Relative Intelligence · Insurance
How AON compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on AON alone. It places AON (Aon plc) against 11 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 AON stands in the market, and of the alternatives worth a closer look.
Period covered: AON'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.
On this page12 sections
Key findings
- Right nowAON has gone against the market, falling 18.0% over the past 3 months while the S&P 500 rose 3.9%. AON is 26.5% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record. At a glance ↓
- Stock or market?The weakness is AON's own: it fell 18.0% over the past 3 months while the insurance ETF KIE (State Street SPDR S&P Insurance ETF) fell 1.2%. The S&P 500 rose 3.9%. Even so, AON rose 2.0% last month as the S&P 500 fell 0.6% and the Nasdaq 100 fell 3.2%.
- Past 1 to 3 yearsOver the past year, AON fell 13.0% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (3.1% against 89.3%). The long record (ahead of 60% of the stocks worth at least $300 million over 10 years) has not carried into the past 3 years (behind 79% of them). By year ↓
- Long termAON turned $10,000 into $29,500 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashThe Covid crash took 38.7% off AON, against 33.7% for the S&P 500, and more than insurance peers such as AJG (Arthur J. Gallagher & Co., 37.0%). AON fell further than the S&P 500 in two of the last three sell-offs, including the Covid crash (38.7% against 33.7%). Crash tests ↓
- DiversificationAgainst the S&P 500, AON has a correlation of 0.46 over 5 years, more closely than 64% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. When the S&P 500 had a down month, AON usually fell with it (17 of 22 months). By year ↓
- Better options
- Popular alternatives
- TRV (Travelers Companies) and CB (Chubb) earned more than AON with less volatility over the past 5 years. TRV returned 22.4% a year at 22.3% volatility, against a loss of 0.3% a year at 23.8%.
- Nearby categories and themes
- BRK-B (Berkshire Hathaway, insurance) and MRSH (Marsh & McLennan Companies, insurance) earned more than AON with less volatility over the past 5 years. BRK-B returned 13.4% a year at 17.1% volatility, against a loss of 0.3% a year at 23.8%.
- Whole market
- 870 of the 3,633 stocks and funds worth at least $500 million earned more than AON with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).
How much would $10,000 in AON have grown?
This chart tracks a hypothetical $10,000 investment in AON over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of AON over the same span and AON'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.
- $10,000 invested in AON at the end of September 1997 would have grown to $121,759 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- All seven other investments on the chart ended ahead of AON, and AJG finished highest, at $566,042.
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. 459 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of AON; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.
- AJG$566,042+5,560% total · +14.9% a year
- CRVL$524,989+5,150% total · +14.6% a year
- BRO$475,780+4,658% total · +14.2% a year
- ACGL$380,068+3,701% total · +13.4% a year
- RNR$333,219+3,232% total · +12.9% a year
- CB$184,681+1,747% total · +10.6% 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
- AON$121,759+1,118% total · +9.0% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,508 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of AON; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- TRV$25,788+158% total · +20.9% a year
- ACGL$25,436+154% total · +20.5% a year
- RNR$23,680+137% total · +18.8% a year
- CB$20,160+102% total · +15.1% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% 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
- BRO$11,383+13.8% total · +2.6% a year
- AON$10,083+0.8% total · +0.2% a year
AON 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.
- AON is still 26.5% below its all-time high.
- AON's deepest decline since it began trading in 1986 was 67.4%, from July 1998 to August 2002. It took about four years from the low to climb back to its old high.
- Over 29 full calendar years, AON's best was 2005, when it returned 54.3%, and its worst was 2002, when it lost 45.2%. It lost money in nine of those years.
The company
- Market value
- $63B
- Industry
- Insurance - Brokers
- Price history from
- October 1986
Returns
- Past 1 year
- −13.0%total return
- Past 3 years
- −3.1%−1.0% a year
- Past 5 years
- −1.6%−0.3% a year
- Past 10 years
- +195%+11.4% a year
- Best calendar year
- +54.3%2005
- Worst calendar year
- −45.2%2002
- Losing years
- 9 of 29full calendar years
Risk
- Volatility
- 23.8%typical yearly swing, 5 years
- Sharpe ratio
- 0.11return per unit of risk, 5 years
- Worst decline ever
- −67.4%Jul 1998 to Aug 2002
- From its all-time high
- −26.5%below the peak
AON against the whole market
Where AON ranks among every stock and fund, and what across the market has done better.
How does AON rank among all stocks?
This section ranks AON 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 AON stacks up against its peers, these rankings show where it stands in the market as a whole.
- AON's worst decline of the past 10 years ranks in the top 6% of the 2,187 stocks worth at least $300 million, where the top fell the least.
- AON's 3-year return ranks in the bottom 21% of the 3,017 stocks worth at least $300 million with 3 years of history.
