9% |
| year to date | +2.2% |
| 1 year | −6.1% |
| 3 years | +17.3% |
| 5 years | +68.0% |
| 10 years | +516% |

## 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.

- AJG is among the steadier stocks: its price swings rank in the top 10% of the 2,893 stocks worth at least $300 million, where the top is the calmest.

| Measure | AJG | Rank |
| --- | --- | --- |
| 1-year return | −6.1% | 2,221 of 3,287 (top 68%) |
| 3-year return | +17.3% | 2,059 of 3,017 (top 69%) |
| 5-year return | +68.0% | 921 of 2,893 (top 32%) |
| 10-year return | +516% | 291 of 2,202 (top 14%) |
| Volatility, 5 years | 24.2% | 278 of 2,893 (top 10%) |
| Sharpe ratio, 5 years | 0.55 | 805 of 2,893 (top 28%) |
| Worst decline, past 10 years | −44.4% | 273 of 2,187 (top 13%) |

### 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).

- 47 stocks and 168 ETFs worth at least $500 million sit in the green region: each earned more than AJG over the past 5 years with smaller price swings. That is 6% of the 3,633 screened.
- Among those with at least half AJG's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 21% less than AJG's 24.2%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.55 for AJG.
- Among AJG's popular alternatives, TRV and CB are in the region. TRV earned 22.4% a year against 10.9% a year for AJG, at 22.3% volatility, 8% less than AJG's 24.2%.

### Is there a better investment than AJG?

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.

- 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%.
- Across the whole market, 215 of the 3,633 stocks and funds worth at least $500 million earned more than AJG with less volatility over the past 5 years, among them VOO, BRK-B and BRK-A.

The 15 strongest of 215 investments that beat AJG over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with AJG | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AJG: Arthur J. Gallagher & Co. (this page) |  | +10.9% | 24.2% | 0.55 | −44.4% | +516% |  |  |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.13 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [COST](https://easycompare.io/research/cost): Costco Wholesale Corporation | Discount Retail | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [QQQ](https://easycompare.io/research/qqq): Invesco QQQ Trust, Series 1 | US Large-Cap Growth | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | US Large-Cap Value | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.47 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | Health Care Distribution | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.39 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RSG](https://easycompare.io/research/rsg): Republic Services, Inc. | Environmental Services | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.63 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SCHG](https://easycompare.io/research/schg): Schwab U.S. Large-Cap Growth ETF | US Large-Cap Growth | +13.1% | 22.4% | 0.67 | −34.5% | +451% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [DYNF](https://easycompare.io/research/dynf): iShares U.S. Equity Factor Rotation Active ETF | US Multifactor Equity | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.60 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| HDV: iShares Core High Dividend ETF | US Dividend Equity | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.47 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- Only TRV and CB were both more rewarding and calmer than AJG over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, AJG returned 10.9% a year, less than the S&P 500's 12.7%, with higher volatility (24.2% against 17.1%).

### 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.

- Four of the 13 popular alternatives, led by PGR, CRVL and TRV, outperformed AJG in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- PGR and CB earned more for the risk they took than AJG (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of AJG | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AJG: Arthur J. Gallagher & Co. (this page) | −6.1% | +17.3% | +68.0% | +516% |  |  | 0.55 |
| [PGR](https://easycompare.io/research/pgr): The Progressive Corporation | +7.7% | +56.8% | +162% | +816% | 3/5 short-term, 3/3 long-term | consistent | 0.89 |
| CRVL: CorVel Corporation | +10.1% | +22.7% | +40.1% | +594% | 5/5 short-term, 2/3 long-term | consistent | 0.37 |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | +51.5% | +158% | +174% | +347% | 4/5 short-term, 2/3 long-term | consistent | 1.02 |
| [MET](https://easycompare.io/research/met): MetLife, Inc. | +32.2% | +84.0% | +76.5% | +240% | 4/5 short-term, 2/3 long-term | consistent | 0.58 |
| [CB](https://easycompare.io/research/cb): Chubb Limited | +35.0% | +78.9% | +107% | +248% | 2/5 short-term, 2/3 long-term |  | 0.82 |
| WTW: Willis Towers Watson Public Limited Company | −2.2% | +60.7% | +39.6% | +187% | 2/5 short-term, 1/3 long-term |  | 0.40 |
| EVER: EverQuote, Inc. | +16.3% | +205% | +47.3% | — | 2/5 short-term, 1/3 long-term |  | 0.46 |
| BWIN: The Baldwin Insurance Group, Inc. | +39.9% | — | — | — | 4/5 short-term, 0/3 long-term |  | — |
| BRO: Brown & Brown, Inc. | −18.2% | +7.9% | +13.8% | +317% | 2/5 short-term, 0/3 long-term |  | 0.23 |
| TWFG: TWFG, Inc. Common Stock | +1.7% | — | — | — | 2/5 short-term, 0/3 long-term |  | — |
| VRSK: Verisk Analytics, Inc. | −18.1% | −16.8% | −6.7% | +151% | 1/5 short-term, 0/3 long-term |  | 0.08 |
| [AON](https://easycompare.io/research/aon): Aon plc | −13.0% | −3.1% | −1.6% | +195% | 0/5 short-term, 0/3 long-term |  | 0.11 |
| RYAN: Ryan Specialty Holdings, Inc. | −17.3% | −2.3% | +18.3% | — | 0/5 short-term, 0/3 long-term |  | 0.28 |

