Heico Correlations

HEI Stock

USD 277.35 0.07 0.03%

The current 90-days correlation between Heico and Howmet Aerospace is 0.63 (i.e., Poor diversification). The correlation of Heico 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.

Heico Correlation With Market

Very weak diversification

The correlation between Heico and DJI is 0.56 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Heico 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 Heico. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

For more detail on how to invest in Heico Stock please use our How to Invest in Heico guide.

Moving together with Heico Stock

0.63	GE	GE Aerospace Fiscal Year End 28th of January 2025	Pair Corr
0.68	CAE	CAE Inc	Pair Corr
0.61	DCO	Ducommun Incorporated	Pair Corr
0.63	ERJ	Embraer SA ADR	Pair Corr
0.61	HWM	Howmet Aerospace	Pair Corr
0.64	WWD	Woodward	Pair Corr

Moving against Heico Stock

0.68	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.4	EVTL	Vertical Aerospace	Pair Corr
0.59	SPR	Spirit Aerosystems	Pair Corr
0.38	RGR	Sturm Ruger	Pair Corr
0.31	HII	Huntington Ingalls	Pair Corr
0.31	HXL	Hexcel Fiscal Year End 22nd of January 2025	Pair Corr
0.62	KITTW	Nauticus Robotics	Pair Corr
0.61	KITT	Nauticus Robotics	Pair Corr
0.56	LLAP	Terran Orbital Corp	Pair Corr
0.52	LILMW	Lilium Equity Warrants	Pair Corr

Related Correlations Analysis

	EVEX	MRCY	AVAV	HWM	RTX	NOC	LMT	GD	HII	LHX
EVEX		-0.27	0.6	0.4	0.79	0.41	0.54	0.41	-0.04	0.51	EVEX
MRCY	-0.27		0.0	0.51	-0.14	0.03	-0.18	0.13	-0.32	0.27	MRCY
AVAV	0.6	0.0		0.62	0.7	0.23	0.18	0.43	-0.46	0.89	AVAV
HWM	0.4	0.51	0.62		0.33	-0.13	-0.13	0.13	-0.74	0.83	HWM
RTX	0.79	-0.14	0.7	0.33		0.55	0.63	0.5	0.09	0.57	RTX
NOC	0.41	0.03	0.23	-0.13	0.55		0.86	0.66	0.4	0.14	NOC
LMT	0.54	-0.18	0.18	-0.13	0.63	0.86		0.43	0.5	0.04	LMT
GD	0.41	0.13	0.43	0.13	0.5	0.66	0.43		0.1	0.41	GD
HII	-0.04	-0.32	-0.46	-0.74	0.09	0.4	0.5	0.1		-0.68	HII
LHX	0.51	0.27	0.89	0.83	0.57	0.14	0.04	0.41	-0.68		LHX
	EVEX	MRCY	AVAV	HWM	RTX	NOC	LMT	GD	HII	LHX

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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

LHX	+ 0.89	AVAV
LMT	+ 0.86	NOC
LHX	+ 0.83	HWM
RTX	+ 0.79	EVEX
RTX	+ 0.7	AVAV
GD	+ 0.66	NOC

High negative correlations

HII	- 0.74	HWM
LHX	- 0.68	HII
HII	- 0.46	AVAV
HII	- 0.32	MRCY
MRCY	- 0.27	EVEX
LMT	- 0.18	MRCY

Risk-Adjusted Indicators

There is a big difference between Heico Stock performing well and Heico 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 Heico'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
EVEX	2.42	0.25	0.10	0.23	2.67	(2.75)	7.12	(4.21)	15.48
MRCY	1.72	(0.22)	(0.02)	0.02	1.83	(2.24)	2.83	(3.43)	29.10
AVAV	2.26	0.04	0.01	0.13	3.12	(2.33)	5.03	(5.64)	19.18
HWM	1.22	0.17	0.14	0.17	1.35	(1.30)	2.46	(2.94)	15.60
RTX	0.84	(0.03)	(0.05)	0.03	1.17	(0.82)	2.20	(1.85)	6.80
NOC	0.77	(0.09)	0.00	(0.09)	0.00	0.00	1.62	(1.58)	6.85
LMT	0.83	(0.09)	0.00	(0.14)	0.00	0.00	1.50	(1.45)	9.77
GD	0.96	(0.17)	0.00	(0.07)	0.00	0.00	1.63	(1.51)	10.86
HII	1.54	(0.65)	0.00	(0.26)	0.00	0.00	2.31	(2.65)	28.75
LHX	0.91	0.05	0.02	0.17	1.17	(0.97)	2.19	(1.69)	8.70

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