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.
| Measure | AON | Rank | Standing |
|---|---|---|---|
| 1-year return | −13.0% | 2,439 of 3,287 | bottom 27% |
| 3-year return | −3.1% | 2,373 of 3,017 | bottom 22% |
| 5-year return | −1.6% | 1,748 of 2,893 | bottom 41% |
| 10-year return | +195% | 882 of 2,202 | top 40% |
| Volatility, 5 years | 23.8% | 251 of 2,893 | top 9% |
| Sharpe ratio, 5 years | 0.11 | 2,097 of 2,893 | bottom 29% |
| Worst decline, past 10 years | −38.7% | 122 of 2,187 | top 6% |
What has beaten AON 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). AON sits where the dashed lines cross. Anything in the green box above and to the left earned more than AON 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.
- 127 stocks and 743 ETFs worth at least $500 million sit in the green region: each earned more than AON over the past 5 years with smaller price swings. That is 24% of the 3,633 screened.
- Among those with at least half AON's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 20% less than AON's 23.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.11 for AON.
- Among AON's popular alternatives, TRV and CB are in the region. TRV earned 22.4% a year against a loss of 0.3% a year for AON, at 22.3% volatility, 6% less than AON's 23.8%.
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 AON; faint dots are 92 more of the 870 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.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than AON?
Investments that beat AON over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among AON's popular alternatives, TRV and CB earned more than AON with less volatility over the past 5 years. TRV returned 22.4% a year at 22.3% volatility, against a loss of 0.3% a year at 23.8%.
- Looking beyond its popular alternatives, BRK-B (insurance) and MRSH (insurance) earned more than AON with less volatility over the past 5 years. BRK-B returned 13.4% a year at 17.1% volatility, against a loss of 0.3% a year at 23.8%.
- Across the whole market, 870 of the 3,633 stocks and funds worth at least $500 million earned more than AON with less volatility over the past 5 years, among them VTI, VOO and BRK-B.
How this works
The table below lists investments that beat AON 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 AON'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 AON 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 AON'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× AON's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than AON's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with AON?lower diversifies more | Expenseper year | |||
| AONAon plc · this page | −0.3% | 23.8% | 0.11 | −38.7% | +195% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.46 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against AON. 9 of 11 passed at least one test. | |||||||||
WTWWillis Towers Watson Public Limited Company · Insurance | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.9% | 23.9% | 0.40 | −32.9% | +187% | 0.68 | — | |
 TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Higher return, lower volatilityHigher return in most periods | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.47 | — | |
 CBChubb Limited · Property & Casualty Insurance | Higher return, lower volatilityHigher return in most periods | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.46 | — | |
ACGLArch Capital Group Ltd. · Property & Casualty Insurance | Higher return, similar volatilityHigher return in most periods | +20.1% | 24.5% | 0.87 | −53.8% | +309% | 0.36 | — | |
 AJGArthur J. Gallagher & Co. · Insurance | Higher return, similar volatilityHigher return in most periods | +10.9% | 24.2% | 0.55 | −44.4% | +516% | 0.75 | — | |
RNRRenaissanceRe Holdings Ltd. · Insurance | Higher return in most periods | +20.1% | 27.8% | 0.80 | −40.7% | +215% | 0.25 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Insurance and the categories next to it (Property & Casualty Insurance, Life Insurance), plus AON's specific themes. 41 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% | 0.63 | — | |
 MRSHMarsh & McLennan Companies, Inc. · Insurance | Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +4.4% | 20.9% | 0.31 | −35.8% | +245% | 0.79 | — | |
 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% | 0.39 | — | |
ACTEnact Holdings Inc. · Insurance | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +20.5% | 24.3% | 0.89 | −20.2% | — | 0.32 | — | |
 AFLAflac Incorporated · Life Insurance | Higher return, lower volatilityHigher return in most periods | +19.0% | 20.8% | 0.95 | −54.9% | +335% | 0.49 | — | |
ERIEErie Indemnity Company · Property & Casualty Insurance | Smaller losses in recent crashes | +6.3% | 31.4% | 0.35 | −60.9% | +200% | 0.42 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,711 of 3,572 passed at least one test. | |||||||||
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.11 | 0.09% | |
 GLDSPDR Gold Shares · Gold | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.09 | 0.40% | |
