Arthur J. Gallagher & Co. vs Marsh
WatchlistAJG / MRSHPrices through Oct 22, 2026
Why these are rivals: #1 and #2 by market value ($90B vs $65B) in Nasdaq's "Specialty Insurers" industry; SEC SIC 6411 / 6411 (same major group); #1 and #2 by market value ($90B vs $65B) with SEC SIC 6411 (Insurance Agents, Brokers & Service).
Rivals, but right now the price gap does not have a measured habit of closing, so there is no paper idea, whatever the gap.
- Mean reversion: ADF t-statistic of the spread: -2.40 (needs <= -2.873 (5% critical value))
Business leadership
MRSH is the larger business
Annual revenue reported to the SEC. Scale, not market share.
| Year | AJG | MRSH | Larger |
|---|---|---|---|
| 2025 | $13.9B | $27.0B | MRSH |
| 2024 | $11.6B | $24.5B | MRSH |
| 2023 | $10.1B | $22.7B | MRSH |
| 2022 | $8.6B | $20.7B | MRSH |
| 2021 | $8.2B | $19.8B | MRSH |
| 2020 | $7.0B | $17.2B | MRSH |
MRSH led in every year with figures for both. Market value: AJG $64.8B, MRSH $89.6B.
Stock leadership
AJG is ahead now
Measured against the pair's own last 252 trading days.
AJG leads MRSH by 0.46 standard deviations: +2.6% over its usual price ratio. 4 lead switches in the last year.
| Price change | 3 mo | 6 mo | 12 mo |
|---|---|---|---|
| AJG | +9.4% | +23.5% | -2.9% |
| MRSH | +10.3% | +14.5% | +5.5% |
Relationship
Not a measured twin today
Only these tests can make a pair tradable on paper.
- Pass
- Aligned sessions: 2521 (needs >= 254)
- Pass
- Co-movement: daily return correlation, 252 sessions: 0.80 (needs >= 0.60)
- Fail
- Mean reversion: ADF t-statistic of the spread: -2.40 (needs <= -2.873 (5% critical value))
- Pass
- Speed: half-life of the spread, sessions: 22.27 (needs <= 63)
- Data
- Both stocks current
The twins over two years
Prices side by side, and the gap between them
AJG Arthur J. Gallagher & Co. MRSH MarshPrice index, 100 = 2024-10-18. Tint = which stock is ahead of the pair's usual 1-year relationship (z beyond +/-0.5).
Spread z-score: AJG relative to MRSH, against the 252 sessions before each day. Above 0: AJG ahead; below 0: MRSH ahead. Lines at +/-2 (idea) and +/-4 (stop).
Data table (504 sessions)
| Date | AJG index | MRSH index | z | Ahead |
|---|---|---|---|---|
| 2026-10-22 | 93.68 | 88.70 | +0.46 | near the usual relationship |
| 2026-10-21 | 89.32 | 84.82 | +0.40 | near the usual relationship |
| 2026-10-20 | 89.63 | 85.13 | +0.39 | near the usual relationship |
| 2026-10-19 | 87.47 | 83.90 | +0.21 | near the usual relationship |
| 2026-10-16 | 88.12 | 83.84 | +0.34 | near the usual relationship |
| 2026-10-15 | 86.46 | 83.03 | +0.17 | near the usual relationship |
| 2026-10-14 | 81.95 | 79.41 | +0.01 | near the usual relationship |
| 2026-10-13 | 80.52 | 78.79 | -0.16 | near the usual relationship |
| 2026-10-12 | 80.87 | 78.58 | -0.05 | near the usual relationship |
| 2026-10-09 | 80.45 | 78.23 | -0.07 | near the usual relationship |
| 2026-10-08 | 80.92 | 78.64 | -0.07 | near the usual relationship |
| 2026-10-07 | 78.51 | 77.30 | -0.29 | near the usual relationship |
| 2026-10-06 | 79.46 | 76.44 | +0.08 | near the usual relationship |
| 2026-10-05 | 78.56 | 75.86 | +0.01 | near the usual relationship |
| 2026-10-02 | 78.17 | 75.70 | -0.05 | near the usual relationship |
| 2026-10-01 | 80.15 | 76.49 | +0.18 | near the usual relationship |
| 2026-09-30 | 78.86 | 75.99 | +0.01 | near the usual relationship |
| 2026-09-29 | 78.74 | 75.86 | +0.01 | near the usual relationship |
| 2026-09-28 | 79.33 | 75.24 | +0.24 | near the usual relationship |
| 2026-09-25 | 79.90 | 76.17 | +0.16 | near the usual relationship |
| 2026-09-24 | 78.52 | 75.64 | -0.01 | near the usual relationship |
| 2026-09-23 | 79.39 | 75.84 | +0.11 | near the usual relationship |
| 2026-09-22 | 79.67 | 75.67 | +0.19 | near the usual relationship |
| 2026-09-21 | 81.80 | 76.88 | +0.33 | near the usual relationship |
| 2026-09-18 | 82.79 | 77.90 | +0.31 | near the usual relationship |
| 2026-09-17 | 83.46 | 77.71 | +0.46 | near the usual relationship |