### 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.

- Ranked against its popular alternatives each year, AJG finished in the top quarter in ten of 29 years and in the bottom quarter in two. In 2025, it ranked 9 of 14.
- AJG finished ahead of the S&P 500 in 16 of its 29 full calendar years.
- Among its popular alternatives, PGR came out ahead of AJG most often, in 17 of the 29 years both traded.

| Year | AJG | SPY |
| --- | --- | --- |
| 2025 | −8.0% | +17.7% |
| 2024 | +27.4% | +24.9% |
| 2023 | +20.5% | +26.2% |
| 2022 | +12.4% | −18.2% |
| 2021 | +39.0% | +28.7% |
| 2020 | +32.1% | +18.3% |
| 2019 | +31.8% | +31.2% |
| 2018 | +19.2% | −4.6% |
| 2017 | +25.1% | +21.7% |
| 2016 | +31.1% | +12.0% |

## 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.

- In all four of AJG's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: AJG fell 44.4% from June 2025 to May 2026, while the S&P 500 rose 26.7%.
- The longest climb back to a previous high took 20 months, after AJG fell 51.1% from January 1987 to February 1988.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −51.1% | January 14, 1987 | February 17, 1988 | October 19, 1989 | — |  |
| −49.1% | October 24, 2001 | March 3, 2009 | October 14, 2010 | −26.4% | 2008 financial crisis |
| −44.4% | June 2, 2025 | May 13, 2026 | not yet | +26.7% |  |
| −37.2% | February 14, 2020 | March 23, 2020 | October 9, 2020 | −33.6% | Covid crash |
| −34.6% | December 27, 2000 | January 19, 2001 | September 27, 2001 | +0.5% | dot-com bust |

### 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.

- Among its popular alternatives, PGR held up best, falling less than AJG in six of the ten crashes they both traded through.
- AJG fell less than the S&P 500 in five of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when AJG fell 46.0% and the S&P 500 fell 55.2%.

| Crash | Dates | AJG fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −41.2% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −46.0% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.1% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −13.4% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −23.1% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.1% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −11.5% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −37.0% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −18.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −4.8% | −3.4% |

### 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.

- None of the eight popular alternatives with the same record had a higher capture ratio (upside capture divided by downside capture) than AJG's 1.74.
- Over the past 10 years, AJG captured 80% of the S&P 500's gains in rising months and 46% of its losses in falling months, with a beta of 0.61. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- PGR took just -5% of the S&P 500's losses, against 46% for AJG, while still keeping 72% of its gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| AJG: Arthur J. Gallagher & Co. (this page) | 80.0% | 46.0% | 0.61 |
| [PGR](https://easycompare.io/research/pgr): The Progressive Corporation | 72.0% | −5.0% | 0.36 |
| CRVL: CorVel Corporation | 120% | 115% | 0.98 |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | 70.0% | 48.0% | 0.59 |
| [MET](https://easycompare.io/research/met): MetLife, Inc. | 91.0% | 97.0% | 1.03 |
| [CB](https://easycompare.io/research/cb): Chubb Limited | 63.0% | 48.0% | 0.54 |
| WTW: Willis Towers Watson Public Limited Company | 68.0% | 73.0% | 0.61 |
| BRO: Brown & Brown, Inc. | 78.0% | 69.0% | 0.66 |
| VRSK: Verisk Analytics, Inc. | 63.0% | 73.0% | 0.73 |
| [AON](https://easycompare.io/research/aon): Aon plc | 79.0% | 89.0% | 0.78 |

### 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).

- Moving a fifth of the money in AJG into GLD would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+10.1% for AJG alone, +12.5% for the mix).
- FIX made money in six of the seven calendar years in which AJG lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of AJG over the past 5 years, with correlations of 0.45 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with AJG | 5Y return | Volatility | Sharpe | Rose in AJG's 7 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.29 | +119% | 11.1% | 1.48 | 1 of 7 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.13 | +225% | 19.1% | 1.34 | 3 of 7 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.45 | +101% | 14.5% | 1.04 | 1 of 7 |
| HDV: iShares Core High Dividend ETF | 0.47 | +83.3% | 13.0% | 1.00 | 1 of 7 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | -0.02 | +323% | 36.9% | 0.97 | 4 of 7 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.35 | +85.0% | 13.8% | 0.96 | 2 of 7 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.03 | +126% | 18.9% | 0.96 | 5 of 7 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.27 | +136% | 20.8% | 0.93 | 1 of 7 |

## 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.

## More research

- [Progressive (PGR) Performance, Alternatives and Market Rank](https://easycompare.io/research/pgr)
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- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/amzn)
- [Vanguard Morningstar Total Stock Market ETF (VTI) Performance, Alternatives and Market Rank](https://easycompare.io/research/vti)

## Explore further

- Full page with charts: https://easycompare.io/research/ajg
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against AJG live: https://betterthanspy.com/?b=AJG&utm_source=easycompare&utm_medium=research