 WMWaste Management, Inc. · Environmental Services | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.49 | — | |
JAAAJanus Henderson AAA CLO ETF · CLO Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.14 | 0.20% | |
 XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.49 | 0.08% | |
ATOAtmos Energy Corporation · Gas Utilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.43 | — | |
 COSTCostco Wholesale Corporation · Discount Retail | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.39 | — | |
IBMQiShares iBonds Dec 2028 Term Muni Bond ETF · Bonds | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +0.6% | 3.0% | 0.22 | −15.8% | — | 0.34 | 0.10% | |
What these numbers mean for AON
- Annual return
- AON lost 0.3% 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 $9,840. 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
- AON's volatility over the past 5 years was 23.8%, 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, AON's return lands within 23.8% 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
- AON's Sharpe ratio over the past 5 years was 0.11, against 0.79 for the S&P 500, so AON 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
- AON's worst fall from a peak to a low over the past 10 years was 38.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 38.7% fall takes a 63.2% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, AON's monthly returns had a correlation of 0.46 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against AON instead: the lower it is, the more that option would diversify a AON holding. Guide: Correlation and diversification →
Show all 870 stocks and funds worth at least $500 million that earned more than AON 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.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with AON | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | Whole market | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.11 | 0.09% |
| 2 | GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.09 | 0.40% |
| 3 | WMWaste Management, Inc. · Environmental Services | Whole market | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.49 | — |
| 4 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.14 | 0.20% |
| 5 | XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.49 | 0.08% |
| 6 | ATOAtmos Energy Corporation · Gas Utilities | Whole market | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.43 | — |
| 7 |  WCNWaste Connections, Inc. · Environmental Services | Whole market | +6.1% | 20.0% | 0.40 | −31.6% | +270% | 0.54 | — |
| 8 | AEEAmeren Corporation · Electric Utilities | Whole market | +7.9% | 19.4% | 0.49 | −29.1% | +192% | 0.45 | — |
| 9 |  WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.35 | — |
| 10 | SPYState Street SPDR S&P 500 ETF · US Large-Cap Equity | Whole market | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.46 | 0.09% |
| 11 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.39 | — |
| 12 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.41 | 0.40% |
| 13 | ICVTiShares Convertible Bond ETF · Corporate Bonds | Whole market | +3.8% | 14.1% | 0.34 | −33.2% | +205% | 0.27 | 0.20% |
| 14 | BALTInnovator Defined Wealth Shield ETF · Crypto | Whole market | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.42 | 0.69% |
| 15 | VRIGInvesco Variable Rate Investment Grade ETF · Bonds | Whole market | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | 0.07 | 0.30% |
| 16 |  NVSNovartis AG · Pharmaceuticals | Whole market | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.33 | — |
| 17 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.27 | 0.60% |
| 18 |  PGThe Procter & Gamble Company · Household & Personal Products | Whole market | +5.1% | 18.3% | 0.37 | −23.8% | +145% | 0.28 | — |
| 19 |  LINLinde plc · Chemicals | Whole market | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.47 | — |
| 20 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.11 | 0.65% |
| 21 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.57 | 0.04% |
| 22 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.52 | 0.06% |
| 23 | FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Whole market | +4.5% | 1.8% | 2.48 | −13.5% | +35.9% | 0.08 | 0.15% |
| 24 |  IWFiShares Russell 1000 Growth ETF · US Large-Cap Growth | Whole market | +11.7% | 21.8% | 0.62 | −32.7% | +416% | 0.33 | 0.18% |
| 25 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.33 | — |
| 26 |  VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds | Whole market | +2.7% | 2.9% | 0.94 | −6.3% | +32.7% | 0.25 | 0.03% |
| 27 |  EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks | Whole market | +5.2% | 8.9% | 0.61 | −25.4% | +37.8% | 0.29 | — |
| 28 |  DFACDimensional - US Core Equity 2 ETF · US Total Market | Whole market | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.49 | 0.21% |
| 29 |  ULUnilever PLC · Household & Personal Products | Whole market | +5.5% | 21.5% | 0.36 | −30.1% | +89.8% | 0.24 | — |
| 30 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.45 | 0.79% |
