Howmet Aerospace Correlations

HWM Stock

USD 215.53 0.14 0.07%

The current 90-days correlation between Howmet Aerospace and L3Harris Technologies is 0.36 (i.e., Weak 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

Poor diversification

The correlation between Howmet Aerospace and DJI is 0.66 (i.e., Poor 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.

Build AI portfolio with Howmet Stock

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 manufacturing.

To learn how to invest in Howmet Stock, please use our How to Invest in Howmet Aerospace guide.

Moving together with Howmet Stock

0.73	BA	Boeing	Pair Corr
0.84	GD	General Dynamics Earnings Call Tomorrow	Pair Corr
0.69	688511	Sichuan Tianwei Elec	Pair Corr
0.65	CAE	CAE Inc	Pair Corr
0.81	HEI	Heico	Pair Corr
0.79	NOC	Northrop Grumman	Pair Corr
0.68	RTO	Rentokil Initial PLC	Pair Corr
0.69	NEM	Newmont Goldcorp Corp Aggressive Push	Pair Corr
0.63	BTU	Peabody Energy Corp	Pair Corr

Moving against Howmet Stock

0.49	SSNLF	Samsung Electronics Earnings Call This Week	Pair Corr
0.54	PIFYF	Pine Cliff Energy	Pair Corr
0.32	OCEA	Ocean Biomedical	Pair Corr

Related Correlations Analysis

	LHX	URI	FDX	CNI	TDG	CMI	HEI	PCAR	PWR
LHX		0.89	0.33	0.36	0.78	0.3	0.84	0.48	0.26	LHX
URI	0.89		0.3	0.31	0.71	0.28	0.81	0.42	0.36	URI
FDX	0.33	0.3		0.77	0.29	0.96	0.6	0.93	-0.26	FDX
CNI	0.36	0.31	0.77		0.2	0.73	0.53	0.81	-0.08	CNI
TDG	0.78	0.71	0.29	0.2		0.32	0.63	0.42	0.43	TDG
CMI	0.3	0.28	0.96	0.73	0.32		0.51	0.93	-0.09	CMI
HEI	0.84	0.81	0.6	0.53	0.63	0.51		0.62	0.0	HEI
PCAR	0.48	0.42	0.93	0.81	0.42	0.93	0.62		0.0	PCAR
PWR	0.26	0.36	-0.26	-0.08	0.43	-0.09	0.0	0.0		PWR
	LHX	URI	FDX	CNI	TDG	CMI	HEI	PCAR	PWR

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

CMI	+ 0.96	FDX
PCAR	+ 0.93	FDX
PCAR	+ 0.93	CMI
URI	+ 0.89	LHX
HEI	+ 0.84	LHX
HEI	+ 0.81	URI

High negative correlations

PWR	- 0.26	FDX
PWR	- 0.09	CMI
PWR	- 0.08	CNI
PWR	- 0.0	PCAR
PWR	- 0.0	HEI

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
LHX	1.29	0.28	0.21	0.34	1.08	(1.62)	3.09	(2.27)	7.10
URI	1.50	(0.22)	0.00	(0.08)	0.00	0.00	3.90	(3.19)	8.83
FDX	1.07	0.34	0.32	0.41	0.61	(1.28)	2.61	(1.59)	7.76
CNI	0.98	0.01	0.01	0.08	1.16	(1.16)	2.27	(1.65)	6.71
TDG	0.84	0.12	0.07	0.49	0.83	(0.92)	1.70	(1.73)	5.06
CMI	1.45	0.46	0.32	0.49	1.06	(1.75)	2.87	(2.27)	9.83
HEI	1.24	0.05	0.05	0.11	1.25	(1.39)	2.42	(2.28)	8.20
PCAR	1.27	0.23	0.23	0.25	0.78	(1.65)	3.68	(1.63)	7.16
PWR	1.60	0.05	0.02	0.12	2.46	(1.53)	2.91	(5.00)	9.63

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