Raytheon Technologies Correlations

RTX Stock

USD 151.50 1.33 0.89%

The current 90-days correlation between Raytheon Technologies and Northrop Grumman is 0.76 (i.e., Poor diversification). The correlation of Raytheon Technologies 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.

Raytheon Technologies Correlation With Market

Good diversification

The correlation between Raytheon Technologies Corp and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Raytheon Technologies Corp and DJI in the same portfolio, assuming nothing else is changed.

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Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Raytheon Technologies Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Raytheon Stock

0.77	AZ	A2Z Smart Technologies	Pair Corr
0.68	BA	Boeing	Pair Corr
0.93	CW	Curtiss Wright	Pair Corr
0.79	GD	General Dynamics Earnings Call This Week	Pair Corr
0.87	GE	GE Aerospace Earnings Call This Week	Pair Corr
0.66	BA-PA	Boeing	Pair Corr
0.85	VTSI	VirTra Inc	Pair Corr
0.86	ESLT	Elbit Systems	Pair Corr
0.89	EVEX	Eve Holding Downward Rally	Pair Corr
0.78	EVTL	Vertical Aerospace Trending	Pair Corr
0.94	AIR	AAR Corp	Pair Corr
0.84	CAE	CAE Inc	Pair Corr
0.95	DCO	Ducommun Incorporated	Pair Corr
0.91	DRS	Leonardo DRS, Common Earnings Call Next Week	Pair Corr
0.75	ERJ	Embraer SA ADR	Pair Corr
0.94	HEI	Heico	Pair Corr
0.76	HII	Huntington Ingalls	Pair Corr
0.88	HWM	Howmet Aerospace Earnings Call Next Week	Pair Corr
0.9	HXL	Hexcel Earnings Call This Week	Pair Corr
0.94	LHX	L3Harris Technologies Earnings Call This Week	Pair Corr
0.85	NPK	National Presto Indu Earnings Call This Week	Pair Corr
0.72	PKE	Park Electrochemical	Pair Corr
0.85	RDW	Redwire Corp	Pair Corr
0.88	SIF	SIFCO Industries	Pair Corr
0.8	SPR	Spirit Aerosystems	Pair Corr
0.82	TDG	Transdigm Group	Pair Corr
0.76	TGI	Triumph Group Sell-off Trend	Pair Corr
0.9	TXT	Textron Earnings Call This Week	Pair Corr
0.94	WWD	Woodward Earnings Call Next Week	Pair Corr
0.9	HOVR	New Horizon Aircraft	Pair Corr

Moving against Raytheon Stock

0.66	SATLW	Satellogic Warrant	Pair Corr
0.38	RGR	Sturm Ruger	Pair Corr
0.85	MNTS	Momentus	Pair Corr
0.77	POWW	Ammo Inc	Pair Corr
0.69	LOAR	Loar Holdings	Pair Corr
0.37	SHMDW	SCHMID Group NV	Pair Corr
0.35	VVX	V2X Inc	Pair Corr
0.34	GPUS	Hyperscale Data, Symbol Change	Pair Corr

Related Correlations Analysis

	NOC	GD	BA	LHX	LMT	HII	SPCE
NOC		0.56	0.41	0.41	0.12	0.44	-0.4	NOC
GD	0.56		0.7	0.81	-0.11	0.91	0.05	GD
BA	0.41	0.7		0.68	0.15	0.57	0.23	BA
LHX	0.41	0.81	0.68		0.15	0.75	0.17	LHX
LMT	0.12	-0.11	0.15	0.15		-0.06	0.12	LMT
HII	0.44	0.91	0.57	0.75	-0.06		0.03	HII
SPCE	-0.4	0.05	0.23	0.17	0.12	0.03		SPCE
	NOC	GD	BA	LHX	LMT	HII	SPCE

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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

HII	+ 0.91	GD
LHX	+ 0.81	GD
HII	+ 0.75	LHX
BA	+ 0.7	GD
LHX	+ 0.68	BA
HII	+ 0.57	BA

High negative correlations

SPCE	- 0.4	NOC
LMT	- 0.11	GD
HII	- 0.06	LMT

Risk-Adjusted Indicators

There is a big difference between Raytheon Stock performing well and Raytheon Technologies 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 Raytheon Technologies' 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
NOC	1.21	0.04	0.00	0.05	0.00	0.00	2.14	(3.05)	14.20
GD	0.77	0.05	(0.02)	0.25	0.79	(0.85)	1.73	(1.31)	4.89
BA	1.29	0.53	0.34	1.36	0.85	(1.70)	3.32	(1.68)	10.85
LHX	0.80	0.23	0.14	1.03	0.76	(0.98)	2.64	(1.43)	7.97
LMT	1.07	(0.05)	0.00	(0.16)	0.00	0.00	2.63	(2.72)	7.81
HII	1.04	0.19	0.08	0.88	0.98	(1.12)	2.10	(2.03)	5.56
SPCE	4.26	0.59	0.17	0.47	3.54	(5.81)	10.55	(7.02)	53.08

Raytheon Technologies Corporate Management

Elizabeth Amato	Executive Vice President Chief Human Resources Officer	Profile
Brian Rogers	Independent Director	Profile
Stephen Timm	President - Collins Aerospace Systems	Profile
David Whitehouse	Corporate Vice President Treasurer	Profile

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