| 31 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.40 | 0.85% |
| 32 |  AEPAmerican Electric Power Company, Inc. · Electric Utilities | Whole market | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.35 | — |
| 33 |  BSVVanguard Short-Term Bond ETF · Short-Term Bonds | Whole market | +1.7% | 2.8% | 0.63 | −8.5% | +20.5% | 0.21 | 0.03% |
| 34 |  VCSHVanguard Short-Term Corporate Bond ETF · Investment Grade Bonds | Whole market | +2.3% | 2.9% | 0.80 | −12.9% | +28.6% | 0.30 | 0.03% |
| 35 |  CLColgate-Palmolive Company · Household & Personal Products | Whole market | +7.2% | 19.2% | 0.46 | −29.0% | +68.8% | 0.22 | — |
| 36 |  JEPIJPMorgan Equity Premium Income ETF · Equity Income | Whole market | +7.5% | 11.0% | 0.71 | −13.7% | — | 0.61 | 0.35% |
| 37 |  MDLZMondelez International, Inc. · Packaged Foods | Whole market | +4.0% | 20.2% | 0.29 | −29.8% | +93.4% | 0.23 | — |
| 38 | BRK-BBerkshire Hathaway Inc. · Insurance | Same or nearby category | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.63 | — |
| 39 |  EDConsolidated Edison, Inc. · Electric Utilities | Whole market | +12.0% | 18.8% | 0.70 | −30.9% | +114% | 0.28 | — |
| 40 | VNLAJanus Henderson Short Duration Income ETF · Bonds | Whole market | +4.0% | 1.1% | 3.77 | −4.5% | — | 0.22 | 0.25% |
| 41 | FLTRVanEck IG Floating Rate ETF · Multi-Asset | Whole market | +4.8% | 2.1% | 2.20 | −17.8% | +41.8% | 0.05 | 0.14% |
| 42 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.03 | — |
| 43 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.32 | 0.13% |
| 44 | ACWIiShares MSCI ACWI ETF · Global Equity | Whole market | +10.6% | 16.2% | 0.70 | −33.5% | +227% | 0.43 | 0.32% |
| 45 | IUSGiShares Core S&P U.S. Growth ETF · US Growth Equity | Whole market | +12.9% | 21.2% | 0.68 | −32.4% | +405% | 0.36 | 0.04% |
| 46 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.39 | 0.27% |
| 47 | FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds | Whole market | +4.5% | 1.7% | 2.58 | −14.7% | +35.9% | 0.07 | 0.15% |
| 48 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.50 | 0.15% |
| 49 | HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds | Whole market | +6.6% | 7.1% | 0.94 | −23.9% | +74.5% | 0.42 | 1.12% |
| 50 | NINiSource Inc · Gas Utilities | Whole market | +15.1% | 20.3% | 0.80 | −30.9% | +158% | 0.41 | — |
| 51 | SCHOSchwab Short-Term U.S. Treasury ETF · Treasury Bonds | Whole market | +2.0% | 2.0% | 0.96 | −5.7% | +18.9% | 0.15 | 0.03% |
| 52 | WECWEC Energy Group, Inc. · Electric Utilities | Whole market | +7.2% | 19.0% | 0.46 | −32.3% | +159% | 0.36 | — |
| 53 | FLDRFidelity Low Duration Bond Factor ETF · Bonds | Whole market | +3.9% | 1.2% | 3.09 | −12.2% | — | 0.28 | 0.15% |
| 54 | DFATDimensional - US Targeted Value ETF · US Small-Cap Equity | Whole market | +9.6% | 21.0% | 0.54 | −26.1% | — | 0.44 | 0.33% |
| 55 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.63 | 0.15% |
| 56 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.45 | 0.20% |
| 57 | TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds | Whole market | +4.1% | 1.1% | 3.85 | −1.8% | — | 0.16 | 0.17% |
| 58 | USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds | Whole market | +3.6% | 7.4% | 0.52 | −22.4% | — | 0.43 | 0.08% |
| 59 | EWJiShares MSCI Japan ETF · International Equity | Whole market | +9.2% | 18.8% | 0.57 | −33.1% | +132% | 0.30 | 0.49% |
| 60 | DFAIDimensional - International Core Equity Market ETF · Developed International Equity | Whole market | +9.7% | 16.0% | 0.66 | −27.4% | — | 0.41 | 0.18% |
| 61 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.45 | 0.10% |
| 62 | SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds | Whole market | +1.4% | 1.7% | 0.85 | −9.4% | +15.6% | 0.35 | 0.07% |
| 63 | RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds | Whole market | +3.8% | 1.4% | 2.61 | −3.7% | +30.8% | 0.09 | 0.26% |
| 64 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.47 | — |
| 65 |  RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.26 | — |
| 66 | CHDChurch & Dwight Co., Inc. · Household & Personal Products | Whole market | +6.1% | 21.1% | 0.39 | −31.7% | +154% | 0.35 | — |
| 67 | USTBVictoryShares Short-Term Bond ETF · Bonds | Whole market | +3.6% | 2.0% | 1.73 | −5.3% | — | 0.27 | 0.34% |
| 68 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.44 | 0.35% |
| 69 | BKLNInvesco Senior Loan ETF · Bank Loans | Whole market | +5.4% | 4.5% | 1.19 | −24.1% | +50.7% | 0.33 | 0.67% |
| 70 | XLGInvesco S&P 500 Top 50 ETF · US Large-Cap Equity | Whole market | +13.8% | 18.9% | 0.78 | −30.5% | +379% | 0.37 | 0.20% |
| 71 | LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities | Whole market | +3.0% | 2.6% | 1.14 | −6.5% | +25.6% | 0.29 | 0.66% |
| 72 | ESGVVanguard ESG U.S. Stock ETF · US ESG Equity | Whole market | +11.3% | 18.5% | 0.67 | −33.7% | — | 0.43 | 0.09% |
| 73 | CMSCMS Energy Corporation · Electric Utilities | Whole market | +5.6% | 19.0% | 0.38 | −29.6% | +123% | 0.34 | — |
| 74 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.52 | 0.12% |
| 75 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.52 | 0.56% |
