Howmet Aerospace Correlations

HWM Stock

USD 130.85 0.82 0.62%

The current 90-days correlation between Howmet Aerospace and Moog Inc is -0.04 (i.e., Good 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

Good diversification

The correlation between Howmet Aerospace and DJI is -0.13 (i.e., Good 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.

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

0.78	EH	Ehang Holdings	Pair Corr
0.92	GE	GE Aerospace	Pair Corr
0.63	ESLT	Elbit Systems Earnings Call This Week	Pair Corr
0.63	ERJ	Embraer SA ADR	Pair Corr
0.83	RTX	Raytheon Technologies	Pair Corr
0.77	TDG	Transdigm Group	Pair Corr
0.77	TGI	Triumph Group Sell-off Trend	Pair Corr
0.76	WWD	Woodward	Pair Corr

Moving against Howmet Stock

0.79	DPRO	Draganfly Earnings Call This Week	Pair Corr
0.76	EVTL	Vertical Aerospace	Pair Corr
0.6	VTSI	VirTra Inc	Pair Corr
0.52	CW	Curtiss Wright	Pair Corr
0.5	EVEX	Eve Holding	Pair Corr
0.44	GD	General Dynamics	Pair Corr
0.63	LMT	Lockheed Martin Downward Rally	Pair Corr
0.62	KWE	KWESST Micro Systems	Pair Corr
0.39	SIF	SIFCO Industries	Pair Corr
0.38	LHX	L3Harris Technologies	Pair Corr
0.31	HII	Huntington Ingalls Sell-off Trend	Pair Corr
0.31	PKE	Park Electrochemical	Pair Corr
0.75	MNTS	Momentus	Pair Corr
0.71	GPUS	Hyperscale Data, Symbol Change	Pair Corr
0.7	GPUS-PD	Hyperscale Data,	Pair Corr
0.67	HOVR	New Horizon Aircraft	Pair Corr

Related Correlations Analysis

	CW	MRCY	AIR	DCO	MOG-A	NOC	LHX	GD	HXL	HII
CW		-0.32	0.23	0.72	0.92	0.24	0.47	0.4	0.68	0.3	CW
MRCY	-0.32		0.41	-0.09	-0.27	-0.04	-0.38	-0.15	-0.18	-0.23	MRCY
AIR	0.23	0.41		0.6	0.2	0.51	0.28	0.24	0.36	0.31	AIR
DCO	0.72	-0.09	0.6		0.67	0.22	0.24	0.12	0.82	0.16	DCO
MOG-A	0.92	-0.27	0.2	0.67		0.09	0.36	0.35	0.64	0.24	MOG-A
NOC	0.24	-0.04	0.51	0.22	0.09		0.84	0.81	-0.14	0.75	NOC
LHX	0.47	-0.38	0.28	0.24	0.36	0.84		0.88	0.0	0.78	LHX
GD	0.4	-0.15	0.24	0.12	0.35	0.81	0.88		-0.14	0.84	GD
HXL	0.68	-0.18	0.36	0.82	0.64	-0.14	0.0	-0.14		-0.15	HXL
HII	0.3	-0.23	0.31	0.16	0.24	0.75	0.78	0.84	-0.15		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

MOG-A	+ 0.92	CW
GD	+ 0.88	LHX
LHX	+ 0.84	NOC
HII	+ 0.84	GD
HXL	+ 0.82	DCO
GD	+ 0.81	NOC

High negative correlations

LHX	- 0.38	MRCY
MRCY	- 0.32	CW
MOG-A	- 0.27	MRCY
HII	- 0.23	MRCY
HXL	- 0.18	MRCY
HII	- 0.15	HXL

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	1.61	(0.07)	0.00	(0.14)	0.00	0.00	3.08	(4.36)	16.04
MRCY	1.95	0.40	0.17	0.27	1.98	(2.20)	3.62	(3.77)	23.60
AIR	1.23	0.14	0.11	0.17	1.41	(1.26)	2.30	(2.75)	12.14
DCO	1.15	(0.06)	0.00	(0.21)	0.00	0.00	2.09	(2.77)	10.87
MOG-A	1.57	(0.15)	0.00	(0.22)	0.00	0.00	2.35	(4.21)	11.03
NOC	1.23	0.03	0.06	(2.40)	1.61	(1.32)	2.98	(3.30)	8.42
LHX	1.06	(0.07)	0.00	(0.32)	0.00	0.00	2.06	(2.53)	6.75
GD	1.00	0.06	0.06	0.05	1.50	(0.88)	1.86	(2.20)	7.72
HXL	1.34	(0.09)	0.00	(0.15)	0.00	0.00	2.34	(3.25)	7.60
HII	1.83	0.20	0.06	0.20	3.66	(1.88)	5.24	(3.51)	21.51

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