HWM vs IVV: Correlation
Howmet Aerospace (HWM) and iShares Core S&P 500 ETF (IVV) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWM and IVV?
On 3 years of weekly data the HWM/IVV correlation comes out at 0.56, moderate. The link has loosened recently: the 1-year correlation (0.38) runs below the 3-year figure (0.56). The 5-year figure is 0.59, and annualized covariance runs at 259.6 %².
Within HWM's tracked universe of 35 assets, IVV comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HWM outperformed by 32.0 percentage points (+52.7% for HWM against +20.7% for IVV). The relationship is regime-dependent: the rolling one-year correlation swung between 0.28 and 0.78 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: HWM runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HWM vs IVV: side by side
| HWM (Howmet Aerospace) | IVV (iShares Core S&P 500 ETF) | |
|---|---|---|
| 1-year return | +52.7% | +20.7% |
| 5-year return | +754.4% | +83.0% |
| Volatility (ann.) | 32.1% | 14.5% |
| Beta vs S&P 500 | 1.24 | 1.00 |
| Max drawdown (3Y) | -19.4% | -18.8% |
| Market cap | $106.7B | – |
| P/E (trailing) | 58.2 | – |
| Dividend yield | 0.18% | 1.09% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $869.2B |
| Sector / category | Industrials | ETF · US Large Cap |
IVV is a Large Blend fund from iShares: $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Year-by-year returns
| Year | HWM | IVV |
|---|---|---|
| 2022 | +24.2% | -18.2% |
| 2023 | +37.8% | +26.3% |
| 2024 | +102.7% | +24.9% |
| 2025 | +88.0% | +17.8% |
| 2026 | +30.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
HWM represents 0.16% of IVV's portfolio, so part of any move in IVV is HWM itself, and the correlation between them is partly mechanical.
Are HWM and IVV good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HWM and IVV?
The HWM/IVV correlation stands at 0.56 on a 3-year window (1 year: 0.38, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is IVV a good diversifier for HWM?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hwm-vs-ivv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hwm-vs-ivv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HWM correlations · IVV correlations