| 2026-09-16 | 84.28 | 78.68 | +0.42 | near the usual relationship |
| 2026-09-15 | 85.75 | 80.01 | +0.42 | near the usual relationship |
| 2026-09-14 | 87.57 | 80.31 | +0.67 | AJG ahead |
| 2026-09-11 | 83.08 | 78.75 | +0.18 | near the usual relationship |
| 2026-09-10 | 84.12 | 78.91 | +0.33 | near the usual relationship |
| 2026-09-09 | 84.45 | 78.71 | +0.42 | near the usual relationship |
| 2026-09-08 | 86.93 | 80.35 | +0.53 | AJG ahead |
| 2026-09-04 | 90.82 | 82.68 | +0.75 | AJG ahead |
| 2026-09-03 | 92.19 | 83.89 | +0.75 | AJG ahead |
| 2026-09-02 | 91.43 | 83.61 | +0.67 | AJG ahead |
| 2026-09-01 | 90.58 | 83.50 | +0.56 | AJG ahead |
| 2026-08-31 | 90.63 | 84.48 | +0.39 | near the usual relationship |
| 2026-08-28 | 92.50 | 85.75 | +0.47 | near the usual relationship |
| 2026-08-27 | 89.94 | 84.57 | +0.26 | near the usual relationship |
| 2026-08-26 | 91.63 | 86.02 | +0.28 | near the usual relationship |
| 2026-08-25 | 92.83 | 86.09 | +0.45 | near the usual relationship |
| 2026-08-24 | 94.03 | 86.65 | +0.54 | AJG ahead |
| 2026-08-21 | 91.20 | 85.47 | +0.30 | near the usual relationship |
| 2026-08-20 | 89.75 | 84.67 | +0.20 | near the usual relationship |
| 2026-08-19 | 89.01 | 84.22 | +0.16 | near the usual relationship |
| 2026-08-18 | 85.86 | 82.96 | -0.14 | near the usual relationship |
| 2026-08-17 | 85.73 | 82.00 | +0.00 | near the usual relationship |
| 2026-08-14 | 86.85 | 83.60 | -0.09 | near the usual relationship |
| 2026-08-13 | 87.64 | 83.99 | -0.03 | near the usual relationship |
| 2026-08-12 | 88.32 | 84.06 | +0.06 | near the usual relationship |
| 2026-08-11 | 87.64 | 85.13 | -0.23 | near the usual relationship |
| 2026-08-10 | 87.27 | 84.92 | -0.26 | near the usual relationship |
| 2026-08-07 | 85.78 | 85.31 | -0.57 | MRSH ahead |
| 2026-08-06 | 87.03 | 86.04 | -0.49 | near the usual relationship |
| 2026-08-05 | 86.79 | 85.23 | -0.40 | near the usual relationship |
| 2026-08-04 | 85.76 | 85.22 | -0.57 | MRSH ahead |
| 2026-08-03 | 85.67 | 85.84 | -0.69 | MRSH ahead |
| 2026-07-31 | 86.23 | 84.43 | -0.37 | near the usual relationship |
| 2026-07-30 | 88.66 | 85.24 | -0.12 | near the usual relationship |
| 2026-07-29 | 92.97 | 87.95 | +0.10 | near the usual relationship |
| 2026-07-28 | 91.72 | 85.55 | +0.29 | near the usual relationship |
| 2026-07-27 | 87.59 | 81.59 | +0.30 | near the usual relationship |
| 2026-07-24 | 85.66 | 80.45 | +0.18 | near the usual relationship |
| 2026-07-23 | 83.74 | 78.52 | +0.20 | near the usual relationship |
| 2026-07-22 | 83.84 | 78.34 | +0.24 | near the usual relationship |
| 2026-07-21 | 85.82 | 80.83 | +0.13 | near the usual relationship |
| 2026-07-20 | 87.70 | 81.06 | +0.38 | near the usual relationship |
| 2026-07-17 | 87.78 | 81.09 | +0.38 | near the usual relationship |
| 2026-07-16 | 88.48 | 81.08 | +0.49 | near the usual relationship |
| 2026-07-15 | 85.66 | 78.44 | +0.50 | AJG ahead |
| 2026-07-14 | 87.75 | 79.25 | +0.68 | AJG ahead |
| 2026-07-13 | 90.31 | 80.80 | +0.81 | AJG ahead |
| 2026-07-10 | 87.50 | 79.37 | +0.62 | AJG ahead |
| 2026-07-09 | 87.73 | 79.68 | +0.60 | AJG ahead |
| 2026-07-08 | 88.72 | 79.70 | +0.74 | AJG ahead |
| 2026-07-07 | 88.04 | 79.23 | +0.72 | AJG ahead |
| 2026-07-06 | 86.35 | 77.78 | +0.70 | AJG ahead |
| 2026-07-02 | 87.27 | 79.47 | +0.55 | AJG ahead |
| 2026-07-01 | 82.86 | 76.62 | +0.34 | near the usual relationship |
| 2026-06-30 | 79.37 | 74.19 | +0.20 | near the usual relationship |
| 2026-06-29 | 78.52 | 74.21 | +0.05 | near the usual relationship |
| 2026-06-26 | 78.14 | 75.24 | -0.20 | near the usual relationship |
| 2026-06-25 | 75.32 | 72.21 | -0.15 | near the usual relationship |
| 2026-06-24 | 76.32 | 73.87 | -0.28 | near the usual relationship |
| 2026-06-23 | 74.60 | 72.93 | -0.42 | near the usual relationship |
| 2026-06-22 | 72.28 | 71.27 | -0.54 | MRSH ahead |
| 2026-06-18 | 74.01 | 72.29 | -0.42 | near the usual relationship |
| 2026-06-17 | 74.71 | 73.10 | -0.44 | near the usual relationship |
