L3Harris Technologies Correlations

LHX Stock

USD 291.14 2.06 0.70%

The current 90-days correlation between L3Harris Technologies and Axon Enterprise is -0.08 (i.e., Good 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 0.2 (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.

Build AI portfolio with L3Harris Stock

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 census.

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

Moving together with L3Harris Stock

0.73	HWM	Howmet Aerospace	Pair Corr
0.72	TCEHY	Tencent Holdings	Pair Corr
0.72	AIAGF	Aurubis AG	Pair Corr
0.72	BHLL	Bunker Hill Mining	Pair Corr
0.79	DDS	Dillards,	Pair Corr
0.72	BWXT	BWX Technologies Earnings Call Next Week	Pair Corr
0.8	BLLYF	Bluejay Mining plc	Pair Corr
0.71	VRT	Vertiv Holdings	Pair Corr
0.73	TERN	Terns Pharmaceuticals	Pair Corr
0.8	APP	Applovin Corp	Pair Corr
0.77	VIVC	Vivic Corp	Pair Corr
0.73	RAPP	Rapport Therapeutics,	Pair Corr
0.91	USGO	US GoldMining Common	Pair Corr
0.84	DWTX	Dogwood Therapeutics,	Pair Corr

Moving against L3Harris Stock

0.69	BA	Boeing Earnings Call This Week	Pair Corr
0.52	AXON	Axon Enterprise Earnings Call Next Week	Pair Corr
0.43	ASTC	Astrotech Corp	Pair Corr

Related Correlations Analysis

	AXON	ROP	FDX	CMI	HEI	CARR	TDG	URI	CNI
AXON		0.45	-0.54	-0.53	0.2	0.48	0.22	-0.74	-0.44	AXON
ROP	0.45		-0.49	-0.83	0.07	0.85	0.58	-0.53	-0.21	ROP
FDX	-0.54	-0.49		0.63	-0.14	-0.32	-0.14	0.51	0.45	FDX
CMI	-0.53	-0.83	0.63		-0.15	-0.78	-0.72	0.76	0.32	CMI
HEI	0.2	0.07	-0.14	-0.15		0.11	0.44	-0.14	0.0	HEI
CARR	0.48	0.85	-0.32	-0.78	0.11		0.63	-0.61	-0.19	CARR
TDG	0.22	0.58	-0.14	-0.72	0.44	0.63		-0.59	-0.16	TDG
URI	-0.74	-0.53	0.51	0.76	-0.14	-0.61	-0.59		0.61	URI
CNI	-0.44	-0.21	0.45	0.32	0.0	-0.19	-0.16	0.61		CNI
	AXON	ROP	FDX	CMI	HEI	CARR	TDG	URI	CNI

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

CARR	+ 0.85	ROP
URI	+ 0.76	CMI
CMI	+ 0.63	FDX
TDG	+ 0.63	CARR
CNI	+ 0.61	URI
TDG	+ 0.58	ROP

High negative correlations

CMI	- 0.83	ROP
CARR	- 0.78	CMI
URI	- 0.74	AXON
TDG	- 0.72	CMI
URI	- 0.61	CARR
URI	- 0.59	TDG

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
AXON	1.89	0.01	0.00	0.09	3.43	(1.67)	2.84	(4.43)	26.64
ROP	1.04	(0.35)	0.00	(0.40)	0.00	0.00	1.49	(2.51)	7.57
FDX	1.27	(0.09)	(0.02)	0.02	1.83	(1.21)	2.38	(2.98)	10.33
CMI	1.14	0.11	0.09	0.18	1.25	(1.22)	2.66	(2.39)	6.74
HEI	1.20	(0.10)	0.00	(0.03)	0.00	0.00	1.79	(1.90)	13.48
CARR	1.44	(0.61)	0.00	(0.28)	0.00	0.00	2.62	(3.26)	10.61
TDG	1.23	(0.20)	0.00	(0.17)	0.00	0.00	2.11	(2.02)	13.45
URI	1.34	(0.08)	(0.02)	0.02	2.14	(1.24)	2.58	(2.64)	13.22
CNI	0.77	(0.04)	(0.07)	0.01	0.94	(0.81)	1.78	(1.40)	4.60

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