Textron Correlations

TXT Stock

USD 83.96 2.10 2.57%

The current 90-days correlation between Textron and Huntington Ingalls Industries is 0.37 (i.e., Weak diversification). The correlation of Textron 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.

Textron Correlation With Market

Poor diversification

The correlation between Textron and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Textron and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Textron. 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 Textron Stock please use our How to Invest in Textron guide.

Moving together with Textron Stock

0.65	EVTL	Vertical Aerospace	Pair Corr
0.63	RGR	Sturm Ruger	Pair Corr

Moving against Textron Stock

0.51	ESLT	Elbit Systems	Pair Corr
0.46	CVU	CPI Aerostructures	Pair Corr
0.36	CAE	CAE Inc	Pair Corr
0.31	EH	Ehang Holdings	Pair Corr
0.41	RDW	Redwire Corp	Pair Corr
0.31	LHX	L3Harris Technologies Fiscal Year End 23rd of January 2025	Pair Corr
0.62	LOAR	Loar Holdings	Pair Corr
0.43	LUNR	Intuitive Machines Trending	Pair Corr

Related Correlations Analysis

	HXL	HII	CW	MRCY	NOC	LHX	GD	RTX	LMT	EVEX
HXL		0.48	-0.1	-0.01	0.14	-0.11	0.37	0.23	0.07	0.0	HXL
HII	0.48		-0.71	-0.35	0.45	-0.68	0.17	0.12	0.53	-0.03	HII
CW	-0.1	-0.71		0.3	0.0	0.95	0.29	0.48	-0.03	0.55	CW
MRCY	-0.01	-0.35	0.3		0.01	0.29	0.09	-0.13	-0.19	-0.24	MRCY
NOC	0.14	0.45	0.0	0.01		0.09	0.68	0.53	0.86	0.35	NOC
LHX	-0.11	-0.68	0.95	0.29	0.09		0.35	0.56	0.01	0.49	LHX
GD	0.37	0.17	0.29	0.09	0.68	0.35		0.48	0.45	0.34	GD
RTX	0.23	0.12	0.48	-0.13	0.53	0.56	0.48		0.62	0.78	RTX
LMT	0.07	0.53	-0.03	-0.19	0.86	0.01	0.45	0.62		0.51	LMT
EVEX	0.0	-0.03	0.55	-0.24	0.35	0.49	0.34	0.78	0.51		EVEX
	HXL	HII	CW	MRCY	NOC	LHX	GD	RTX	LMT	EVEX

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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	+ 0.95	CW
LMT	+ 0.86	NOC
EVEX	+ 0.78	RTX
GD	+ 0.68	NOC
LMT	+ 0.62	RTX
RTX	+ 0.56	LHX

High negative correlations

CW	- 0.71	HII
LHX	- 0.68	HII
MRCY	- 0.35	HII
EVEX	- 0.24	MRCY
LMT	- 0.19	MRCY
RTX	- 0.13	MRCY

Risk-Adjusted Indicators

There is a big difference between Textron Stock performing well and Textron 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 Textron'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
HXL	1.12	(0.23)	0.00	(0.07)	0.00	0.00	1.91	(2.66)	6.19
HII	1.56	(0.62)	0.00	(0.23)	0.00	0.00	2.45	(2.65)	28.75
CW	1.25	0.16	0.11	0.21	1.70	(1.43)	2.96	(2.48)	11.02
MRCY	1.75	(0.20)	0.00	0.03	1.80	(2.26)	2.83	(3.43)	29.10
NOC	0.78	(0.08)	0.00	(0.06)	0.00	0.00	1.62	(1.58)	6.85
LHX	0.92	0.06	0.01	0.19	1.16	(0.99)	2.19	(1.69)	8.70
GD	0.95	(0.18)	0.00	(0.06)	0.00	0.00	1.63	(1.51)	10.86
RTX	0.84	(0.02)	(0.04)	0.07	1.17	(0.83)	2.20	(1.85)	6.80
LMT	0.85	(0.07)	0.00	(0.06)	0.00	0.00	1.50	(1.45)	9.77
EVEX	2.47	0.26	0.11	0.24	2.66	(2.84)	7.20	(4.21)	15.48

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