| 2026-06-16 | 74.64 | 74.24 | -0.66 | MRSH ahead |
| 2026-06-15 | 74.59 | 73.97 | -0.63 | MRSH ahead |
| 2026-06-12 | 75.61 | 75.08 | -0.65 | MRSH ahead |
| 2026-06-11 | 76.37 | 74.85 | -0.49 | near the usual relationship |
| 2026-06-10 | 76.11 | 74.40 | -0.46 | near the usual relationship |
| 2026-06-09 | 75.04 | 73.68 | -0.52 | MRSH ahead |
| 2026-06-08 | 73.47 | 72.34 | -0.56 | MRSH ahead |
| 2026-06-05 | 74.72 | 73.64 | -0.58 | MRSH ahead |
| 2026-06-04 | 72.95 | 71.78 | -0.56 | MRSH ahead |
| 2026-06-03 | 70.01 | 70.03 | -0.78 | MRSH ahead |
| 2026-06-02 | 71.14 | 71.84 | -0.91 | MRSH ahead |
| 2026-06-01 | 71.25 | 72.35 | -0.99 | MRSH ahead |
| 2026-05-29 | 69.53 | 71.21 | -1.11 | MRSH ahead |
| 2026-05-28 | 70.06 | 71.01 | -0.99 | MRSH ahead |
| 2026-05-27 | 70.13 | 71.48 | -1.07 | MRSH ahead |
| 2026-05-26 | 70.51 | 72.10 | -1.12 | MRSH ahead |
| 2026-05-22 | 70.79 | 73.05 | -1.25 | MRSH ahead |
| 2026-05-21 | 71.71 | 73.50 | -1.17 | MRSH ahead |
| 2026-05-20 | 70.39 | 72.72 | -1.28 | MRSH ahead |
| 2026-05-19 | 70.34 | 73.92 | -1.52 | MRSH ahead |
| 2026-05-18 | 71.62 | 73.88 | -1.29 | MRSH ahead |
| 2026-05-15 | 69.13 | 71.69 | -1.37 | MRSH ahead |
| 2026-05-14 | 68.34 | 71.23 | -1.44 | MRSH ahead |
| 2026-05-13 | 66.38 | 70.84 | -1.77 | MRSH ahead |
| 2026-05-12 | 68.25 | 72.73 | -1.77 | MRSH ahead |
| 2026-05-11 | 68.65 | 71.92 | -1.56 | MRSH ahead |
| 2026-05-08 | 68.75 | 72.67 | -1.70 | MRSH ahead |
| 2026-05-07 | 69.82 | 73.90 | -1.73 | MRSH ahead |
| 2026-05-06 | 68.08 | 72.95 | -1.92 | MRSH ahead |
| 2026-05-05 | 71.15 | 74.45 | -1.62 | MRSH ahead |
| 2026-05-04 | 71.57 | 74.72 | -1.60 | MRSH ahead |
| 2026-05-01 | 71.95 | 73.97 | -1.40 | MRSH ahead |
| 2026-04-30 | 71.36 | 74.65 | -1.66 | MRSH ahead |
| 2026-04-29 | 73.23 | 76.04 | -1.57 | MRSH ahead |
| 2026-04-28 | 73.78 | 76.03 | -1.48 | MRSH ahead |
| 2026-04-27 | 74.35 | 75.74 | -1.33 | MRSH ahead |
| 2026-04-24 | 74.46 | 75.71 | -1.32 | MRSH ahead |
| 2026-04-23 | 75.84 | 77.45 | -1.39 | MRSH ahead |
| 2026-04-22 | 76.44 | 78.12 | -1.41 | MRSH ahead |
| 2026-04-21 | 77.60 | 79.68 | -1.49 | MRSH ahead |
| 2026-04-20 | 77.12 | 77.71 | -1.24 | MRSH ahead |
| 2026-04-17 | 76.62 | 78.25 | -1.44 | MRSH ahead |
| 2026-04-16 | 77.47 | 81.27 | -1.83 | MRSH ahead |
| 2026-04-15 | 77.15 | 77.85 | -1.30 | MRSH ahead |
| 2026-04-14 | 76.03 | 76.94 | -1.35 | MRSH ahead |
| 2026-04-13 | 76.92 | 77.25 | -1.25 | MRSH ahead |
| 2026-04-10 | 73.83 | 74.85 | -1.39 | MRSH ahead |
| 2026-04-09 | 75.50 | 77.07 | -1.50 | MRSH ahead |
| 2026-04-08 | 76.34 | 78.26 | -1.58 | MRSH ahead |
| 2026-04-07 | 75.22 | 76.85 | -1.54 | MRSH ahead |
| 2026-04-06 | 75.81 | 77.82 | -1.63 | MRSH ahead |
| 2026-04-02 | 75.23 | 77.72 | -1.74 | MRSH ahead |
| 2026-04-01 | 74.79 | 76.50 | -1.61 | MRSH ahead |
| 2026-03-31 | 74.88 | 77.21 | -1.74 | MRSH ahead |
| 2026-03-30 | 74.66 | 77.77 | -1.91 | MRSH ahead |
| 2026-03-27 | 71.60 | 75.30 | -2.08 | MRSH ahead |
| 2026-03-26 | 72.69 | 77.51 | -2.32 | MRSH ahead |
| 2026-03-25 | 73.83 | 77.54 | -2.12 | MRSH ahead |
| 2026-03-24 | 74.77 | 77.05 | -1.85 | MRSH ahead |
| 2026-03-23 | 74.93 | 77.39 | -1.91 | MRSH ahead |
| 2026-03-20 | 74.27 | 78.55 | -2.31 | MRSH ahead |
| 2026-03-19 | 72.49 | 76.07 | -2.22 | MRSH ahead |
| 2026-03-18 | 72.42 | 76.12 | -2.28 | MRSH ahead |
| 2026-03-17 | 72.31 | 76.53 | -2.42 | MRSH ahead |
| 2026-03-16 | 73.24 | 77.34 | -2.42 | MRSH ahead |
| 2026-03-13 | 71.89 | 76.63 | -2.62 | MRSH ahead |
| 2026-03-12 | 70.60 | 76.06 | -2.85 | MRSH ahead |
| 2026-03-11 | 72.55 | 77.44 | -2.74 | MRSH ahead |
| 2026-03-10 | 73.20 | 77.45 | -2.64 | MRSH ahead |
| 2026-03-09 | 75.29 | 80.11 | -2.79 | MRSH ahead |
| 2026-03-06 | 78.87 | 81.49 | -2.30 | MRSH ahead |
| 2026-03-05 | 79.39 | 82.35 | -2.41 | MRSH ahead |
| 2026-03-04 | 77.99 | 82.28 | -2.77 | MRSH ahead |
| 2026-03-03 | 77.87 | 82.00 | -2.79 | MRSH ahead |
| 2026-03-02 | 79.26 | 82.98 | -2.73 | MRSH ahead |
| 2026-02-27 | 78.89 | 83.12 | -2.90 | MRSH ahead |
