Hexcel Correlations

HXL Stock

USD 62.34 0.08 0.13%

The current 90-days correlation between Hexcel and Mercury Systems is 0.17 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hexcel moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hexcel moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Hexcel Correlation With Market

Weak diversification

The correlation between Hexcel and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hexcel 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 Hexcel. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in interest.

For more information on how to buy Hexcel Stock please use our How to buy in Hexcel Stock guide.

Moving together with Hexcel Stock

0.69	ESLT	Elbit Systems	Pair Corr
0.79	CVU	CPI Aerostructures	Pair Corr
0.63	NPK	National Presto Indu	Pair Corr
0.68	SPR	Spirit Aerosystems	Pair Corr
0.66	WWD	Woodward	Pair Corr

Moving against Hexcel Stock

0.53	HEI	Heico	Pair Corr
0.32	GD	General Dynamics	Pair Corr
0.4	LHX	L3Harris Technologies	Pair Corr
0.38	LMT	Lockheed Martin	Pair Corr
0.33	RGR	Sturm Ruger	Pair Corr
0.58	OPXS	Optex Systems Holdings,	Pair Corr

Related Correlations Analysis

	DCO	MRCY	WWD	AIR	CW	KAMN	MOG-A	PKE	ISSC	VSEC
DCO		0.2	0.42	0.84	0.39	0.0	0.27	0.48	0.63	0.28	DCO
MRCY	0.2		0.57	0.17	-0.37	0.0	-0.4	-0.35	0.6	-0.44	MRCY
WWD	0.42	0.57		0.54	-0.21	0.0	-0.34	-0.04	0.61	0.02	WWD
AIR	0.84	0.17	0.54		0.41	0.0	0.42	0.47	0.42	0.47	AIR
CW	0.39	-0.37	-0.21	0.41		0.0	0.83	0.7	-0.09	0.56	CW
KAMN	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	KAMN
MOG-A	0.27	-0.4	-0.34	0.42	0.83	0.0		0.62	-0.38	0.64	MOG-A
PKE	0.48	-0.35	-0.04	0.47	0.7	0.0	0.62		0.06	0.7	PKE
ISSC	0.63	0.6	0.61	0.42	-0.09	0.0	-0.38	0.06		-0.26	ISSC
VSEC	0.28	-0.44	0.02	0.47	0.56	0.0	0.64	0.7	-0.26		VSEC
	DCO	MRCY	WWD	AIR	CW	KAMN	MOG-A	PKE	ISSC	VSEC

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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

AIR	+ 0.84	DCO
MOG-A	+ 0.83	CW
PKE	+ 0.7	CW
VSEC	+ 0.7	PKE
VSEC	+ 0.64	MOG-A
ISSC	+ 0.63	DCO

High negative correlations

VSEC	- 0.44	MRCY
MOG-A	- 0.4	MRCY
ISSC	- 0.38	MOG-A
CW	- 0.37	MRCY
PKE	- 0.35	MRCY
MOG-A	- 0.34	WWD

Risk-Adjusted Indicators

There is a big difference between Hexcel Stock performing well and Hexcel 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 Hexcel'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
DCO	1.34	(0.11)	0.00	(0.21)	0.00	0.00	1.98	(3.88)	11.19
MRCY	1.86	0.20	0.09	0.15	2.05	(2.07)	3.22	(3.77)	23.60
WWD	1.27	0.12	0.07	(2.13)	1.50	(1.29)	2.34	(2.20)	8.86
AIR	1.37	(0.07)	0.00	(0.10)	0.00	0.00	2.55	(2.75)	12.14
CW	1.45	(0.16)	0.00	(0.18)	0.00	0.00	2.55	(4.36)	16.04
KAMN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MOG-A	1.52	(0.38)	0.00	(0.35)	0.00	0.00	2.05	(4.21)	11.03
PKE	1.35	(0.09)	0.00	(0.09)	0.00	0.00	2.20	(2.98)	7.97
ISSC	2.56	0.02	0.00	0.02	4.11	(2.76)	5.14	(5.37)	32.27
VSEC	1.77	(0.17)	0.00	(0.58)	0.00	0.00	3.31	(5.52)	12.42

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