BA vs LMT: Correlation
Boeing (BA) and Lockheed Martin (LMT) show a near-zero relationship: their 3-year correlation of weekly returns is 0.06.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BA and LMT?
On 3 years of weekly data the BA/LMT correlation comes out at 0.06, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.07) sits close to the 3-year figure. The 5-year figure is 0.07, and annualized covariance runs at 59.0 %².
Within BA's tracked universe of 37 assets, LMT comes in at #27 by 3-year correlation. The last year tells two different stories: LMT led by 38.8 percentage points, -10.9% for BA against +27.9% for LMT. On a rolling one-year basis the correlation drifted between -0.17 and 0.24, 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 LMT: side by side
| BA (Boeing) | LMT (Lockheed Martin) | |
|---|---|---|
| 1-year return | -10.9% | +27.9% |
| 5-year return | -3.6% | +78.9% |
| Volatility (ann.) | 36.4% | 26.0% |
| Beta vs S&P 500 | 1.43 | 0.20 |
| Max drawdown (3Y) | -48.3% | -31.8% |
| Market cap | $165.9B | $130.6B |
| P/E (trailing) | 76.3 | 20.9 |
| Dividend yield | 0.00% | 2.41% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | BA | LMT |
|---|---|---|
| 2022 | -5.4% | +40.5% |
| 2023 | +36.8% | -4.3% |
| 2024 | -32.1% | +10.0% |
| 2025 | +22.7% | +2.5% |
| 2026 | -3.3% | +18.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BA and LMT good diversifiers for each other?
Yes. With a correlation of 0.06, BA and LMT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BA and LMT?
The BA/LMT correlation stands at 0.06 on a 3-year window (1 year: 0.07, 5 years: 0.07), computed from weekly returns as of 2026-08-27.
Is LMT a good diversifier for BA?
Yes. With a correlation of 0.06, BA and LMT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ba-vs-lmt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ba-vs-lmt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BA correlations · LMT correlations