| 2026-02-26 | 77.86 | 82.48 | -3.07 | MRSH ahead |
| 2026-02-25 | 75.41 | 80.61 | -3.34 | MRSH ahead |
| 2026-02-24 | 74.67 | 79.42 | -3.32 | MRSH ahead |
| 2026-02-23 | 74.10 | 78.78 | -3.40 | MRSH ahead |
| 2026-02-20 | 74.85 | 79.82 | -3.56 | MRSH ahead |
| 2026-02-19 | 75.50 | 79.62 | -3.41 | MRSH ahead |
| 2026-02-18 | 74.15 | 79.28 | -3.83 | MRSH ahead |
| 2026-02-17 | 73.98 | 78.26 | -3.70 | MRSH ahead |
| 2026-02-13 | 72.07 | 77.48 | -4.23 | MRSH ahead |
| 2026-02-12 | 70.80 | 77.15 | -4.77 | MRSH ahead |
| 2026-02-11 | 70.98 | 77.01 | -4.89 | MRSH ahead |
| 2026-02-10 | 73.49 | 78.05 | -4.53 | MRSH ahead |
| 2026-02-09 | 75.29 | 76.18 | -3.30 | MRSH ahead |
| 2026-02-06 | 83.52 | 82.36 | -2.63 | MRSH ahead |
| 2026-02-05 | 83.92 | 83.46 | -2.92 | MRSH ahead |
| 2026-02-04 | 86.27 | 84.46 | -2.51 | MRSH ahead |
| 2026-02-03 | 85.65 | 83.90 | -2.57 | MRSH ahead |
| 2026-02-02 | 84.80 | 83.79 | -2.85 | MRSH ahead |
| 2026-01-30 | 86.21 | 83.77 | -2.37 | MRSH ahead |
| 2026-01-29 | 84.99 | 83.65 | -2.76 | MRSH ahead |
| 2026-01-28 | 83.79 | 79.31 | -1.59 | MRSH ahead |
| 2026-01-27 | 83.78 | 79.76 | -1.75 | MRSH ahead |
| 2026-01-26 | 88.30 | 81.75 | -0.92 | MRSH ahead |
| 2026-01-23 | 87.54 | 81.53 | -1.08 | MRSH ahead |
| 2026-01-22 | 86.56 | 80.41 | -1.00 | MRSH ahead |
| 2026-01-21 | 86.46 | 79.98 | -0.88 | MRSH ahead |
| 2026-01-20 | 88.12 | 80.57 | -0.54 | MRSH ahead |
| 2026-01-16 | 89.38 | 81.19 | -0.35 | near the usual relationship |
| 2026-01-15 | 88.56 | 81.13 | -0.58 | MRSH ahead |
| 2026-01-14 | 88.84 | 81.58 | -0.64 | MRSH ahead |
| 2026-01-13 | 88.85 | 81.32 | -0.55 | MRSH ahead |
| 2026-01-12 | 91.56 | 82.63 | -0.14 | near the usual relationship |
| 2026-01-09 | 91.47 | 82.80 | -0.21 | near the usual relationship |
| 2026-01-08 | 91.46 | 83.19 | -0.34 | near the usual relationship |
| 2026-01-07 | 89.54 | 81.41 | -0.32 | near the usual relationship |
| 2026-01-06 | 90.85 | 82.59 | -0.30 | near the usual relationship |
| 2026-01-05 | 91.01 | 83.39 | -0.51 | MRSH ahead |
| 2026-01-02 | 88.50 | 81.22 | -0.54 | MRSH ahead |
| 2025-12-31 | 89.47 | 82.58 | -0.69 | MRSH ahead |
| 2025-12-30 | 90.52 | 83.40 | -0.63 | MRSH ahead |
| 2025-12-29 | 90.97 | 83.52 | -0.53 | MRSH ahead |
| 2025-12-26 | 90.40 | 83.24 | -0.60 | MRSH ahead |
| 2025-12-24 | 90.15 | 83.50 | -0.75 | MRSH ahead |
| 2025-12-23 | 89.44 | 82.75 | -0.71 | MRSH ahead |
| 2025-12-22 | 89.28 | 82.57 | -0.69 | MRSH ahead |
| 2025-12-19 | 87.60 | 82.21 | -1.06 | MRSH ahead |
| 2025-12-18 | 87.34 | 82.67 | -1.27 | MRSH ahead |
| 2025-12-17 | 86.74 | 82.95 | -1.53 | MRSH ahead |
| 2025-12-16 | 87.11 | 83.31 | -1.52 | MRSH ahead |
| 2025-12-15 | 88.57 | 83.37 | -1.11 | MRSH ahead |
| 2025-12-12 | 88.29 | 82.89 | -1.03 | MRSH ahead |
| 2025-12-11 | 85.61 | 81.67 | -1.43 | MRSH ahead |
| 2025-12-10 | 83.13 | 80.54 | -1.81 | MRSH ahead |
| 2025-12-09 | 82.94 | 80.68 | -1.91 | MRSH ahead |
| 2025-12-08 | 82.23 | 80.83 | -2.18 | MRSH ahead |
| 2025-12-05 | 82.87 | 80.93 | -2.03 | MRSH ahead |
| 2025-12-04 | 84.84 | 81.55 | -1.62 | MRSH ahead |
| 2025-12-03 | 84.83 | 81.84 | -1.72 | MRSH ahead |
| 2025-12-02 | 84.43 | 81.62 | -1.77 | MRSH ahead |
| 2025-12-01 | 85.08 | 81.90 | -1.67 | MRSH ahead |
| 2025-11-28 | 85.61 | 81.66 | -1.43 | MRSH ahead |
| 2025-11-26 | 85.92 | 81.32 | -1.23 | MRSH ahead |
| 2025-11-25 | 86.51 | 81.02 | -0.96 | MRSH ahead |
| 2025-11-24 | 85.81 | 79.94 | -0.83 | MRSH ahead |
| 2025-11-21 | 86.92 | 80.53 | -0.68 | MRSH ahead |
| 2025-11-20 | 85.50 | 79.65 | -0.81 | MRSH ahead |
| 2025-11-19 | 85.99 | 78.84 | -0.41 | near the usual relationship |
| 2025-11-18 | 89.42 | 80.23 | +0.13 | near the usual relationship |
| 2025-11-17 | 89.65 | 80.51 | +0.11 | near the usual relationship |
| 2025-11-14 | 89.37 | 81.37 | -0.21 | near the usual relationship |
| 2025-11-13 | 88.75 | 81.83 | -0.50 | MRSH ahead |
| 2025-11-12 | 88.46 | 81.36 | -0.43 | near the usual relationship |
| 2025-11-11 | 88.16 | 80.98 | -0.39 | near the usual relationship |
