AGRO vs HWM: Correlation
How closely do Adecoagro S.A. (AGRO) and Howmet Aerospace (HWM) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGRO and HWM?
On 3 years of weekly data the AGRO/HWM correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.29) than the 3-year average (-0.18). The 5-year figure is -0.00, and annualized covariance runs at -243.3 %².
Among the 36 assets we track against AGRO, HWM ranks #13 by 3-year correlation. The last year tells two different stories: HWM led by 24.6 percentage points, +28.1% for AGRO against +52.7% for HWM.
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.
AGRO vs HWM: side by side
| AGRO (Adecoagro S.A.) | HWM (Howmet Aerospace) | |
|---|---|---|
| 1-year return | +28.1% | +52.7% |
| 5-year return | +29.1% | +754.4% |
| Volatility (ann.) | 41.7% | 32.1% |
| Beta vs S&P 500 | -0.27 | 1.24 |
| Max drawdown (3Y) | -41.3% | -19.4% |
| Market cap | $1.5B | $106.7B |
| P/E (trailing) | 28.9 | 58.2 |
| Dividend yield | 0.00% | 0.18% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | AGRO | HWM |
|---|---|---|
| 2022 | +11.5% | +24.2% |
| 2023 | +38.6% | +37.8% |
| 2024 | -12.4% | +102.7% |
| 2025 | -14.3% | +88.0% |
| 2026 | +36.0% | +30.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGRO and HWM good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AGRO and HWM?
The AGRO/HWM correlation stands at -0.18 on a 3-year window (1 year: -0.29, 5 years: -0.00), computed from weekly returns as of 2026-08-27.
Is HWM a good diversifier for AGRO?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Hubs: AGRO correlations · HWM correlations
