AJG vs. FNDX

Last updated Jun 4, 2026

AJG (Arthur J. Gallagher & Co.) is a stock, while FNDX (Schwab Fundamental U.S. Large Company Index ETF) is Large Cap Value Equities fund tracking the RAFI Fundamental High Liquidity US Large Index. Over the past 10 years, AJG returned 17.35%/yr vs 14.26%/yr for FNDX. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

AJG vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arthur J. Gallagher & Co. (AJG) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AJG achieves a -21.51% return, which is significantly lower than FNDX's 14.57% return. Over the past 10 years, AJG has outperformed FNDX with an annualized return of 17.35%, while FNDX has yielded a comparatively lower 14.26% annualized return.

AJG

• 1D: -1.59%
• 1M: -2.19%
• YTD: -21.51%
• 6M: -17.00%
• 1Y: -40.77%
• 3Y*: 0.32%
• 5Y*: 7.98%
• 10Y*: 17.35%

FNDX

• 1D: -0.13%
• 1M: 3.88%
• YTD: 14.57%
• 6M: 14.58%
• 1Y: 32.32%
• 3Y*: 20.90%
• 5Y*: 12.82%
• 10Y*: 14.26%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AJG vs. FNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AJG Arthur J. Gallagher & Co.	-21.51%	-8.03%	27.34%	20.51%	12.44%	39.02%	32.12%	31.79%	19.19%	25.04%
FNDX Schwab Fundamental U.S. Large Company Index ETF	14.57%	16.94%	16.77%	18.23%	-6.92%	31.73%	9.12%	28.65%	-7.30%	17.12%

Correlation

The correlation between AJG and FNDX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Aug 16, 2013	0.53

Over the past year, the correlation between AJG and FNDX has dropped to 0.17 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

AJG vs. FNDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AJG

AJG Risk / Return Rank: 2
AJG Sharpe Ratio Rank: 1
AJG Sortino Ratio Rank: 2
AJG Omega Ratio Rank: 2
AJG Calmar Ratio Rank: 3
AJG Martin Ratio Rank: 3

FNDX

FNDX Risk / Return Rank: 90
FNDX Sharpe Ratio Rank: 90
FNDX Sortino Ratio Rank: 91
FNDX Omega Ratio Rank: 90
FNDX Calmar Ratio Rank: 89
FNDX Martin Ratio Rank: 90

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AJG vs. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arthur J. Gallagher & Co. (AJG) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AJG	FNDX	Difference
Sharpe ratio Return per unit of total volatility	-1.48	3.18	-4.67
Sortino ratio Return per unit of downside risk	-2.14	4.47	-6.60
Omega ratio Gain probability vs. loss probability	0.73	1.59	-0.86
Calmar ratio Return relative to maximum drawdown	-0.97	5.35	-6.32
Martin ratio Return relative to average drawdown	-1.63	20.97	-22.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AJG vs. FNDX - Sharpe Ratio Comparison

The current AJG Sharpe Ratio is -1.48, which is lower than the FNDX Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of AJG and FNDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AJG	FNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.48	3.18	-4.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.85	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.82	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.79	-0.33

Drawdowns

AJG vs. FNDX - Drawdown Comparison

The maximum AJG drawdown since its inception was -57.49%, which is greater than FNDX's maximum drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for AJG and FNDX.

Drawdown Indicators

	AJG	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-57.49%	-37.72%	-19.77%
Max Drawdown (1Y) Largest decline over 1 year	-42.35%	-6.06%	-36.29%
Max Drawdown (3Y) Largest decline over 3 years	-44.40%	-16.30%	-28.10%
Max Drawdown (5Y) Largest decline over 5 years	-44.40%	-19.06%	-25.34%
Max Drawdown (10Y) Largest decline over 10 years	-44.40%	-37.72%	-6.68%
Current Drawdown Current decline from peak	-41.36%	-0.13%	-41.23%
Average Drawdown Average peak-to-trough decline	-12.82%	-3.55%	-9.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.73%	1.55%	+25.18%

Volatility

AJG vs. FNDX - Volatility Comparison

Arthur J. Gallagher & Co. (AJG) has a higher volatility of 8.97% compared to Schwab Fundamental U.S. Large Company Index ETF (FNDX) at 2.25%. This indicates that AJG's price experiences larger fluctuations and is considered to be riskier than FNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AJG	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.97%	2.25%	+6.72%
Volatility (6M) Calculated over the trailing 6-month period	21.79%	7.25%	+14.54%
Volatility (1Y) Calculated over the trailing 1-year period	27.57%	10.22%	+17.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.84%	15.18%	+7.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.02%	17.50%	+5.52%

Dividends

AJG vs. FNDX - Dividend Comparison

AJG's dividend yield for the trailing twelve months is around 1.31%, less than FNDX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AJG Arthur J. Gallagher & Co.	1.31%	1.00%	0.85%	0.98%	1.08%	1.13%	1.46%	1.81%	2.23%	2.47%	2.93%	3.62%
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.45%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%

Frequently Asked Questions

Can I hold both AJG and FNDX in my portfolio?

AJG and FNDX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AJG or FNDX?

AJG has higher volatility (8.97%) compared to FNDX (2.25%). In terms of maximum drawdown, AJG dropped -57.49% vs FNDX's -37.72%.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.18 vs -1.48), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.