| 76 | SRLNState Street Blackstone Senior Loan ETF · Bank Loans | Whole market | +4.7% | 3.9% | 1.18 | −22.3% | +54.2% | 0.30 | 0.70% |
| 77 | LNTAlliant Energy Corporation · Electric Utilities | Whole market | +7.3% | 19.8% | 0.46 | −33.5% | +150% | 0.42 | — |
| 78 | XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Whole market | +7.2% | 13.8% | 0.57 | −24.5% | +121% | 0.42 | 0.08% |
| 79 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.1% | 18.4% | 0.57 | −33.3% | +276% | 0.48 | 0.46% |
| 80 | FTSLFirst Trust Senior Loan Fund · Bonds | Whole market | +5.0% | 3.4% | 1.49 | −22.7% | +52.1% | 0.32 | 0.70% |
| 81 | JAVAJPMorgan Active Value ETF · US Large-Cap Value | Whole market | +11.5% | 14.5% | 0.82 | −16.5% | — | — | 0.44% |
| 82 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.33 | 0.60% |
| 83 | DFAEDimensional - Emerging Core Equity Market ETF · Emerging Markets Equity | Whole market | +8.3% | 18.8% | 0.52 | −32.2% | — | 0.11 | 0.29% |
| 84 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.24 | 0.85% |
| 85 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.42 | 0.12% |
| 86 | FLUDFranklin Ultra Short Bond ETF · Bonds | Whole market | +3.9% | 1.4% | 2.74 | −1.7% | — | 0.04 | 0.15% |
| 87 | IAGGiShares Core International Aggregate Bond ETF · International Bonds | Whole market | +1.1% | 4.5% | 0.27 | −13.9% | +20.8% | 0.28 | 0.07% |
| 88 | FTCSFirst Trust Capital Strength ETF · US Quality Equity | Whole market | +6.2% | 13.2% | 0.52 | −31.9% | +188% | 0.64 | 0.53% |
| 89 | VIGIVanguard International Dividend Appreciation ETF · International Equity | Whole market | +4.9% | 14.5% | 0.40 | −31.0% | +122% | 0.47 | 0.07% |
| 90 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.2% | 21.3% | 0.81 | −32.0% | +388% | 0.25 | 0.50% |
| 91 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.40 | — |
| 92 | IDMOInvesco S&P International Developed Momentum ETF · International Equity | Whole market | +13.3% | 18.2% | 0.78 | −31.3% | +229% | 0.44 | 0.25% |
| 93 | GARPiShares MSCI USA Quality GARP ETF · Broad Market | Whole market | +17.5% | 22.5% | 0.83 | −31.4% | — | 0.33 | 0.15% |
| 94 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.46 | 0.95% |
| 95 |  KDPKeurig Dr Pepper Inc. · Food & Beverages | Whole market | +2.5% | 22.1% | 0.23 | −36.9% | +281% | 0.03 | — |
| 96 | OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity | Whole market | +9.0% | 16.4% | 0.61 | −33.2% | — | 0.41 | 0.29% |
| 97 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.36 | 0.60% |
| 98 | SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology | Whole market | +15.0% | 19.5% | 0.82 | −30.8% | — | 0.35 | 0.45% |
| 99 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.38 | 0.09% |
| 100 | AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset | Whole market | +6.4% | 10.7% | 0.64 | −23.0% | +118% | 0.43 | 0.20% |
AON against its popular alternatives
The investments people most often weigh against AON, compared period by period and year by year.
How do AON'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 AON, which divides the map into what did better or worse on each measure.
- Only TRV and CB were both more rewarding and calmer than AON over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, AON returned -0.3% a year, less than the S&P 500's 12.7%, with higher volatility (23.8% against 17.1%).
Green points earned more than AON with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| TRV The Travelers Companies, Inc. | +22.4% | 22.3% |
| ACGL Arch Capital Group Ltd. | +20.1% | 24.5% |
| RNR RenaissanceRe Holdings Ltd. | +20.1% | 27.8% |
| CB Chubb Limited | +15.7% | 20.4% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| AJG Arthur J. Gallagher & Co. | +10.9% | 24.2% |
| 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 This pageAon plc | −0.3% | 23.8% |
| VRSK Verisk Analytics, Inc. | −1.4% | 25.9% |
| GSHD Goosehead Insurance, Inc | −22.3% | 60.0% |
Has AON consistently beaten its popular alternatives?
This section compares AON 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 AON helps separate lasting outperformance from a single strong stretch.
- Nine of the 11 popular alternatives, led by CRVL, AJG and TRV, outperformed AON in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- CRVL, AJG and TRV outperformed AON in every long-term period and in all but one short-term period, the most consistent record in the group.
- WTW earned more for the risk it took than AON (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.
A green cell means the alternative earned more than AON 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| AON Aon plc (this page) | — | +2.0% | −18.0% | −10.2% | −13.2% | −13.0% | −3.1% | −1.6% | +195% | 23.8% | 0.11 | −38.7% | — | $63B | — |
| CRVL QualifiedCorVel Corporation | 5/5 short3/3 longAll-weather | +13.2% | +32.6% | +48.6% | +23.7% | +10.1% | +22.7% | +40.1% | +594% | 33.2% | 0.37 | −64.2% | — | $4.1B | — |
