Hexcel Correlations

HXL Stock

USD 68.46 2.11 3.18%

The current 90-days correlation between Hexcel and Novocure is 0.22 (i.e., Modest 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

Modest diversification

The correlation between Hexcel and DJI is 0.28 (i.e., Modest 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

0.7	CVU	CPI Aerostructures	Pair Corr
0.68	NPK	National Presto Indu	Pair Corr

Moving against Hexcel Stock

0.45	GD	General Dynamics Earnings Call Tomorrow	Pair Corr
0.33	EH	Ehang Holdings	Pair Corr
0.54	LHX	L3Harris Technologies Earnings Call This Week	Pair Corr
0.47	HEI	Heico	Pair Corr
0.45	LMT	Lockheed Martin Earnings Call Today	Pair Corr
0.44	RGR	Sturm Ruger	Pair Corr
0.41	NOC	Northrop Grumman Earnings Call This Week	Pair Corr
0.51	GPUS	Hyperscale Data, Symbol Change	Pair Corr
0.45	VVX	V2X Inc	Pair Corr
0.37	MNTS	Momentus Upward Rally	Pair Corr
0.31	TXT	Textron Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	NVCR	HUBS	DOCN	APPN	RGEN
NVCR		0.69	-0.58	0.04	0.64	NVCR
HUBS	0.69		-0.61	0.51	0.5	HUBS
DOCN	-0.58	-0.61		-0.07	-0.34	DOCN
APPN	0.04	0.51	-0.07		0.06	APPN
RGEN	0.64	0.5	-0.34	0.06		RGEN
	NVCR	HUBS	DOCN	APPN	RGEN

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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

HUBS	+ 0.69	NVCR
RGEN	+ 0.64	NVCR
APPN	+ 0.51	HUBS
RGEN	+ 0.5	HUBS
RGEN	+ 0.06	APPN
APPN	+ 0.04	NVCR

High negative correlations

DOCN	- 0.61	HUBS
DOCN	- 0.58	NVCR
RGEN	- 0.34	DOCN
APPN	- 0.07	DOCN

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
NVCR	3.92	0.95	0.22	4.02	3.50	(4.43)	10.12	(5.46)	57.95
HUBS	1.58	0.35	0.21	1.02	1.36	(1.92)	3.69	(2.58)	12.50
DOCN	1.89	(0.27)	0.00	(1.40)	0.00	0.00	3.57	(3.35)	16.63
APPN	2.13	0.06	0.02	0.16	2.57	(2.15)	4.73	(3.78)	13.16
RGEN	2.17	0.20	0.05	0.26	3.27	(2.15)	4.79	(4.70)	18.94

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