L3Harris Technologies Correlations

LHX Stock

USD 209.94 1.96 0.92%

The current 90-days correlation between L3Harris Technologies and General Dynamics is 0.05 (i.e., Significant diversification). The correlation of L3Harris Technologies is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

L3Harris Technologies Correlation With Market

Modest diversification

The correlation between L3Harris Technologies and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding L3Harris Technologies and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in L3Harris Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

For more information on how to buy L3Harris Stock please use our How to Invest in L3Harris Technologies guide.

Moving together with L3Harris Stock

0.79	GD	General Dynamics	Pair Corr
0.64	DRS	Leonardo DRS, Common	Pair Corr
0.79	HII	Huntington Ingalls	Pair Corr
0.78	LMT	Lockheed Martin	Pair Corr
0.77	NOC	Northrop Grumman	Pair Corr
0.65	TXT	Textron	Pair Corr
0.74	VVX	V2X Inc	Pair Corr

Moving against L3Harris Stock

0.5	EH	Ehang Holdings	Pair Corr
0.46	BA-PA	Boeing	Pair Corr
0.45	BA	Boeing	Pair Corr
0.38	PL	Planet Labs PBC	Pair Corr
0.4	NPK	National Presto Indu	Pair Corr
0.36	TGI	Triumph Group	Pair Corr

Related Correlations Analysis

	LMT	GD	RTX	HII	NOC	BA	CW	HXL
LMT		0.58	-0.41	0.54	0.34	-0.4	0.56	0.2	LMT
GD	0.58		0.13	0.77	0.83	-0.38	0.23	-0.32	GD
RTX	-0.41	0.13		0.22	0.53	-0.09	-0.53	-0.55	RTX
HII	0.54	0.77	0.22		0.8	-0.41	0.15	-0.34	HII
NOC	0.34	0.83	0.53	0.8		-0.3	0.03	-0.42	NOC
BA	-0.4	-0.38	-0.09	-0.41	-0.3		0.38	0.52	BA
CW	0.56	0.23	-0.53	0.15	0.03	0.38		0.73	CW
HXL	0.2	-0.32	-0.55	-0.34	-0.42	0.52	0.73		HXL
	LMT	GD	RTX	HII	NOC	BA	CW	HXL

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

NOC	+ 0.83	GD
NOC	+ 0.8	HII
HII	+ 0.77	GD
HXL	+ 0.73	CW
GD	+ 0.58	LMT
CW	+ 0.56	LMT

High negative correlations

HXL	- 0.55	RTX
CW	- 0.53	RTX
HXL	- 0.42	NOC
BA	- 0.41	HII
RTX	- 0.41	LMT
BA	- 0.4	LMT

Risk-Adjusted Indicators

There is a big difference between L3Harris Stock performing well and L3Harris Technologies Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze L3Harris Technologies' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
LMT	1.21	(0.09)	0.00	(0.49)	0.00	0.00	2.58	(2.65)	12.44
GD	0.99	0.04	0.06	(0.19)	1.48	(0.90)	1.86	(2.20)	7.72
RTX	1.05	0.24	0.19	0.27	1.16	(1.16)	2.52	(1.81)	7.67
HII	1.75	0.19	0.06	0.20	3.53	(1.87)	5.24	(2.76)	21.31
NOC	1.22	0.13	0.11	31.77	1.50	(1.33)	2.98	(3.30)	8.42
BA	1.63	(0.04)	0.00	(0.08)	0.00	0.00	3.22	(2.93)	10.08
CW	1.51	(0.10)	0.00	(0.13)	0.00	0.00	3.08	(3.15)	15.27
HXL	1.45	(0.11)	0.00	(0.13)	0.00	0.00	2.86	(3.25)	7.60

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