Howmet Aerospace Correlations
| HWM-P Preferred Stock | USD 62.00 0.00 0.00% |
The current 90-days correlation between Howmet Aerospace and E I du is -0.23 (i.e., Very good diversification). The correlation of Howmet Aerospace 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.
Howmet Aerospace Correlation With Market
Significant diversification
The correlation between Howmet Aerospace and DJI is 0.01 (i.e., Significant 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.
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The ability to find closely correlated positions to Howmet Aerospace could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Howmet Aerospace when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Howmet Aerospace - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Howmet Aerospace to buy it.
Moving together with Howmet Preferred Stock
Moving against Howmet Preferred Stock
| 0.58 | AIR | AAR Corp | PairCorr |
| 0.53 | EVTL | Vertical Aerospace Trending | PairCorr |
| 0.38 | BA | Boeing Fiscal Year End 29th of January 2025 | PairCorr |
| 0.32 | PL | Planet Labs PBC Earnings Call This Week | PairCorr |
| 0.31 | ERJ | Embraer SA ADR | PairCorr |
| 0.79 | HOVR | New Horizon Aircraft Symbol Change | PairCorr |
| 0.56 | NPK | National Presto Indu | PairCorr |
| 0.44 | KWESW | KWESST Micro Systems | PairCorr |
| 0.43 | SPR | Spirit Aerosystems | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
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Risk-Adjusted Indicators
There is a big difference between Howmet Preferred 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| CTA-PB | 0.93 | (0.05) | 0.00 | (0.07) | 0.00 | 2.05 | 6.06 | |||
| CTA-PA | 1.00 | (0.05) | 0.00 | 0.29 | 0.00 | 2.15 | 10.74 | |||
| BAC-PP | 0.64 | (0.05) | 0.00 | 3.51 | 0.00 | 1.18 | 4.60 | |||
| CODI-PC | 0.30 | (0.05) | 0.00 | 0.48 | 0.00 | 0.74 | 2.46 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Howmet Aerospace without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Theme RatingsDetermine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |
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Howmet Aerospace Corporate Management
| Paul Luther | VP Relations | Profile | |
| Esra Ozer | Chief Diversity | Profile | |
| Lola Lin | Corp VP | Profile | |
| Neil Marchuk | Chief VP | Profile | |
| Kenneth Giacobbe | Ex CFO | Profile | |
| Margaret Esq | Associate Sec | Profile | |
| Randall Scheps | Pres Wheels | Profile |