# How AON compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/aon
> 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 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.

## Key findings

- **Right now:** AON 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.
- **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 years:** Over 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).
- **Long term:** AON turned $10,000 into $29,500 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** The 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%).
- **Diversification:** Against 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).
- **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.

- $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.

## 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.

- 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.

- Type: Stock, Financials (Insurance - Brokers)
- Trading since: October 17, 1986
- Market value: $63B
- Volatility (5 years): 23.8%; Sharpe ratio: 0.11
- Worst decline ever: −67.4%, from July 6, 1998 to August 8, 2002; back at its high by March 15, 2006

| Period | AON total return |
| --- | --- |
| 1 month | +2.0% |
| 3 months | −18.0% |
| 6 months | −10.2% |
| year to date | −13.2% |
| 1 year | −13.0% |
| 3 years | −3.1% |
| 5 years | −1.6% |
| 10 years | +195% |

## 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.

- 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.

| Measure | AON | Rank |
| --- | --- | --- |
| 1-year return | −13.0% | 2,439 of 3,287 (top 75%) |
| 3-year return | −3.1% | 2,373 of 3,017 (top 79%) |
| 5-year return | −1.6% | 1,748 of 2,893 (top 61%) |
| 10-year return | +195% | 882 of 2,202 (top 41%) |
| Volatility, 5 years | 23.8% | 251 of 2,893 (top 9%) |
| Sharpe ratio, 5 years | 0.11 | 2,097 of 2,893 (top 73%) |
| 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).

- 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%.

### Is there a better investment than AON?

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.

- 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.

The 15 strongest of 870 investments that beat AON 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 AON | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AON: Aon plc (this page) |  | −0.3% | 23.8% | 0.11 | −38.7% | +195% |  |  |
| [SGOV](https://easycompare.io/research/sgov): iShares 0-3 Month Treasury Bond ETF | Treasury Bonds | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | Gold | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [WM](https://easycompare.io/research/wm): Waste Management, Inc. | Environmental Services | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.49 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| JAAA: Janus Henderson AAA CLO ETF | CLO Bonds | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [XLV](https://easycompare.io/research/xlv): State Street Health Care Select Sector SPDR ETF | Health Care Equity | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.49 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| ATO: Atmos Energy Corporation | Gas Utilities | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [WCN](https://easycompare.io/research/wcn): Waste Connections, Inc. | Environmental Services | +6.1% | 20.0% | 0.40 | −31.6% | +270% | 0.54 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| AEE: Ameren Corporation | Electric Utilities | +7.9% | 19.4% | 0.49 | −29.1% | +192% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SPY](https://easycompare.io/research/spy): State Street SPDR S&P 500 ETF | US Large-Cap Equity | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.46 | 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% | 0.39 | 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% | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| ICVT: iShares Convertible Bond ETF | Corporate Bonds | +3.8% | 14.1% | 0.34 | −33.2% | +205% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| BALT: Innovator Defined Wealth Shield ETF | Crypto | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| VRIG: Invesco Variable Rate Investment Grade ETF | Bonds | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | 0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- 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%).

### 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.

- 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of AON | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AON: Aon plc (this page) | −13.0% | −3.1% | −1.6% | +195% |  |  | 0.11 |
| CRVL: CorVel Corporation | +10.1% | +22.7% | +40.1% | +594% | 5/5 short-term, 3/3 long-term | all-weather | 0.37 |
| [AJG](https://easycompare.io/research/ajg): Arthur J. Gallagher & Co. | −6.1% | +17.3% | +68.0% | +516% | 5/5 short-term, 3/3 long-term | all-weather | 0.55 |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | +51.5% | +158% | +174% | +347% | 5/5 short-term, 3/3 long-term | all-weather | 1.02 |
| ACGL: Arch Capital Group Ltd. | +16.5% | +28.7% | +150% | +309% | 5/5 short-term, 3/3 long-term | all-weather | 0.87 |
| [CB](https://easycompare.io/research/cb): Chubb Limited | +35.0% | +78.9% | +107% | +248% | 5/5 short-term, 3/3 long-term | all-weather | 0.82 |
| RNR: RenaissanceRe Holdings Ltd. | +43.3% | +66.5% | +149% | +215% | 5/5 short-term, 3/3 long-term | all-weather | 0.80 |
| BRO: Brown & Brown, Inc. | −18.2% | +7.9% | +13.8% | +317% | 4/5 short-term, 3/3 long-term | all-weather | 0.23 |
| WTW: Willis Towers Watson Public Limited Company | −2.2% | +60.7% | +39.6% | +187% | 5/5 short-term, 2/3 long-term | consistent | 0.40 |
| RYAN: Ryan Specialty Holdings, Inc. | −17.3% | −2.3% | +18.3% | — | 3/5 short-term, 2/3 long-term | consistent | 0.28 |
| VRSK: Verisk Analytics, Inc. | −18.1% | −16.8% | −6.7% | +151% | 3/5 short-term, 0/3 long-term |  | 0.08 |
| GSHD: Goosehead Insurance, Inc | −28.1% | −30.2% | −71.7% | — | 1/5 short-term, 0/3 long-term |  | -0.12 |