| 2025-11-10 | 86.80 | 79.28 | -0.25 | near the usual relationship |
| 2025-11-07 | 86.43 | 80.14 | -0.58 | MRSH ahead |
| 2025-11-06 | 84.78 | 78.60 | -0.56 | MRSH ahead |
| 2025-11-05 | 85.76 | 79.41 | -0.53 | MRSH ahead |
| 2025-11-04 | 87.02 | 80.34 | -0.45 | near the usual relationship |
| 2025-11-03 | 84.00 | 78.84 | -0.80 | MRSH ahead |
| 2025-10-31 | 86.25 | 79.30 | -0.34 | near the usual relationship |
| 2025-10-30 | 90.59 | 79.53 | +0.67 | AJG ahead |
| 2025-10-29 | 90.59 | 80.12 | +0.52 | AJG ahead |
| 2025-10-28 | 92.48 | 81.38 | +0.63 | AJG ahead |
| 2025-10-27 | 96.46 | 83.51 | +0.98 | AJG ahead |
| 2025-10-24 | 97.05 | 83.04 | +1.24 | AJG ahead |
| 2025-10-23 | 97.66 | 83.72 | +1.21 | AJG ahead |
| 2025-10-22 | 97.85 | 84.27 | +1.12 | AJG ahead |
| 2025-10-21 | 96.46 | 84.10 | +0.86 | AJG ahead |
| 2025-10-20 | 96.55 | 84.53 | +0.78 | AJG ahead |
| 2025-10-17 | 96.96 | 84.39 | +0.91 | AJG ahead |
| 2025-10-16 | 96.86 | 83.01 | +1.23 | AJG ahead |
| 2025-10-15 | 102.39 | 90.74 | +0.56 | AJG ahead |
| 2025-10-14 | 105.01 | 92.15 | +0.76 | AJG ahead |
| 2025-10-13 | 103.03 | 91.41 | +0.55 | AJG ahead |
| 2025-10-10 | 104.32 | 92.15 | +0.64 | AJG ahead |
| 2025-10-09 | 104.49 | 91.69 | +0.78 | AJG ahead |
| 2025-10-08 | 106.12 | 91.14 | +1.21 | AJG ahead |
| 2025-10-07 | 107.11 | 90.73 | +1.49 | AJG ahead |
| 2025-10-06 | 106.88 | 89.62 | +1.70 | AJG ahead |
| 2025-10-03 | 107.34 | 89.53 | +1.82 | AJG ahead |
| 2025-10-02 | 106.71 | 88.83 | +1.87 | AJG ahead |
| 2025-10-01 | 105.74 | 89.60 | +1.53 | AJG ahead |
| 2025-09-30 | 107.08 | 89.70 | +1.76 | AJG ahead |
| 2025-09-29 | 105.69 | 89.13 | +1.64 | AJG ahead |
| 2025-09-26 | 105.15 | 88.83 | +1.62 | AJG ahead |
| 2025-09-25 | 104.78 | 88.12 | +1.71 | AJG ahead |
| 2025-09-24 | 105.29 | 88.87 | +1.65 | AJG ahead |
| 2025-09-23 | 105.22 | 87.89 | +1.86 | AJG ahead |
| 2025-09-22 | 103.74 | 87.71 | +1.65 | AJG ahead |
| 2025-09-19 | 103.60 | 87.59 | +1.66 | AJG ahead |
| 2025-09-18 | 102.59 | 87.31 | +1.55 | AJG ahead |
| 2025-09-17 | 101.18 | 87.87 | +1.17 | AJG ahead |
| 2025-09-16 | 100.76 | 87.61 | +1.16 | AJG ahead |
| 2025-09-15 | 100.05 | 88.18 | +0.91 | AJG ahead |
| 2025-09-12 | 102.78 | 90.33 | +0.97 | AJG ahead |
| 2025-09-11 | 103.93 | 90.56 | +1.14 | AJG ahead |
| 2025-09-10 | 101.36 | 88.48 | +1.11 | AJG ahead |
| 2025-09-09 | 103.20 | 89.86 | +1.17 | AJG ahead |
| 2025-09-08 | 103.41 | 90.56 | +1.07 | AJG ahead |
| 2025-09-05 | 103.43 | 90.69 | +1.05 | AJG ahead |
| 2025-09-04 | 103.79 | 91.74 | +0.91 | AJG ahead |
| 2025-09-03 | 105.00 | 91.37 | +1.21 | AJG ahead |
| 2025-09-02 | 104.61 | 91.44 | +1.13 | AJG ahead |
| 2025-08-29 | 104.67 | 91.61 | +1.12 | AJG ahead |
| 2025-08-28 | 103.59 | 91.89 | +0.88 | AJG ahead |
| 2025-08-27 | 103.27 | 91.86 | +0.83 | AJG ahead |
| 2025-08-26 | 103.79 | 91.88 | +0.93 | AJG ahead |
| 2025-08-25 | 103.24 | 92.14 | +0.78 | AJG ahead |
| 2025-08-22 | 104.81 | 93.72 | +0.76 | AJG ahead |
| 2025-08-21 | 105.58 | 93.97 | +0.85 | AJG ahead |
| 2025-08-20 | 104.63 | 94.01 | +0.68 | AJG ahead |
| 2025-08-19 | 104.06 | 93.89 | +0.61 | AJG ahead |
| 2025-08-18 | 101.82 | 92.43 | +0.51 | AJG ahead |
| 2025-08-15 | 101.20 | 92.23 | +0.44 | near the usual relationship |
| 2025-08-14 | 101.44 | 92.13 | +0.51 | AJG ahead |
| 2025-08-13 | 102.02 | 93.19 | +0.41 | near the usual relationship |
| 2025-08-12 | 100.48 | 90.99 | +0.57 | AJG ahead |
| 2025-08-11 | 99.89 | 90.51 | +0.56 | AJG ahead |
| 2025-08-08 | 100.07 | 90.66 | +0.57 | AJG ahead |
| 2025-08-07 | 100.26 | 90.50 | +0.65 | AJG ahead |
| 2025-08-06 | 98.97 | 90.76 | +0.37 | near the usual relationship |
| 2025-08-05 | 98.80 | 89.25 | +0.64 | AJG ahead |
| 2025-08-04 | 98.40 | 88.61 | +0.70 | AJG ahead |
| 2025-08-01 | 98.24 | 88.04 | +0.80 | AJG ahead |
| 2025-07-31 | 99.31 | 88.67 | +0.87 | AJG ahead |
| 2025-07-30 | 98.82 | 89.27 | +0.67 | AJG ahead |
| 2025-07-29 | 99.69 | 90.32 | +0.62 | AJG ahead |
| 2025-07-28 | 106.87 | 91.81 | +1.58 | AJG ahead |
