AA vs CENX: Correlation
How closely do Alcoa Corporation (AA) and Century Aluminum Company (CENX) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AA and CENX?
On 3 years of weekly data the AA/CENX correlation comes out at 0.75, strong. Little has changed lately, as the 1-year reading of 0.70 lands near the 3-year figure. The 5-year figure is 0.77, and annualized covariance runs at 2539.2 %².
CENX is one of the assets that tracks AA most closely: it ranks #1 out of the 12 assets we track against AA. Correlation aside, the last 12 months split them widely, with CENX ahead by 40.0 points (+62.2% versus +102.2%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AA vs CENX: side by side
| AA (Alcoa Corporation) | CENX (Century Aluminum Company) | |
|---|---|---|
| 1-year return | +62.2% | +102.2% |
| 5-year return | +22.3% | +270.4% |
| Volatility (ann.) | 50.8% | 67.1% |
| Beta vs S&P 500 | 1.71 | 2.12 |
| Max drawdown (3Y) | -52.3% | -42.8% |
| Market cap | $13.5B | $4.5B |
| P/E (trailing) | 10.3 | 7.9 |
| Dividend yield | 0.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AA | CENX |
|---|---|---|
| 2022 | -23.1% | -50.6% |
| 2023 | -24.3% | +48.4% |
| 2024 | +12.4% | +50.1% |
| 2025 | +42.5% | +115.0% |
| 2026 | -3.2% | +17.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AA and CENX good diversifiers for each other?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AA and CENX?
As of 2026-08-27, the correlation of weekly returns between AA and CENX is 0.75 over 3 years, 0.70 over 1 year and 0.77 over 5 years.
Is CENX a good diversifier for AA?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.75 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: AA correlations · CENX correlations
