AA vs CMTL: Correlation
Measured on weekly returns over the past three years, Alcoa Corporation (AA) and Comtech Telecommunications Corp. (CMTL) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AA and CMTL?
Over the past 3 years, AA and CMTL moved with a correlation of 0.38, which is moderate. The link has tightened recently: the 1-year correlation (0.57) runs above the 3-year figure (0.38). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 1917.0 %².
Among the 12 assets we track against AA, CMTL sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months AA outperformed by 75.6 percentage points (+62.2% for AA against -13.4% for CMTL). One caveat on sizing: CMTL is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 CMTL: side by side
| AA (Alcoa Corporation) | CMTL (Comtech Telecommunications Corp.) | |
|---|---|---|
| 1-year return | +62.2% | -13.4% |
| 5-year return | +22.3% | -92.9% |
| Volatility (ann.) | 50.8% | 100.4% |
| Beta vs S&P 500 | 1.71 | 1.44 |
| Max drawdown (3Y) | -52.3% | -90.2% |
| Market cap | $13.5B | $0.1B |
| P/E (trailing) | 10.3 | – |
| Dividend yield | 0.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AA | CMTL |
|---|---|---|
| 2022 | -23.1% | -47.1% |
| 2023 | -24.3% | -30.0% |
| 2024 | +12.4% | -52.4% |
| 2025 | +42.5% | +31.9% |
| 2026 | -3.2% | -66.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AA and CMTL good diversifiers for each other?
Reasonably. At 0.38, AA and CMTL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AA and CMTL?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.57 over the last year and 0.37 over 5 years.
Is CMTL a good diversifier for AA?
Reasonably. At 0.38, AA and CMTL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aa-vs-cmtl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aa-vs-cmtl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AA correlations · CMTL correlations