| 2025-07-25 | 108.95 | 93.65 | +1.58 | AJG ahead |
| 2025-07-24 | 106.85 | 92.73 | +1.42 | AJG ahead |
| 2025-07-23 | 107.45 | 93.39 | +1.40 | AJG ahead |
| 2025-07-22 | 108.01 | 93.61 | +1.46 | AJG ahead |
| 2025-07-21 | 106.57 | 93.48 | +1.26 | AJG ahead |
| 2025-07-18 | 108.26 | 94.49 | +1.35 | AJG ahead |
| 2025-07-17 | 108.53 | 93.94 | +1.51 | AJG ahead |
| 2025-07-16 | 107.15 | 94.36 | +1.22 | AJG ahead |
| 2025-07-15 | 106.50 | 93.88 | +1.21 | AJG ahead |
| 2025-07-14 | 109.04 | 95.06 | +1.41 | AJG ahead |
| 2025-07-11 | 107.71 | 94.25 | +1.36 | AJG ahead |
| 2025-07-10 | 108.41 | 95.57 | +1.24 | AJG ahead |
| 2025-07-09 | 108.99 | 95.33 | +1.38 | AJG ahead |
| 2025-07-08 | 108.47 | 94.89 | +1.39 | AJG ahead |
| 2025-07-07 | 109.27 | 94.88 | +1.53 | AJG ahead |
| 2025-07-03 | 109.97 | 95.74 | +1.50 | AJG ahead |
| 2025-07-02 | 109.16 | 94.69 | +1.57 | AJG ahead |
| 2025-07-01 | 110.45 | 96.96 | +1.38 | AJG ahead |
| 2025-06-30 | 110.67 | 97.32 | +1.35 | AJG ahead |
| 2025-06-27 | 109.85 | 96.58 | +1.36 | AJG ahead |
| 2025-06-26 | 110.07 | 96.15 | +1.49 | AJG ahead |
| 2025-06-25 | 109.74 | 96.28 | +1.42 | AJG ahead |
| 2025-06-24 | 112.70 | 97.78 | +1.63 | AJG ahead |
| 2025-06-23 | 112.06 | 97.53 | +1.58 | AJG ahead |
| 2025-06-20 | 110.69 | 96.24 | +1.62 | AJG ahead |
| 2025-06-18 | 109.64 | 95.40 | +1.62 | AJG ahead |
| 2025-06-17 | 109.29 | 96.16 | +1.44 | AJG ahead |
| 2025-06-16 | 109.36 | 96.43 | +1.41 | AJG ahead |
| 2025-06-13 | 109.47 | 96.76 | +1.38 | AJG ahead |
| 2025-06-12 | 110.68 | 97.66 | +1.42 | AJG ahead |
| 2025-06-11 | 108.19 | 96.72 | +1.21 | AJG ahead |
| 2025-06-10 | 108.69 | 97.09 | +1.23 | AJG ahead |
| 2025-06-09 | 109.88 | 99.05 | +1.08 | AJG ahead |
| 2025-06-06 | 113.66 | 102.38 | +1.10 | AJG ahead |
| 2025-06-05 | 113.43 | 101.87 | +1.16 | AJG ahead |
| 2025-06-04 | 116.28 | 103.41 | +1.33 | AJG ahead |
| 2025-06-03 | 119.36 | 104.54 | +1.60 | AJG ahead |
| 2025-06-02 | 120.58 | 104.50 | +1.80 | AJG ahead |
| 2025-05-30 | 120.12 | 104.01 | +1.83 | AJG ahead |
| 2025-05-29 | 118.20 | 103.04 | +1.73 | AJG ahead |
| 2025-05-28 | 117.48 | 102.16 | +1.78 | AJG ahead |
| 2025-05-27 | 118.50 | 103.06 | +1.80 | AJG ahead |
| 2025-05-23 | 116.87 | 102.08 | +1.74 | AJG ahead |
| 2025-05-22 | 115.98 | 101.70 | +1.69 | AJG ahead |
| 2025-05-21 | 116.69 | 101.94 | +1.77 | AJG ahead |
| 2025-05-20 | 117.66 | 102.74 | +1.80 | AJG ahead |
| 2025-05-19 | 118.87 | 103.20 | +1.92 | AJG ahead |
| 2025-05-16 | 118.32 | 103.00 | +1.89 | AJG ahead |
| 2025-05-15 | 116.95 | 101.15 | +2.02 | AJG ahead |
| 2025-05-14 | 113.96 | 99.04 | +1.96 | AJG ahead |
| 2025-05-13 | 115.02 | 99.60 | +2.04 | AJG ahead |
| 2025-05-12 | 114.53 | 101.05 | +1.73 | AJG ahead |
| 2025-05-09 | 116.92 | 100.97 | +2.13 | AJG ahead |
| 2025-05-08 | 117.02 | 101.68 | +2.04 | AJG ahead |
| 2025-05-07 | 117.39 | 101.45 | +2.16 | AJG ahead |
| 2025-05-06 | 116.95 | 100.91 | +2.21 | AJG ahead |
| 2025-05-05 | 115.77 | 100.85 | +2.06 | AJG ahead |
| 2025-05-02 | 114.46 | 101.17 | +1.82 | AJG ahead |
| 2025-05-01 | 109.82 | 99.71 | +1.35 | AJG ahead |
| 2025-04-30 | 110.87 | 100.36 | +1.42 | AJG ahead |
| 2025-04-29 | 109.64 | 98.82 | +1.50 | AJG ahead |
| 2025-04-28 | 111.95 | 98.13 | +2.00 | AJG ahead |
| 2025-04-25 | 111.43 | 97.59 | +2.04 | AJG ahead |
| 2025-04-24 | 114.61 | 97.46 | +2.59 | AJG ahead |
| 2025-04-23 | 114.71 | 97.50 | +2.63 | AJG ahead |
| 2025-04-22 | 114.35 | 97.73 | +2.56 | AJG ahead |
| 2025-04-21 | 110.42 | 94.41 | +2.59 | AJG ahead |
| 2025-04-17 | 113.82 | 97.96 | +2.50 | AJG ahead |
| 2025-04-16 | 115.01 | 102.96 | +1.80 | AJG ahead |
| 2025-04-15 | 116.01 | 103.43 | +1.90 | AJG ahead |
| 2025-04-14 | 118.55 | 105.64 | +1.92 | AJG ahead |
| 2025-04-11 | 115.48 | 103.86 | +1.77 | AJG ahead |
| 2025-04-10 | 112.61 | 101.83 | +1.69 | AJG ahead |
| 2025-04-09 | 111.95 | 102.18 | +1.53 | AJG ahead |
| 2025-04-08 | 107.70 | 98.22 | +1.56 | AJG ahead |
| 2025-04-07 | 107.47 | 99.59 | +1.28 | AJG ahead |
