L3Harris Technologies Correlations

LHX Stock

USD 244.27 2.21 0.91%

The current 90-days correlation between L3Harris Technologies and General Dynamics is 0.17 (i.e., Average diversification). The correlation of L3Harris Technologies is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

L3Harris Technologies Correlation With Market

Poor diversification

The correlation between L3Harris Technologies and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding L3Harris Technologies and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with L3Harris Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in L3Harris Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

For more information on how to buy L3Harris Stock please use our How to Invest in L3Harris Technologies guide.

Moving together with L3Harris Stock

0.83	AZ	A2Z Smart Technologies	Pair Corr
0.79	BA	Boeing	Pair Corr
0.92	CW	Curtiss Wright	Pair Corr
0.65	GD	General Dynamics	Pair Corr
0.84	GE	GE Aerospace	Pair Corr
0.78	BA-PA	Boeing	Pair Corr
0.62	VSEC	VSE Corporation	Pair Corr
0.92	EVEX	Eve Holding	Pair Corr
0.82	EVTL	Vertical Aerospace	Pair Corr
0.85	DCO	Ducommun Incorporated	Pair Corr
0.83	DRS	Leonardo DRS, Common	Pair Corr
0.76	HEI	Heico	Pair Corr
0.67	HII	Huntington Ingalls	Pair Corr
0.85	HWM	Howmet Aerospace	Pair Corr
0.68	LMT	Lockheed Martin	Pair Corr
0.63	PKE	Park Electrochemical	Pair Corr
0.83	RDW	Redwire Corp	Pair Corr
0.61	RTX	Raytheon Technologies	Pair Corr
0.64	SIF	SIFCO Industries	Pair Corr
0.75	SPR	Spirit Aerosystems	Pair Corr
0.75	TDG	Transdigm Group	Pair Corr
0.61	TGI	Triumph Group	Pair Corr

Moving against L3Harris Stock

0.74	CVU	CPI Aerostructures	Pair Corr
0.54	DPRO	Draganfly	Pair Corr
0.46	EH	Ehang Holdings	Pair Corr
0.53	RGR	Sturm Ruger	Pair Corr
0.49	VVX	V2X Inc	Pair Corr
0.41	MNTSW	Momentus	Pair Corr
0.31	KITT	Nauticus Robotics	Pair Corr

Related Correlations Analysis

	LMT	GD	RTX	HII	NOC	BA	CW	HXL
LMT		0.5	0.3	0.64	-0.14	0.41	0.52	-0.07	LMT
GD	0.5		0.36	0.72	0.02	0.64	0.62	-0.2	GD
RTX	0.3	0.36		0.3	0.04	0.68	0.67	0.63	RTX
HII	0.64	0.72	0.3		-0.24	0.75	0.69	-0.32	HII
NOC	-0.14	0.02	0.04	-0.24		-0.43	-0.41	0.07	NOC
BA	0.41	0.64	0.68	0.75	-0.43		0.94	0.08	BA
CW	0.52	0.62	0.67	0.69	-0.41	0.94		0.05	CW
HXL	-0.07	-0.2	0.63	-0.32	0.07	0.08	0.05		HXL
	LMT	GD	RTX	HII	NOC	BA	CW	HXL

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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

CW	+ 0.94	BA
BA	+ 0.75	HII
HII	+ 0.72	GD
CW	+ 0.69	HII
BA	+ 0.68	RTX
CW	+ 0.67	RTX

High negative correlations

BA	- 0.43	NOC
CW	- 0.41	NOC
HXL	- 0.32	HII
NOC	- 0.24	HII
HXL	- 0.2	GD
NOC	- 0.14	LMT

Risk-Adjusted Indicators

There is a big difference between L3Harris Stock performing well and L3Harris Technologies 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 L3Harris Technologies' 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
LMT	1.14	0.08	0.05	0.19	1.81	(1.10)	2.63	(2.72)	8.43
GD	1.13	0.15	0.08	3.73	1.57	(1.18)	2.72	(2.33)	12.12
RTX	1.31	0.14	0.05	0.18	2.54	(1.27)	2.67	(2.15)	16.43
HII	1.37	0.26	0.15	0.35	1.55	(1.63)	2.32	(2.03)	12.76
NOC	1.31	0.07	0.03	0.37	2.83	(1.25)	2.79	(3.05)	16.79
BA	2.02	0.46	0.14	3.09	2.82	(2.09)	3.99	(3.30)	18.67
CW	1.57	0.57	0.20	3.43	2.15	(1.64)	3.63	(3.15)	13.10
HXL	1.90	(0.05)	0.00	(0.05)	0.00	0.00	3.39	(4.01)	16.48

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