BA vs HWM: Correlation
Boeing (BA) and Howmet Aerospace (HWM) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BA and HWM?
Over the past 3 years, BA and HWM moved with a correlation of 0.42, which is moderate. The past 12 months show a weaker link (0.30) than the 3-year average (0.42). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 493.0 %².
Within BA's tracked universe of 37 assets, HWM comes in at #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HWM ahead by 63.6 points (-10.9% versus +52.7%). On a rolling one-year basis the correlation drifted between 0.18 and 0.64, a moderate band.
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.
BA vs HWM: side by side
| BA (Boeing) | HWM (Howmet Aerospace) | |
|---|---|---|
| 1-year return | -10.9% | +52.7% |
| 5-year return | -3.6% | +754.4% |
| Volatility (ann.) | 36.4% | 32.1% |
| Beta vs S&P 500 | 1.43 | 1.24 |
| Max drawdown (3Y) | -48.3% | -19.4% |
| Market cap | $165.9B | $106.7B |
| P/E (trailing) | 76.3 | 58.2 |
| Dividend yield | 0.00% | 0.18% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | BA | HWM |
|---|---|---|
| 2022 | -5.4% | +24.2% |
| 2023 | +36.8% | +37.8% |
| 2024 | -32.1% | +102.7% |
| 2025 | +22.7% | +88.0% |
| 2026 | -3.3% | +30.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BA and HWM good diversifiers for each other?
Reasonably. At 0.42, BA and HWM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BA and HWM?
The BA/HWM correlation stands at 0.42 on a 3-year window (1 year: 0.30, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is HWM a good diversifier for BA?
Reasonably. At 0.42, BA and HWM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BA correlations · HWM correlations