| AJG QualifiedArthur J. Gallagher & Co. | 5/5 short3/3 longAll-weather | +9.6% | +2.5% | +16.9% | +2.2% | −6.1% | +17.3% | +68.0% | +516% | 24.2% | 0.55 | −44.4% | — | $66B | — |
| TRV QualifiedThe Travelers Companies, Inc. | 5/5 short3/3 longAll-weather | +6.6% | +7.8% | +32.6% | +40.3% | +51.5% | +158% | +174% | +347% | 22.3% | 1.02 | −46.3% | — | $83B | — |
| ACGL QualifiedArch Capital Group Ltd. | 5/5 short3/3 longAll-weather | +5.8% | −0.5% | +3.9% | +7.9% | +16.5% | +28.7% | +150% | +309% | 24.5% | 0.87 | −53.8% | — | $35B | — |
| CB QualifiedChubb Limited | 5/5 short3/3 longAll-weather | +6.1% | +1.8% | +9.1% | +16.4% | +35.0% | +78.9% | +107% | +248% | 20.4% | 0.82 | −42.6% | — | $138B | — |
| RNR QualifiedRenaissanceRe Holdings Ltd. | 5/5 short3/3 longAll-weather | +8.6% | +10.3% | +13.6% | +30.7% | +43.3% | +66.5% | +149% | +215% | 27.8% | 0.80 | −40.7% | — | $15B | — |
| BRO QualifiedBrown & Brown, Inc. | 4/5 short3/3 longAll-weather | +10.3% | +3.1% | +5.2% | −8.0% | −18.2% | +7.9% | +13.8% | +317% | 26.0% | 0.23 | −55.8% | — | $24B | — |
| WTW QualifiedWillis Towers Watson Public Limited Company | 5/5 short2/3 long | +4.2% | +9.0% | +8.2% | −1.3% | −2.2% | +60.7% | +39.6% | +187% | 23.9% | 0.40 | −32.9% | — | $30B | — |
| RYAN QualifiedRyan Specialty Holdings, Inc. | 3/5 short2/3 long | +7.1% | +2.5% | +14.0% | −14.3% | −17.3% | −2.3% | +18.3% | — | 35.2% | 0.28 | −60.9% | — | $5.2B | — |
| VRSK Software - ServicesVerisk Analytics, Inc. | 3/5 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 | — |
| GSHD Insurance - BrokersGoosehead Insurance, Inc | 1/5 short0/3 long | −9.1% | −17.9% | +5.3% | −33.0% | −28.1% | −30.2% | −71.7% | — | 60.0% | -0.12 | −83.4% | — | $1.7B | — |
How did AON do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where AON ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with AON and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- AON finished ahead of the S&P 500 in 16 of its 29 full calendar years.
- Among its popular alternatives, AJG came out ahead of AON most often, in 17 of the 29 years both traded.
- Ranked against its popular alternatives each year, AON finished in the top quarter in eight of 29 years and in the bottom quarter in eight. In 2025, it ranked 6 of 12.
Newest year first. Green marks a year in which the fund came out ahead of AON; gray means the two finished within a fraction of a point. The rank row places AON among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of AON | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AON This pageAon plc | — | −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% |
| Rank among alternatives | Top quarter in 8 of 29 | 6 of 12 | 10 of 12 | 12 of 12 | 8 of 12 | 3 of 11 | 8 of 11 | 5 of 11 | 4 of 10 | 4 of 10 | 4 of 10 | 9 of 10 | 3 of 10 | 2 of 10 | 3 of 10 | 9 of 10 | 8 of 10 | 9 of 9 | 3 of 9 | 1 of 9 | 8 of 9 | 1 of 9 | 6 of 9 | 2 of 9 | 9 of 9 | 6 of 8 | 8 of 8 | 5 of 8 | 5 of 8 | 3 of 8 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 11 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% |
| CRVL CorVel Corporation | 16 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% |
| AJG Arthur J. Gallagher & Co. | 17 of 29 | −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% |
| TRV The Travelers Companies, Inc. | 13 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% |
| ACGL Arch Capital Group Ltd. | 16 of 29 | +3.9% | +30.8% | +18.3% | +41.2% | +23.2% | −15.9% | +60.5% | −11.7% | +5.2% | +23.7% | +18.1% | −1.0% | +35.6% | +18.2% | +26.9% | +23.0% | +2.0% | −0.3% | +4.1% | +23.5% | +41.3% | −2.9% | +28.0% | +21.0% | +72.2% | +18.8% | −42.2% | −2.1% | +14.6% |
| CB Chubb Limited | 14 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% |
| RNR RenaissanceRe Holdings Ltd. | 14 of 29 | +13.7% | +27.8% | +7.2% | +9.9% | +3.1% | −14.7% | +47.8% | +7.5% | −6.9% | +21.6% | +17.8% | +1.0% | +21.3% | +10.8% | +18.6% | +21.9% | +5.1% | −12.8% | +2.0% | +38.3% | −13.8% | +7.7% | +25.7% | +26.4% | +24.4% | +97.8% | +16.2% | −14.7% | +36.9% |
| BRO Brown & Brown, Inc. | 14 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% |
| WTW Willis Towers Watson Public Limited Company | 13 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% | — | — | — | — | — |
| RYAN Ryan Specialty Holdings, Inc. | 3 of 4 | −18.9% | +50.9% | +3.6% | +2.9% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| VRSK Verisk Analytics, Inc. | 6 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% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| GSHD Goosehead Insurance, Inc | 4 of 7 | −27.4% | +41.4% | +121% | −73.6% | +5.7% | +197% | +64.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How AON 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 AON's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents AON'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.
- In all three of AON's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: AON fell 33.3% from March 2025 to October 2026, while the S&P 500 rose 34.4%.
- The slowest recovery came after AON fell 67.4% from July 1998 to August 2002; it did not regain that peak until March 2006, four years later.
