HWM vs WAB: Correlation
How closely do Howmet Aerospace (HWM) and Wabtec (WAB) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWM and WAB?
Over the past 3 years, HWM and WAB moved with a correlation of 0.51, which is moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.51 over 3. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 417.9 %².
Within HWM's tracked universe of 35 assets, WAB comes in at #21 by 3-year correlation. Twelve-month performance is nearly a tie, at +52.7% for HWM and +52.9% for WAB. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.17 to 0.76.
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 WAB: side by side
| HWM (Howmet Aerospace) | WAB (Wabtec) | |
|---|---|---|
| 1-year return | +52.7% | +52.9% |
| 5-year return | +754.4% | +241.0% |
| Volatility (ann.) | 32.1% | 25.3% |
| Beta vs S&P 500 | 1.24 | 0.99 |
| Max drawdown (3Y) | -19.4% | -23.6% |
| Market cap | $106.7B | $50.2B |
| P/E (trailing) | 58.2 | 40.5 |
| Dividend yield | 0.18% | 0.37% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | HWM | WAB |
|---|---|---|
| 2022 | +24.2% | +9.1% |
| 2023 | +37.8% | +28.0% |
| 2024 | +102.7% | +50.1% |
| 2025 | +88.0% | +13.2% |
| 2026 | +30.7% | +39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWM and WAB good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HWM and WAB?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.52 over the last year and 0.59 over 5 years.
Is WAB a good diversifier for HWM?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hwm-vs-wab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hwm-vs-wab/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HWM correlations · WAB correlations
