HXL vs RMT: Correlation
How closely do Hexcel Corporation (HXL) and Royce Micro-Cap Trust, Inc. (RMT) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HXL and RMT?
Over the past 3 years, HXL and RMT moved with a correlation of 0.63, which is strong. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 391.6 %².
Few assets follow HXL as closely as RMT, which ranks #2 of 10 tracked partners. Twelve-month performance is nearly a tie, at +50.1% for HXL and +48.4% for RMT.
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.
HXL vs RMT: side by side
| HXL (Hexcel Corporation) | RMT (Royce Micro-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | +50.1% | +48.4% |
| 5-year return | +74.4% | +80.1% |
| Volatility (ann.) | 30.4% | 20.5% |
| Beta vs S&P 500 | 1.15 | 1.09 |
| Max drawdown (3Y) | -37.8% | -26.4% |
| Market cap | $7.2B | $0.8B |
| P/E (trailing) | 47.8 | 8.5 |
| Dividend yield | 0.74% | 5.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HXL | RMT |
|---|---|---|
| 2022 | +14.4% | -16.8% |
| 2023 | +26.2% | +15.8% |
| 2024 | -14.2% | +14.0% |
| 2025 | +19.2% | +16.1% |
| 2026 | +28.9% | +39.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HXL and RMT good diversifiers for each other?
To a limited degree. At 0.63 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 HXL and RMT?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.56 over the last year and 0.64 over 5 years.
Is RMT a good diversifier for HXL?
To a limited degree. At 0.63 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 0.63 mean?
On the −1 to +1 scale, 0.63 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/hxl-vs-rmt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hxl-vs-rmt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HXL correlations · RMT correlations
