Howmet Aerospace Correlations

HWM Stock

USD 260.97 3.93 1.53%

The current 90-days correlation between Howmet Aerospace and Emerson Electric is 0.1 (i.e., Average 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 0.64 (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 private.

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

Moving together with Howmet Stock

0.66	BA	Boeing	Pair Corr
0.85	CW	Curtiss Wright	Pair Corr
0.8	GE	GE Aerospace	Pair Corr
0.81	MO7R	MOOG INC CL	Pair Corr
0.78	O1U1	PENGUIN INTL LTD	Pair Corr
0.84	HXL	Hexcel	Pair Corr
0.89	SEJ1	Safran SA	Pair Corr
0.78	SNR	Senior PLC Earnings Call This Week	Pair Corr
0.63	EMBJ	Embraer SA Symbol Change	Pair Corr
0.69	ST2	Sturm Ruger Earnings Call This Week	Pair Corr
0.78	HI4	Huntington Ingalls	Pair Corr
0.76	BSP	BAE Systems plc	Pair Corr
0.73	ESLT	Elbit Systems	Pair Corr
0.76	RRU1	ROLLS ROYCE HADR Earnings Call This Week	Pair Corr
0.81	MO7A	Moog Inc	Pair Corr
0.84	CWT	Curtiss Wright	Pair Corr
0.85	TXT	Textron	Pair Corr
0.83	AIR	AAR Corp	Pair Corr
0.78	BSP	BAE Systems plc	Pair Corr
0.62	2VZ	LEONARDO DRS INC	Pair Corr
0.61	CVU	CPI Aerostructures	Pair Corr
0.85	DCO	Ducommun Incorporated	Pair Corr
0.62	DRS	Leonardo DRS Common Upward Rally	Pair Corr
0.66	HEI	Heico Earnings Call This Week	Pair Corr
0.69	BBD	BOMBARDIER INC CL	Pair Corr

Moving against Howmet Stock

0.69	HCL	Highcom Earnings Call Tomorrow	Pair Corr
0.53	EH	Ehang Holdings	Pair Corr
0.43	VTSI	VirTra Inc	Pair Corr

Related Correlations Analysis

	EMR	ITW	PH	NOC	MMM	CMI	WM	UPS	TDG	JCI
EMR		0.8	0.91	0.88	-0.03	0.95	0.76	0.9	0.21	0.56	EMR
ITW	0.8		0.92	0.85	0.23	0.81	0.82	0.93	-0.24	0.9	ITW
PH	0.91	0.92		0.92	0.04	0.95	0.84	0.97	0.05	0.76	PH
NOC	0.88	0.85	0.92		-0.12	0.92	0.87	0.9	0.19	0.68	NOC
MMM	-0.03	0.23	0.04	-0.12		-0.11	-0.09	0.07	-0.31	0.21	MMM
CMI	0.95	0.81	0.95	0.92	-0.11		0.82	0.91	0.24	0.58	CMI
WM	0.76	0.82	0.84	0.87	-0.09	0.82		0.85	0.02	0.73	WM
UPS	0.9	0.93	0.97	0.9	0.07	0.91	0.85		-0.05	0.77	UPS
TDG	0.21	-0.24	0.05	0.19	-0.31	0.24	0.02	-0.05		-0.45	TDG
JCI	0.56	0.9	0.76	0.68	0.21	0.58	0.73	0.77	-0.45		JCI
	EMR	ITW	PH	NOC	MMM	CMI	WM	UPS	TDG	JCI

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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

UPS	+ 0.97	PH
CMI	+ 0.95	EMR
CMI	+ 0.95	PH
UPS	+ 0.93	ITW
PH	+ 0.92	ITW
NOC	+ 0.92	PH

High negative correlations

JCI	- 0.45	TDG
TDG	- 0.31	MMM
TDG	- 0.24	ITW
MMM	- 0.12	NOC
CMI	- 0.11	MMM
WM	- 0.09	MMM

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
EMR	1.53	0.10	0.07	0.11	2.25	(1.46)	3.43	(3.47)	11.44
ITW	1.00	0.25	0.19	0.32	0.87	(1.10)	2.77	(2.12)	6.58
PH	0.96	0.25	0.23	0.32	0.75	(1.07)	2.41	(1.56)	5.24
NOC	1.35	0.37	0.20	0.81	1.38	(1.60)	3.38	(1.87)	9.88
MMM	1.23	(0.05)	(0.02)	0.02	1.86	(1.16)	2.12	(2.10)	9.08
CMI	1.51	0.30	0.14	0.23	2.19	(1.67)	2.87	(2.27)	15.60
WM	0.80	0.14	0.08	0.53	0.98	(0.80)	1.68	(1.56)	6.00
UPS	1.13	0.26	0.19	0.33	1.08	(1.27)	3.15	(1.67)	7.68
TDG	1.09	(0.08)	0.00	(0.06)	0.00	0.00	1.76	(2.28)	12.34
JCI	1.17	0.29	0.15	0.64	1.40	(1.26)	3.03	(1.92)	8.37

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