HWM vs SPXC: Correlation
Measured on weekly returns over the past three years, Howmet Aerospace (HWM) and SPX Technologies, Inc. (SPXC) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWM and SPXC?
On 3 years of weekly data the HWM/SPXC correlation comes out at 0.57, moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. The 5-year figure is 0.56, and annualized covariance runs at 617.3 %².
By 3-year correlation, SPXC places #9 of the 35 assets tracked against HWM. Their recent paths diverged sharply: over the last 12 months HWM outperformed by 46.0 percentage points (+52.7% for HWM against +6.7% for SPXC).
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 SPXC: side by side
| HWM (Howmet Aerospace) | SPXC (SPX Technologies, Inc.) | |
|---|---|---|
| 1-year return | +52.7% | +6.7% |
| 5-year return | +754.4% | +226.0% |
| Volatility (ann.) | 32.1% | 33.7% |
| Beta vs S&P 500 | 1.24 | 1.20 |
| Max drawdown (3Y) | -19.4% | -33.5% |
| Market cap | $106.7B | $10.3B |
| P/E (trailing) | 58.2 | 36.1 |
| Dividend yield | 0.18% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | HWM | SPXC |
|---|---|---|
| 2022 | +24.2% | +10.0% |
| 2023 | +37.8% | +53.9% |
| 2024 | +102.7% | +44.1% |
| 2025 | +88.0% | +37.5% |
| 2026 | +30.7% | +2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWM and SPXC good diversifiers for each other?
To a limited degree. At 0.57 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 SPXC?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.49 over the last year and 0.56 over 5 years.
Is SPXC a good diversifier for HWM?
To a limited degree. At 0.57 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 0.57 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.
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Related comparisons
Hubs: HWM correlations · SPXC correlations