Green means AON fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | AON fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Dot-com bust | −67.4% | −17.8% | Jul 1998 | Aug 2002 | 4.1 years | Mar 2006 | 3.6 years |
| Covid crash | −38.7% | −33.7% | Feb 2020 | Mar 2020 | 1 month | Apr 2021 | 13 months |
| No named crash | −35.6% | — | Dec 1989 | Oct 1990 | 10 months | May 1991 | 7 months |
| No named crash | −33.3% | +34.4% | Mar 2025 | Oct 2026 | 19 months | Not yet | — |
| No named crash | −31.5% | — | Jan 1987 | Nov 1987 | 10 months | Nov 1988 | 12 months |
How did AON do in stock market crashes?
This section measures how far AON, 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.
- None of its popular alternatives fell less than AON in most of the crashes they both traded through.
- AON 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 AON fell 30.3% and the S&P 500 fell 55.2%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than AON.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AON This pageAon plc | — | −2.4% | −25.4% | −38.7% | −17.0% | −5.3% | −17.4% | −20.7% | 0.0% | −30.3% | −66.5% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 5 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| CRVL CorVel Corporation | 5 of 10 | −1.3% | −36.0% | −34.6% | −15.3% | −6.4% | −11.4% | −22.0% | −2.6% | −57.2% | −20.8% |
| AJG Arthur J. Gallagher & Co. | 5 of 10 | −4.8% | −18.8% | −37.0% | −11.5% | −6.1% | −23.1% | −13.4% | −1.1% | −46.0% | −41.2% |
| TRV The Travelers Companies, Inc. | 5 of 10 | −2.6% | −18.9% | −39.2% | −15.7% | −8.8% | −11.4% | −18.1% | −1.1% | −43.7% | −55.1% |
| ACGL Arch Capital Group Ltd. | 4 of 10 | −7.3% | −16.6% | −51.7% | −17.9% | −5.5% | −16.4% | −12.6% | −0.6% | −43.9% | −21.9% |
| CB Chubb Limited | 5 of 10 | −5.6% | −19.1% | −42.2% | −13.6% | −8.4% | −9.7% | −13.7% | −0.2% | −51.2% | −52.4% |
| RNR RenaissanceRe Holdings Ltd. | 5 of 10 | −10.2% | −27.1% | −39.6% | −14.1% | −3.1% | −8.5% | −16.1% | −0.7% | −45.2% | −25.1% |
| BRO Brown & Brown, Inc. | 4 of 10 | −4.9% | −27.3% | −34.8% | −13.6% | −5.4% | −15.9% | −22.9% | 0.0% | −42.1% | −31.4% |
| WTW Willis Towers Watson Public Limited Company | 4 of 9 | −4.9% | −21.4% | −30.3% | −9.0% | −5.9% | −17.8% | −18.3% | −2.4% | −54.2% | — |
| RYAN Ryan Specialty Holdings, Inc. | 1 of 2 | −9.4% | −17.7% | — | — | — | — | — | — | — | — |
| VRSK Verisk Analytics, Inc. | 2 of 8 | −2.6% | −28.4% | −28.5% | −17.4% | −6.6% | −19.1% | −8.0% | −1.0% | — | — |
| GSHD Goosehead Insurance, Inc | 1 of 4 | −6.5% | −74.3% | −36.7% | −39.3% | — | — | — | — | — | — |
How closely does AON 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 AON with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Eight of the nine popular alternatives had a higher capture ratio (upside capture divided by downside capture) than AON's 0.89, led by RNR, AJG and TRV.
- AJG took just 46% of the S&P 500's losses, against 89% for AON, while still keeping 80% of its gains.
- Over the past 10 years, AON captured 79% of the S&P 500's gains in rising months and 89% of its losses in falling months, with a beta of 0.78. Its share of the market's losses was slightly larger than its share of the gains.
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 AON's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| AON This pageAon plc | 79% | 89% | 0.89 | 0.78 |
| RNR RenaissanceRe Holdings Ltd. | 46% | 20% | 2.26 | 0.31 |
| AJG Arthur J. Gallagher & Co. | 80% | 46% | 1.74 | 0.61 |
| TRV The Travelers Companies, Inc. | 70% | 48% | 1.48 | 0.59 |
| CB Chubb Limited | 63% | 48% | 1.32 | 0.54 |
| ACGL Arch Capital Group Ltd. | 74% | 57% | 1.28 | 0.57 |
| BRO Brown & Brown, Inc. | 78% | 69% | 1.13 | 0.66 |
| CRVL CorVel Corporation | 120% | 115% | 1.05 | 0.98 |
| WTW Willis Towers Watson Public Limited Company | 68% | 73% | 0.93 | 0.61 |
| VRSK Verisk Analytics, Inc. | 63% | 73% | 0.87 | 0.73 |
What diversifies AON?
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 AON's. Because such investments tend not to fall at the same time, pairing AON with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in AON into GLD would have cut the portfolio's volatility by 17% over the past 5 years and raised its annual return (+0.2% for AON alone, +4.2% for the mix).
- Among large ETFs, LVHI, DXJ and FDL have moved largely independently of AON over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.
- GLD made money in five of the nine calendar years in which AON lost money.