| 2025-04-04 | 110.37 | 102.47 | +1.26 | AJG ahead |
| 2025-04-03 | 119.07 | 108.73 | +1.57 | AJG ahead |
| 2025-04-02 | 118.95 | 108.45 | +1.61 | AJG ahead |
| 2025-04-01 | 118.88 | 108.61 | +1.59 | AJG ahead |
| 2025-03-31 | 119.36 | 108.62 | +1.68 | AJG ahead |
| 2025-03-28 | 117.81 | 107.89 | +1.57 | AJG ahead |
| 2025-03-27 | 117.89 | 108.35 | +1.52 | AJG ahead |
| 2025-03-26 | 116.41 | 106.29 | +1.66 | AJG ahead |
| 2025-03-25 | 116.63 | 105.32 | +1.88 | AJG ahead |
| 2025-03-24 | 116.74 | 104.43 | +2.08 | AJG ahead |
| 2025-03-21 | 114.71 | 103.41 | +1.96 | AJG ahead |
| 2025-03-20 | 115.62 | 103.88 | +2.05 | AJG ahead |
| 2025-03-19 | 112.93 | 103.52 | +1.69 | AJG ahead |
| 2025-03-18 | 113.97 | 103.34 | +1.92 | AJG ahead |
| 2025-03-17 | 113.79 | 103.67 | +1.85 | AJG ahead |
| 2025-03-14 | 112.44 | 103.06 | +1.75 | AJG ahead |
| 2025-03-13 | 111.62 | 102.35 | +1.76 | AJG ahead |
| 2025-03-12 | 112.39 | 102.29 | +1.93 | AJG ahead |
| 2025-03-11 | 112.62 | 103.76 | +1.71 | AJG ahead |
| 2025-03-10 | 111.27 | 105.15 | +1.22 | AJG ahead |
| 2025-03-07 | 112.01 | 104.82 | +1.43 | AJG ahead |
| 2025-03-06 | 117.49 | 105.23 | +2.32 | AJG ahead |
| 2025-03-05 | 117.82 | 105.85 | +2.29 | AJG ahead |
| 2025-03-04 | 116.60 | 105.39 | +2.19 | AJG ahead |
| 2025-03-03 | 118.17 | 106.60 | +2.26 | AJG ahead |
| 2025-02-28 | 116.76 | 105.87 | +2.19 | AJG ahead |
| 2025-02-27 | 115.18 | 104.43 | +2.22 | AJG ahead |
| 2025-02-26 | 113.51 | 103.07 | +2.21 | AJG ahead |
| 2025-02-25 | 114.72 | 104.25 | +2.23 | AJG ahead |
| 2025-02-24 | 113.57 | 103.65 | +2.16 | AJG ahead |
| 2025-02-21 | 112.55 | 102.38 | +2.26 | AJG ahead |
| 2025-02-20 | 112.40 | 102.63 | +2.21 | AJG ahead |
| 2025-02-19 | 113.17 | 102.88 | +2.33 | AJG ahead |
| 2025-02-18 | 112.81 | 102.44 | +2.39 | AJG ahead |
| 2025-02-14 | 111.15 | 101.86 | +2.23 | AJG ahead |
| 2025-02-13 | 113.59 | 102.87 | +2.52 | AJG ahead |
| 2025-02-12 | 112.22 | 101.92 | +2.50 | AJG ahead |
| 2025-02-11 | 111.32 | 101.49 | +2.45 | AJG ahead |
| 2025-02-10 | 112.11 | 101.51 | +2.65 | AJG ahead |
| 2025-02-07 | 111.44 | 101.22 | +2.62 | AJG ahead |
| 2025-02-06 | 110.63 | 100.60 | +2.64 | AJG ahead |
| 2025-02-05 | 109.35 | 100.38 | +2.46 | AJG ahead |
| 2025-02-04 | 107.94 | 99.29 | +2.45 | AJG ahead |
| 2025-02-03 | 106.83 | 97.61 | +2.65 | AJG ahead |
| 2025-01-31 | 104.35 | 96.54 | +2.39 | AJG ahead |
| 2025-01-30 | 103.38 | 98.30 | +1.75 | AJG ahead |
| 2025-01-29 | 101.68 | 97.62 | +1.53 | AJG ahead |
| 2025-01-28 | 101.44 | 98.32 | +1.31 | AJG ahead |
| 2025-01-27 | 102.33 | 99.64 | +1.22 | AJG ahead |
| 2025-01-24 | 100.09 | 97.46 | +1.22 | AJG ahead |
| 2025-01-23 | 99.57 | 96.78 | +1.28 | AJG ahead |
| 2025-01-22 | 101.47 | 96.74 | +1.76 | AJG ahead |
| 2025-01-21 | 102.60 | 97.13 | +1.95 | AJG ahead |
| 2025-01-17 | 101.93 | 95.80 | +2.16 | AJG ahead |
| 2025-01-16 | 102.26 | 96.27 | +2.14 | AJG ahead |
| 2025-01-15 | 100.32 | 94.63 | +2.12 | AJG ahead |
| 2025-01-14 | 99.95 | 94.97 | +1.96 | AJG ahead |
| 2025-01-13 | 98.81 | 94.14 | +1.91 | AJG ahead |
| 2025-01-10 | 99.23 | 93.08 | +2.34 | AJG ahead |
| 2025-01-08 | 98.70 | 94.08 | +1.95 | AJG ahead |
| 2025-01-07 | 96.72 | 93.47 | +1.62 | AJG ahead |
| 2025-01-06 | 95.56 | 92.80 | +1.51 | AJG ahead |
| 2025-01-03 | 96.94 | 94.04 | +1.54 | AJG ahead |
| 2025-01-02 | 95.38 | 94.07 | +1.13 | AJG ahead |
| 2024-12-31 | 98.13 | 94.55 | +1.74 | AJG ahead |
| 2024-12-30 | 98.34 | 94.36 | +1.87 | AJG ahead |
| 2024-12-27 | 99.06 | 95.02 | +1.89 | AJG ahead |
| 2024-12-26 | 99.69 | 95.34 | +1.99 | AJG ahead |
| 2024-12-24 | 99.69 | 95.27 | +2.03 | AJG ahead |
| 2024-12-23 | 98.36 | 94.44 | +1.93 | AJG ahead |
| 2024-12-20 | 97.87 | 94.25 | +1.88 | AJG ahead |
| 2024-12-19 | 96.49 | 93.63 | +1.69 | AJG ahead |
| 2024-12-18 | 96.28 | 93.43 | +1.71 | AJG ahead |
| 2024-12-17 | 97.81 | 94.89 | +1.73 | AJG ahead |
| 2024-12-16 | 98.88 | 94.86 | +2.05 | AJG ahead |
| 2024-12-13 | 98.39 | 95.73 | +1.70 | AJG ahead |
| 2024-12-12 | 97.21 | 96.11 | +1.28 | AJG ahead |
