Woodward Correlations

WWD Stock

USD 185.90 2.31 1.26%

The current 90-days correlation between Woodward and Hexcel is 0.36 (i.e., Weak diversification). The correlation of Woodward 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.

Woodward Correlation With Market

Weak diversification

The correlation between Woodward and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Woodward and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Woodward. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in housing.

For information on how to trade Woodward Stock refer to our How to Trade Woodward Stock guide.

Moving together with Woodward Stock

0.65	PL	Planet Labs PBC Trending	Pair Corr
0.75	ESLT	Elbit Systems	Pair Corr
0.85	AIR	AAR Corp	Pair Corr
0.69	CVU	CPI Aerostructures Downward Rally	Pair Corr
0.78	DCO	Ducommun Incorporated	Pair Corr
0.76	DRS	Leonardo DRS, Common	Pair Corr
0.84	ERJ	Embraer SA ADR	Pair Corr
0.91	HWM	Howmet Aerospace	Pair Corr
0.76	HXL	Hexcel	Pair Corr
0.65	RDW	Redwire Corp	Pair Corr
0.68	TGI	Triumph Group Earnings Call This Week	Pair Corr

Moving against Woodward Stock

0.55	KWE	KWESST Micro Systems	Pair Corr
0.4	LMT	Lockheed Martin	Pair Corr
0.38	GD	General Dynamics	Pair Corr
0.32	HII	Huntington Ingalls	Pair Corr
0.31	EH	Ehang Holdings	Pair Corr
0.58	OPXS	Optex Systems Holdings,	Pair Corr
0.48	RAIN	RAIN ENHANCEMENT TEC	Pair Corr

Related Correlations Analysis

	HXL	DCO	MRCY	AIR	CW	KAMN	MOG-A	MOG-B
HXL		0.49	0.48	0.51	0.11	0.67	-0.2	-0.07	HXL
DCO	0.49		0.66	0.86	0.45	0.33	0.45	0.25	DCO
MRCY	0.48	0.66		0.56	0.36	0.59	0.35	0.11	MRCY
AIR	0.51	0.86	0.56		0.45	0.22	0.52	0.41	AIR
CW	0.11	0.45	0.36	0.45		-0.13	0.58	0.63	CW
KAMN	0.67	0.33	0.59	0.22	-0.13		-0.35	-0.33	KAMN
MOG-A	-0.2	0.45	0.35	0.52	0.58	-0.35		0.64	MOG-A
MOG-B	-0.07	0.25	0.11	0.41	0.63	-0.33	0.64		MOG-B
	HXL	DCO	MRCY	AIR	CW	KAMN	MOG-A	MOG-B

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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

AIR	+ 0.86	DCO
KAMN	+ 0.67	HXL
MRCY	+ 0.66	DCO
MOG-B	+ 0.64	MOG-A
MOG-B	+ 0.63	CW
KAMN	+ 0.59	MRCY

High negative correlations

MOG-A	- 0.35	KAMN
MOG-B	- 0.33	KAMN
MOG-A	- 0.2	HXL
KAMN	- 0.13	CW
MOG-B	- 0.07	HXL

Risk-Adjusted Indicators

There is a big difference between Woodward Stock performing well and Woodward 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 Woodward'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	1.30	0.02	0.00	0.12	1.62	(1.35)	2.81	(3.13)	8.49
DCO	1.49	0.14	0.04	0.39	1.97	(1.59)	3.18	(4.41)	12.14
MRCY	1.92	0.29	0.11	0.50	1.93	(2.20)	3.16	(3.76)	29.10
AIR	1.56	0.17	0.05	0.65	1.79	(1.66)	2.85	(3.07)	15.31
CW	1.48	(0.01)	0.00	0.15	0.00	0.00	2.96	(5.33)	16.04
KAMN	1.85	0.11	0.01	0.59	2.21	(1.87)	5.37	(3.75)	14.48
MOG-A	1.52	(0.05)	(0.03)	(0.02)	2.80	(1.32)	2.37	(3.15)	22.04
MOG-B	1.24	(0.20)	0.00	(4.48)	0.00	0.00	2.76	(7.39)	18.18

Woodward Corporate Management

Christopher Fawzy	Chief Compliance Officer, Corporate VP, General Counsel and Corporate Secretary	Profile
Mark Hartman	Chief Officer	Profile
Paul Benson	Corporate Resources	Profile
Randy Hobbs	Pres Segment	Profile
John Godsman	Executive Development	Profile

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