### 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.

- 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.

| Year | AON | SPY |
| --- | --- | --- |
| 2025 | −0.9% | +17.7% |
| 2024 | +24.4% | +24.9% |
| 2023 | −2.3% | +26.2% |
| 2022 | +0.6% | −18.2% |
| 2021 | +43.4% | +28.7% |
| 2020 | +2.4% | +18.3% |
| 2019 | +44.7% | +31.2% |
| 2018 | +9.9% | −4.6% |
| 2017 | +21.1% | +21.7% |
| 2016 | +22.5% | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −67.4% | July 6, 1998 | August 8, 2002 | March 15, 2006 | −17.8% | dot-com bust |
| −38.7% | February 19, 2020 | March 23, 2020 | April 7, 2021 | −33.7% | Covid crash |
| −35.6% | December 27, 1989 | October 9, 1990 | May 30, 1991 | — |  |
| −33.3% | March 3, 2025 | October 2, 2026 | not yet | +34.4% |  |
| −31.5% | January 15, 1987 | November 10, 1987 | November 3, 1988 | — |  |

### 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.

- 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%.

| Crash | Dates | AON fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −66.5% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −30.3% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −20.7% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −17.4% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.3% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −17.0% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −38.7% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −25.4% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.4% | −3.4% |

### 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.

- 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.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| AON: Aon plc (this page) | 79.0% | 89.0% | 0.78 |
| CRVL: CorVel Corporation | 120% | 115% | 0.98 |
| [AJG](https://easycompare.io/research/ajg): Arthur J. Gallagher & Co. | 80.0% | 46.0% | 0.61 |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | 70.0% | 48.0% | 0.59 |
| ACGL: Arch Capital Group Ltd. | 74.0% | 57.0% | 0.57 |
| [CB](https://easycompare.io/research/cb): Chubb Limited | 63.0% | 48.0% | 0.54 |
| RNR: RenaissanceRe Holdings Ltd. | 46.0% | 20.0% | 0.31 |
| BRO: Brown & Brown, Inc. | 78.0% | 69.0% | 0.66 |
| WTW: Willis Towers Watson Public Limited Company | 68.0% | 73.0% | 0.61 |
| VRSK: Verisk Analytics, Inc. | 63.0% | 73.0% | 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).

- 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.

| Investment | Correlation with AON | 5Y return | Volatility | Sharpe | Rose in AON's 9 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.41 | +119% | 11.1% | 1.48 | 2 of 9 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.27 | +225% | 19.1% | 1.34 | 4 of 9 |
| FDL: First Trust Morningstar Dividend Leaders Index Fund | 0.48 | +91.8% | 14.4% | 0.98 | 4 of 9 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.11 | +323% | 36.9% | 0.97 | 3 of 9 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.44 | +85.0% | 13.8% | 0.96 | 3 of 9 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.09 | +126% | 18.9% | 0.96 | 5 of 9 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.32 | +136% | 20.8% | 0.93 | 2 of 9 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.31 | +177% | 25.5% | 0.93 | 4 of 9 |

## 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.

## More research

- [Arthur J. Gallagher & Co. (AJG) Performance, Alternatives and Market Rank](https://easycompare.io/research/ajg)
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## Explore further

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