Howmet Aerospace Correlations

HWM Stock

USD 175.37 0.36 0.21%

The current 90-days correlation between Howmet Aerospace and Moog Inc is 0.79 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Howmet Aerospace moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Howmet Aerospace moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Howmet Aerospace Correlation With Market

Very poor diversification

The correlation between Howmet Aerospace and DJI is 0.81 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Howmet Aerospace and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Howmet Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Howmet Aerospace. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in housing.

To learn how to invest in Howmet Stock, please use our How to Invest in Howmet Aerospace guide.

Moving together with Howmet Stock

0.86	AZ	A2Z Smart Technologies	Pair Corr
0.95	BA	Boeing	Pair Corr
0.96	CW	Curtiss Wright	Pair Corr
0.92	GE	GE Aerospace	Pair Corr
0.96	BA-PA	Boeing	Pair Corr
0.82	VSEC	VSE Corporation	Pair Corr
0.84	EVEX	Eve Holding	Pair Corr
0.89	EVTL	Vertical Aerospace	Pair Corr
0.79	CAE	CAE Inc	Pair Corr
0.94	DCO	Ducommun Incorporated	Pair Corr
0.94	DRS	Leonardo DRS, Common	Pair Corr
0.83	HEI	Heico	Pair Corr
0.76	HII	Huntington Ingalls	Pair Corr
0.85	LHX	L3Harris Technologies	Pair Corr
0.68	PKE	Park Electrochemical	Pair Corr
0.79	RDW	Redwire Corp	Pair Corr
0.65	RTX	Raytheon Technologies	Pair Corr
0.74	SIF	SIFCO Industries	Pair Corr
0.91	SPR	Spirit Aerosystems	Pair Corr
0.86	TDG	Transdigm Group	Pair Corr
0.82	TGI	Triumph Group	Pair Corr

Moving against Howmet Stock

0.6	CVU	CPI Aerostructures	Pair Corr
0.59	DPRO	Draganfly	Pair Corr
0.75	RGR	Sturm Ruger	Pair Corr
0.45	NOC	Northrop Grumman	Pair Corr

Related Correlations Analysis

	CW	MRCY	AIR	DCO	MOG-A	NOC	LHX	GD	HXL	HII
CW		0.57	0.32	0.95	0.79	-0.41	0.92	0.62	0.05	0.69	CW
MRCY	0.57		-0.03	0.43	0.33	-0.16	0.58	0.56	-0.31	0.79	MRCY
AIR	0.32	-0.03		0.48	0.68	-0.22	0.21	-0.08	0.85	-0.08	AIR
DCO	0.95	0.43	0.48		0.87	-0.41	0.85	0.49	0.24	0.58	DCO
MOG-A	0.79	0.33	0.68	0.87		-0.39	0.65	0.43	0.44	0.54	MOG-A
NOC	-0.41	-0.16	-0.22	-0.41	-0.39		-0.24	0.02	0.07	-0.24	NOC
LHX	0.92	0.58	0.21	0.85	0.65	-0.24		0.65	0.01	0.67	LHX
GD	0.62	0.56	-0.08	0.49	0.43	0.02	0.65		-0.2	0.72	GD
HXL	0.05	-0.31	0.85	0.24	0.44	0.07	0.01	-0.2		-0.32	HXL
HII	0.69	0.79	-0.08	0.58	0.54	-0.24	0.67	0.72	-0.32		HII
	CW	MRCY	AIR	DCO	MOG-A	NOC	LHX	GD	HXL	HII

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

DCO	+ 0.95	CW
LHX	+ 0.92	CW
MOG-A	+ 0.87	DCO
HXL	+ 0.85	AIR
LHX	+ 0.85	DCO
MOG-A	+ 0.79	CW

High negative correlations

NOC	- 0.41	DCO
NOC	- 0.41	CW
NOC	- 0.39	MOG-A
HII	- 0.32	HXL
HXL	- 0.31	MRCY
HII	- 0.24	NOC

Risk-Adjusted Indicators

There is a big difference between Howmet Stock performing well and Howmet Aerospace Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Howmet Aerospace's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CW	1.57	0.57	0.20	3.43	2.15	(1.64)	3.63	(3.15)	13.10
MRCY	1.74	0.30	0.12	2.21	2.08	(1.71)	3.75	(3.96)	11.96
AIR	1.91	0.11	0.03	0.08	3.79	(1.77)	3.33	(3.84)	19.40
DCO	1.36	0.39	0.22	0.50	1.43	(1.55)	3.95	(2.33)	12.59
MOG-A	1.59	0.20	0.08	0.15	2.23	(1.54)	3.41	(2.90)	18.19
NOC	1.31	0.07	0.03	0.37	2.83	(1.25)	2.79	(3.05)	16.79
LHX	1.06	0.25	0.21	0.37	1.00	(1.34)	3.28	(1.88)	8.65
GD	1.13	0.15	0.08	3.73	1.57	(1.18)	2.72	(2.33)	12.12
HXL	1.90	(0.05)	0.00	(0.05)	0.00	0.00	3.39	(4.01)	16.48
HII	1.37	0.26	0.15	0.35	1.55	(1.63)	2.32	(2.03)	12.76

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