HXL vs RVT: Correlation
Hexcel Corporation (HXL) and Royce Small-Cap Trust, Inc. (RVT) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HXL and RVT?
Across a 3-year window, the weekly returns of HXL and RVT correlate at 0.59, moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 340.2 %².
Among the 10 assets we track against HXL, RVT ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HXL outperformed by 22.7 percentage points (+50.1% for HXL against +27.4% for RVT). One caveat on sizing: HXL is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 RVT: side by side
| HXL (Hexcel Corporation) | RVT (Royce Small-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | +50.1% | +27.4% |
| 5-year return | +74.4% | +53.9% |
| Volatility (ann.) | 30.4% | 19.1% |
| Beta vs S&P 500 | 1.15 | 0.99 |
| Max drawdown (3Y) | -37.8% | -23.5% |
| Market cap | $7.2B | $2.3B |
| P/E (trailing) | 47.8 | 6.5 |
| Dividend yield | 0.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HXL | RVT |
|---|---|---|
| 2022 | +14.4% | -26.3% |
| 2023 | +26.2% | +18.8% |
| 2024 | -14.2% | +17.9% |
| 2025 | +19.2% | +11.5% |
| 2026 | +28.9% | +21.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HXL and RVT good diversifiers for each other?
Only partially. A correlation of 0.59 means HXL and RVT 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 HXL and RVT?
The HXL/RVT correlation stands at 0.59 on a 3-year window (1 year: 0.52, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is RVT a good diversifier for HXL?
Only partially. A correlation of 0.59 means HXL and RVT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 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: HXL correlations · RVT correlations
