HWM vs TT: Correlation
Measured on weekly returns over the past three years, Howmet Aerospace (HWM) and Trane Technologies (TT) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWM and TT?
Over the past 3 years, HWM and TT moved with a correlation of 0.55, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.36 versus 0.55 over 3 years. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 491.2 %².
By 3-year correlation, TT places #17 of the 35 assets tracked against HWM. The last year tells two different stories: HWM led by 44.9 percentage points, +52.7% for HWM against +7.8% for TT. Across three years, the rolling one-year figure varied moderately, from 0.32 to 0.74.
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 TT: side by side
| HWM (Howmet Aerospace) | TT (Trane Technologies) | |
|---|---|---|
| 1-year return | +52.7% | +7.8% |
| 5-year return | +754.4% | +141.4% |
| Volatility (ann.) | 32.1% | 27.8% |
| Beta vs S&P 500 | 1.24 | 1.19 |
| Max drawdown (3Y) | -19.4% | -24.4% |
| Market cap | $106.7B | $100.0B |
| P/E (trailing) | 58.2 | 33.8 |
| Dividend yield | 0.18% | 0.86% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | HWM | TT |
|---|---|---|
| 2022 | +24.2% | -15.3% |
| 2023 | +37.8% | +47.4% |
| 2024 | +102.7% | +53.0% |
| 2025 | +88.0% | +6.1% |
| 2026 | +30.7% | +17.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWM and TT good diversifiers for each other?
Only partially. A correlation of 0.55 means HWM and TT 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 HWM and TT?
As of 2026-08-27, the correlation of weekly returns between HWM and TT is 0.55 over 3 years, 0.36 over 1 year and 0.50 over 5 years.
Is TT a good diversifier for HWM?
Only partially. A correlation of 0.55 means HWM and TT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 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/hwm-vs-tt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hwm-vs-tt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HWM correlations · TT correlations
