CRS vs HWM: Correlation
Measured on weekly returns over the past three years, Carpenter Technology Corporation (CRS) and Howmet Aerospace (HWM) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRS and HWM?
Across a 3-year window, the weekly returns of CRS and HWM correlate at 0.63, strong. The past 12 months show a weaker link (0.50) than the 3-year average (0.63). Stretching to 5 years gives 0.64, with an annualized covariance of 926.8 %².
In CRS's tracked universe of 12 assets, HWM sits right near the top at #3. Correlation aside, the last 12 months split them widely, with CRS ahead by 53.5 points (+106.2% versus +52.7%).
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.
CRS vs HWM: side by side
| CRS (Carpenter Technology Corporation) | HWM (Howmet Aerospace) | |
|---|---|---|
| 1-year return | +106.2% | +52.7% |
| 5-year return | +1445.7% | +754.4% |
| Volatility (ann.) | 46.1% | 32.1% |
| Beta vs S&P 500 | 1.32 | 1.24 |
| Max drawdown (3Y) | -28.7% | -19.4% |
| Market cap | $24.3B | $106.7B |
| P/E (trailing) | 46.1 | 58.2 |
| Dividend yield | 0.17% | 0.18% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | CRS | HWM |
|---|---|---|
| 2022 | +29.5% | +24.2% |
| 2023 | +94.5% | +37.8% |
| 2024 | +141.7% | +102.7% |
| 2025 | +86.2% | +88.0% |
| 2026 | +56.0% | +30.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRS and HWM good diversifiers for each other?
Only partially. A correlation of 0.63 means CRS and HWM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CRS and HWM?
The CRS/HWM correlation stands at 0.63 on a 3-year window (1 year: 0.50, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is HWM a good diversifier for CRS?
Only partially. A correlation of 0.63 means CRS and HWM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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/crs-vs-hwm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/crs-vs-hwm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CRS correlations · HWM correlations
