GDIV vs. AJG

Last updated Jul 14, 2026

GDIV (Harbor Dividend Growth Leaders ETF) is Large Cap Blend Equities fund actively managed by Harbor, while AJG (Arthur J. Gallagher & Co.) is a stock. Over the past 3 years, GDIV returned 15.69%/yr vs 7.92%/yr for AJG. At a 0.37 correlation, their price movements are largely independent.

Performance

GDIV vs. AJG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Dividend Growth Leaders ETF (GDIV) and Arthur J. Gallagher & Co. (AJG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDIV achieves a 12.41% return, which is significantly higher than AJG's 1.59% return.

GDIV

• 1D: -0.31%
• 1M: 0.79%
• 6M: 9.29%
• YTD: 12.41%
• 1Y: 22.11%
• 3Y*: 15.69%
• 5Y*: —
• 10Y*: —

AJG

• 1D: 3.22%
• 1M: 19.45%
• 6M: -0.73%
• YTD: 1.59%
• 1Y: -15.20%
• 3Y*: 7.92%
• 5Y*: 14.66%
• 10Y*: 20.13%

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

GDIV vs. AJG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GDIV Harbor Dividend Growth Leaders ETF	12.41%	10.81%	14.83%	16.45%	-1.01%
AJG Arthur J. Gallagher & Co.	1.59%	-8.03%	27.34%	20.51%	22.68%

Correlation

The correlation between GDIV and AJG is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since May 23, 2022	0.37

The correlation between GDIV and AJG shifts across timeframes, from -0.01 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GDIV vs. AJG — Risk / Return Rank

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

GDIV

GDIV Risk / Return Rank: 70
GDIV Sharpe Ratio Rank: 74
GDIV Sortino Ratio Rank: 77
GDIV Omega Ratio Rank: 74
GDIV Calmar Ratio Rank: 58
GDIV Martin Ratio Rank: 67

AJG

AJG Risk / Return Rank: 26
AJG Sharpe Ratio Rank: 21
AJG Sortino Ratio Rank: 22
AJG Omega Ratio Rank: 21
AJG Calmar Ratio Rank: 31
AJG Martin Ratio Rank: 32

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.

GDIV vs. AJG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Dividend Growth Leaders ETF (GDIV) and Arthur J. Gallagher & Co. (AJG). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GDIV	AJG	Difference
Sharpe ratio: Return per unit of total volatility	1.87	-0.52	+2.39
Sortino ratio: Return per unit of downside risk	2.72	-0.55	+3.27
Omega ratio: Gain probability vs. loss probability	1.34	0.93	+0.41
Calmar ratio: Return relative to maximum drawdown	2.30	-0.39	+2.69
Martin ratio: Return relative to average drawdown	9.51	-0.66	+10.17

GDIV vs. AJG - Sharpe Ratio Comparison

The current GDIV Sharpe Ratio is 1.87, which is higher than the AJG Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of GDIV and AJG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GDIV vs. AJG - Drawdown Comparison

The maximum GDIV drawdown since its inception was -18.93%, smaller than the maximum AJG drawdown of -57.49%. Use the drawdown chart below to compare losses from any high point for GDIV and AJG.

Drawdown Indicators

	GDIV	AJG	Difference
Max Drawdown Largest peak-to-trough decline	-18.93%	-57.49%	+38.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.67%	-38.64%	+28.97%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-44.40%	+25.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-44.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.40%	—
Current Drawdown Current decline from peak	-0.31%	-24.11%	+23.80%
Average Drawdown Average peak-to-trough decline	-3.11%	-12.87%	+9.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	22.95%	-20.62%

Volatility

GDIV vs. AJG - Volatility Comparison

The current volatility for Harbor Dividend Growth Leaders ETF (GDIV) is 2.45%, while Arthur J. Gallagher & Co. (AJG) has a volatility of 9.70%. This indicates that GDIV experiences smaller price fluctuations and is considered to be less risky than AJG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDIV	AJG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	9.70%	-7.25%
Volatility (6M) Calculated over the trailing 6-month period	9.34%	23.78%	-14.44%
Volatility (1Y) Calculated over the trailing 1-year period	11.89%	29.45%	-17.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	23.35%	-8.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.20%	23.19%	-7.99%

Dividends

GDIV vs. AJG - Dividend Comparison

GDIV's dividend yield for the trailing twelve months is around 1.14%, more than AJG's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AJG Arthur J. Gallagher & Co.	1.03%	1.00%	0.85%	0.98%	1.08%	1.13%	1.46%	1.81%	2.23%	2.47%	2.93%	3.62%
GDIV Harbor Dividend Growth Leaders ETF	1.14%	1.19%	1.30%	2.27%	5.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDIV and AJG in my portfolio?

GDIV and AJG have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDIV or AJG?

AJG has higher volatility (9.70%) compared to GDIV (2.45%). In terms of maximum drawdown, GDIV dropped -18.93% vs AJG's -57.49%.

Which has better risk-adjusted returns?

GDIV currently has the higher Sharpe Ratio (1.87 vs -0.52), 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.