Howmet Aerospace Correlations

ARNC34 Stock

BRL 1,055 12.17 1.14%

The current 90-days correlation between Howmet Aerospace and MAHLE Metal Leve is -0.14 (i.e., Good diversification). The correlation of Howmet Aerospace 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.

Howmet Aerospace Correlation With Market

Significant diversification

The correlation between Howmet Aerospace and DJI is 0.06 (i.e., Significant 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.

The ability to find closely correlated positions to Howmet Aerospace could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Howmet Aerospace when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Howmet Aerospace - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Howmet Aerospace to buy it.

Moving together with Howmet Stock

0.74	HONB34	Honeywell International Earnings Call Tomorrow	Pair Corr
0.96	GEOO34	General Electric Earnings Call Today	Pair Corr
0.93	E1TN34	Eaton plc	Pair Corr
0.84	A1ME34	AMETEK,	Pair Corr
0.79	SPTW11	Sp Downtown Fundo	Pair Corr
0.61	MBRF11	Fundo De Investimento	Pair Corr
0.61	ITUB4	Ita Unibanco Holding	Pair Corr
0.81	LVTC3	Livetech da Bahia	Pair Corr

Moving against Howmet Stock

0.58	PPLA11	PPLA Participations	Pair Corr
0.51	O1TI34	Otis Worldwide Earnings Call Today	Pair Corr

Related Correlations Analysis

	CHCM34	M2RV34	LEVE3	S1KM34	DEAI34	TRAD3	VERZ34	A1LG34
CHCM34		0.17	0.32	-0.68	0.53	0.37	0.14	0.33	CHCM34
M2RV34	0.17		0.2	0.05	0.53	0.02	-0.8	0.4	M2RV34
LEVE3	0.32	0.2		-0.36	0.21	0.64	-0.05	0.13	LEVE3
S1KM34	-0.68	0.05	-0.36		-0.34	-0.47	-0.2	-0.06	S1KM34
DEAI34	0.53	0.53	0.21	-0.34		0.45	-0.32	0.77	DEAI34
TRAD3	0.37	0.02	0.64	-0.47	0.45		0.12	0.27	TRAD3
VERZ34	0.14	-0.8	-0.05	-0.2	-0.32	0.12		-0.37	VERZ34
A1LG34	0.33	0.4	0.13	-0.06	0.77	0.27	-0.37		A1LG34
	CHCM34	M2RV34	LEVE3	S1KM34	DEAI34	TRAD3	VERZ34	A1LG34

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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

A1LG34	+ 0.77	DEAI34
TRAD3	+ 0.64	LEVE3
DEAI34	+ 0.53	CHCM34
DEAI34	+ 0.53	M2RV34
TRAD3	+ 0.45	DEAI34
A1LG34	+ 0.4	M2RV34

High negative correlations

VERZ34	- 0.8	M2RV34
S1KM34	- 0.68	CHCM34
TRAD3	- 0.47	S1KM34
A1LG34	- 0.37	VERZ34
S1KM34	- 0.36	LEVE3
DEAI34	- 0.34	S1KM34

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
CHCM34	1.82	0.15	0.00	(0.98)	2.27	(2.08)	3.56	(3.93)	18.21
M2RV34	2.77	0.32	0.09	0.51	2.97	(3.11)	6.97	(5.02)	18.15
LEVE3	1.10	0.03	(0.09)	(0.16)	1.23	(1.24)	3.23	(2.19)	7.35
S1KM34	0.95	(0.07)	0.00	(0.08)	0.00	0.00	1.81	(2.59)	12.27
DEAI34	1.41	0.35	0.12	0.66	0.92	(3.29)	4.04	(2.27)	16.93
TRAD3	3.37	0.19	0.00	(0.30)	3.82	(3.73)	6.67	(7.30)	22.36
VERZ34	1.04	(0.19)	0.00	(0.34)	0.00	0.00	2.43	(2.15)	6.46
A1LG34	0.78	0.25	0.00	3.17	0.00	0.00	3.94	(0.31)	11.04

Be your own money manager

Our tools can tell you how much better you can do entering a position in Howmet Aerospace without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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