HWM vs WWD: Correlation
How closely do Howmet Aerospace (HWM) and Woodward, Inc. (WWD) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWM and WWD?
Across a 3-year window, the weekly returns of HWM and WWD correlate at 0.56, moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.56 over 3. Stretching to 5 years gives 0.61, with an annualized covariance of 606.2 %².
By 3-year correlation, WWD places #16 of the 35 assets tracked against HWM. The trailing year gives HWM the advantage: +52.7% versus +39.2%, a 13.5-point spread.
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 WWD: side by side
| HWM (Howmet Aerospace) | WWD (Woodward, Inc.) | |
|---|---|---|
| 1-year return | +52.7% | +39.2% |
| 5-year return | +754.4% | +191.7% |
| Volatility (ann.) | 32.1% | 33.5% |
| Beta vs S&P 500 | 1.24 | 1.09 |
| Max drawdown (3Y) | -19.4% | -23.6% |
| Market cap | $106.7B | $20.4B |
| P/E (trailing) | 58.2 | 38.5 |
| Dividend yield | 0.18% | 0.28% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | HWM | WWD |
|---|---|---|
| 2022 | +24.2% | -11.1% |
| 2023 | +37.8% | +42.0% |
| 2024 | +102.7% | +23.0% |
| 2025 | +88.0% | +82.6% |
| 2026 | +30.7% | +14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWM and WWD good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HWM and WWD?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.51 over the last year and 0.61 over 5 years.
Is WWD a good diversifier for HWM?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
A reading of 0.56 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-wwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hwm-vs-wwd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HWM correlations · WWD correlations