| 2024-12-11 | 98.04 | 95.41 | +1.72 | AJG ahead |
| 2024-12-10 | 98.10 | 95.96 | +1.60 | AJG ahead |
| 2024-12-09 | 100.90 | 97.11 | +2.06 | AJG ahead |
| 2024-12-06 | 102.58 | 100.22 | +1.67 | AJG ahead |
| 2024-12-05 | 104.95 | 101.60 | +1.94 | AJG ahead |
| 2024-12-04 | 106.23 | 102.26 | +2.12 | AJG ahead |
| 2024-12-03 | 107.11 | 102.45 | +2.33 | AJG ahead |
| 2024-12-02 | 106.47 | 103.73 | +1.83 | AJG ahead |
| 2024-11-29 | 107.95 | 103.81 | +2.23 | AJG ahead |
| 2024-11-27 | 108.96 | 103.82 | +2.53 | AJG ahead |
| 2024-11-26 | 108.20 | 103.61 | +2.42 | AJG ahead |
| 2024-11-25 | 105.93 | 102.69 | +2.09 | AJG ahead |
| 2024-11-22 | 105.20 | 101.41 | +2.28 | AJG ahead |
| 2024-11-21 | 104.56 | 99.89 | +2.59 | AJG ahead |
| 2024-11-20 | 102.29 | 98.80 | +2.30 | AJG ahead |
| 2024-11-19 | 101.12 | 98.25 | +2.14 | AJG ahead |
| 2024-11-18 | 101.50 | 99.56 | +1.87 | AJG ahead |
| 2024-11-15 | 101.84 | 98.88 | +2.22 | AJG ahead |
| 2024-11-14 | 101.89 | 98.59 | +2.36 | AJG ahead |
| 2024-11-13 | 103.14 | 100.48 | +2.17 | AJG ahead |
| 2024-11-12 | 102.08 | 100.23 | +1.94 | AJG ahead |
| 2024-11-11 | 101.20 | 99.61 | +1.88 | AJG ahead |
| 2024-11-08 | 101.91 | 100.31 | +1.90 | AJG ahead |
| 2024-11-07 | 100.45 | 99.34 | +1.76 | AJG ahead |
| 2024-11-06 | 100.49 | 99.37 | +1.78 | AJG ahead |
| 2024-11-05 | 97.89 | 98.62 | +1.17 | AJG ahead |
| 2024-11-04 | 97.37 | 98.44 | +1.06 | AJG ahead |
| 2024-11-01 | 96.94 | 97.53 | +1.23 | AJG ahead |
| 2024-10-31 | 97.22 | 97.14 | +1.47 | AJG ahead |
| 2024-10-30 | 98.35 | 98.38 | +1.44 | AJG ahead |
| 2024-10-29 | 98.57 | 98.68 | +1.43 | AJG ahead |
| 2024-10-28 | 98.87 | 98.74 | +1.52 | AJG ahead |
| 2024-10-25 | 97.83 | 98.51 | +1.25 | AJG ahead |
| 2024-10-24 | 99.41 | 99.03 | +1.63 | AJG ahead |
| 2024-10-23 | 99.89 | 99.48 | +1.66 | AJG ahead |
| 2024-10-22 | 99.30 | 98.74 | +1.72 | AJG ahead |
| 2024-10-21 | 100.13 | 98.84 | +2.00 | AJG ahead |
| 2024-10-18 | 100.00 | 100.00 | +1.57 | AJG ahead |
One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Mar 7, 2025 (AJG -4.7%, MRSH -0.4%); Apr 17, 2025 (AJG -1.0%, MRSH -4.9%); Jul 29, 2025 (AJG -6.7%, MRSH -1.6%); Oct 31, 2025 (AJG -4.8%, MRSH -0.3%); Feb 10, 2026 (AJG -2.4%, MRSH +2.5%). Upcoming earnings: AJG Oct 29, 2026 (after-hours).
Paired trades
The shared paper book and the replay, kept apart
Forward paper record
No paper position on this pair yet.
Historical simulation (a diagnostic, same rules)
1 simulated trade to Oct 20, 2026: -7.00% per trade on average after costs, 0 won.
| Legs | Entered | Exited | Why | Days | Before costs | Costs + borrow | After costs |
|---|---|---|---|---|---|---|---|
| Long AJG · Short MRSH | Jan 30, 2026 | Feb 11, 2026 | divergence stop | 12 | -$654.76 | -$42.74 | -$699.97 (-7.00%) |
Per $10,000 a leg. A replay on today's companies cannot prove an edge.
The companies
AJG and MRSH at a glance
AJG Arthur J. Gallagher & Co.
- Listing
- NYSE · SEC CIK 354190
- Industry
- Specialty Insurers · SIC 6411 Insurance Agents, Brokers & Service
- Market value
- $64.8B
- Price history
- 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026
MRSH Marsh
- Listing
- NYSE · SEC CIK 62709
- Industry
- Specialty Insurers · SIC 6411 Insurance Agents, Brokers & Service
- Market value
- $89.6B
- Price history
- 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026
Daily prices: Nasdaq.com. Filings and industry codes: SEC EDGAR. Earnings dates: Nasdaq earnings calendar.
Related
All pairs →Other rivals of AJG and MRSH
| Pair | Status | Ahead now | Industry |
|---|---|---|---|
| MRSH / AON | Watchlist | MRSH by 3.01 sd | Specialty Insurers |
| AJG / AON | Watchlist | AJG by 2.55 sd | Specialty Insurers |
Follow the research behind the paper book
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Explore the private betaPaper only: hypothetical paired positions with modelled costs. No broker, no orders, no real money. A historical simulation is a diagnostic, not proof of an edge. Not investment advice.