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 AON lost money. The last two columns show a portfolio that is 80% AON and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2023 | 2015 | 2009 | 2008 | 2006 | 2002 | 2000 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AON Aon plc (this page) | 1.00 | −1.6% | 0.11 | −0.9% | −2.3% | −1.6% | −14.8% | −2.9% | −0.1% | −45.2% | −11.9% | −3.8% | 23.8% | +0.2% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.41 | +119% | 1.48 | +27.1% | +17.4% | — | — | — | — | — | — | — | 19.9% | +3.7% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.27 | +225% | 1.34 | +32.8% | +42.0% | +7.7% | +2.0% | −20.8% | — | — | — | — | 19.9% | +5.5% |
| FDL Dividend & IncomeFirst Trust Morningstar Dividend Leaders Index Fund | 0.48 | +91.8% | 0.98 | +14.8% | +3.0% | +2.6% | +13.4% | −31.1% | — | — | — | — | 20.8% | +3.1% |
| SMH TechnologyVanEck Semiconductor ETF | 0.11 | +323% | 0.97 | +49.2% | +73.4% | −0.3% | +60.5% | −44.7% | −6.7% | −47.0% | — | — | 20.9% | +8.1% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.44 | +85.0% | 0.96 | +23.1% | +20.1% | +4.1% | — | — | — | — | — | — | 20.1% | +3.1% |
| GLD CommoditiesSPDR Gold Shares | 0.09 | +126% | 0.96 | +63.7% | +12.7% | −10.7% | +24.0% | +4.9% | +22.6% | — | — | — | 19.7% | +4.2% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.32 | +136% | 0.93 | +26.6% | +17.6% | — | — | — | — | — | — | — | 20.7% | +4.7% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.31 | +177% | 0.93 | +7.9% | −0.6% | −21.5% | +21.8% | −39.0% | +18.0% | −14.8% | +24.4% | — | 21.2% | +5.1% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2023 | 2015 | 2009 | 2008 | 2006 | 2002 | 2000 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AON Aon plc (this page) | 1.00 | −1.6% | 0.11 | −0.9% | −2.3% | −1.6% | −14.8% | −2.9% | −0.1% | −45.2% | −11.9% | −3.8% | 23.8% | +0.2% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.35 | +479% | 1.55 | +76.3% | +34.1% | +12.6% | −4.4% | −39.6% | −5.8% | −8.3% | +108% | +51.7% | 21.5% | +7.5% |
| CLS Hardware, Equipment & PartsCelestica Inc. | -0.02 | +3,143% | 1.47 | +220% | +160% | −6.0% | +105% | −20.5% | −26.0% | −65.1% | −2.3% | — | 22.1% | +19.9% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.16 | +1,636% | 1.46 | +121% | +79.6% | +67.7% | +17.8% | −15.2% | +38.9% | −9.4% | −71.1% | −9.5% | 22.3% | +15.8% |
| MCK Medical - DistributionMcKesson Corporation | 0.29 | +413% | 1.44 | +44.5% | +24.1% | −4.5% | +62.9% | −40.4% | −1.2% | −27.2% | +61.2% | +46.9% | 21.1% | +7.0% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.24 | +690% | 1.41 | +19.2% | +30.4% | +17.4% | — | — | — | — | — | — | 21.5% | +9.5% |
Common questions
What was AON's worst drawdown?
AON's deepest decline since it began trading in 1986 was 67.4%, from July 1998 to August 2002. It took about four years from the low to climb back to its old high.
What were AON's best and worst years?
Over 29 full calendar years, AON's best year was 2005, when it returned 54.3%. Its worst was 2002, with a return of -45.2%.
Is there a better investment than AON?
Among AON's popular alternatives, TRV and CB earned more than AON with less volatility over the past 5 years. TRV returned 22.4% a year at 22.3% volatility, against a loss of 0.3% a year at 23.8%. Looking beyond its popular alternatives, BRK-B (insurance) and MRSH (insurance) earned more than AON with less volatility over the past 5 years. BRK-B returned 13.4% a year at 17.1% volatility, against a loss of 0.3% a year at 23.8%.
Is AON more volatile than the S&P 500?
Yes. AON's volatility over the past 5 years was 23.8%, 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, AON's return lands within 23.8% 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 AON's Sharpe ratio?
AON's Sharpe ratio over the past 5 years was 0.11, against 0.79 for the S&P 500, so AON 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 AON with the S&P 500?
Over the past 5 years, AON's monthly returns had a correlation of 0.46 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against AON instead: the lower it is, the more that option would diversify a AON holding.
What are the best alternatives to AON?
Of the 11 popular alternatives we compared, nine outperformed AON in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CRVL, AJG and TRV.
Did AON outperform the S&P 500?
AON finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned -0.9%, against +17.7% for the index.
How did AON do in stock market crashes?
AON fell less than the S&P 500 (SPY) in five of the ten major crashes it has traded through, and further in five. The clearest case was the 2008 financial crisis, when AON fell 30.3% and the S&P 500 fell 55.2%.
What diversifies AON?
These had a low correlation with AON over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.41), DXJ (correlation 0.27) and FDL (correlation 0.48); among large stocks, CAH (correlation 0.35), CLS (correlation -0.02) and FIX (correlation 0.16). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than AON's. Returns within 0.5 points or 3% of AON's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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