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Relative Intelligence · Aerospace & Defense

How Howmet Aerospace (HWM) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on HWM alone. It places HWM (Howmet Aerospace Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where HWM stands in the market, and of the alternatives worth a closer look.

Period covered: HWM's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against HWM →Chart HWM vs. 21 alternatives →
On this page12 sections

Key findings

How much would $10,000 in HWM have grown?

This chart tracks a hypothetical $10,000 investment in HWM over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of HWM over the same span and HWM's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 536 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of HWM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • ATRO$1M+12,273% total · +18.1% a year
  • WWD$803,460+7,935% total · +16.3% a year
  • MOG-A$350,288+3,403% total · +13.0% a year
  • CRS$297,321+2,873% total · +12.4% a year
  • RTX$288,741+2,787% total · +12.3% a year
  • LMT$194,815+1,848% total · +10.8% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • HWM$100,078+901% total · +8.3% a year
  • DCO$71,300+613% total · +7.0% a year
  • HXL$31,850+219% total · +4.1% a year
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From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 50 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of HWM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$20,000$50,000$100,000$200,000202120222023202420252026
  • FIX$236,701+2,267% total · +88.3% a year
  • STX$128,799+1,188% total · +66.7% a year
  • CRS$125,806+1,158% total · +65.9% a year
  • ATI$113,890+1,039% total · +62.7% a year
  • AVGO$79,117+691% total · +51.2% a year
  • HWM$73,554+636% total · +49.0% a year
  • MOG-A$52,115+421% total · +39.1% a year
  • DCO$34,070+241% total · +27.8% a year
  • RTX$24,048+140% total · +19.2% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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HWM at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$84B
Industry
Aerospace & Defense
Price history from
October 1986

Returns

Past 1 year
+10.2%total return
Past 3 years
+391%+70.0% a year
Past 5 years
+594%+47.3% a year
Past 10 years
+1,028%+27.4% a year
Best calendar year
+133%1999
Worst calendar year
−67.4%2008
Losing years
11 of 29full calendar years

Risk

Volatility
32.5%typical yearly swing, 5 years
Sharpe ratio
1.36return per unit of risk, 5 years
Worst decline ever
−87.6%Jul 2007 to Mar 2009
From its all-time high
−27.7%below the peak

HWM against the whole market

Where HWM ranks among every stock and fund, and what across the market has done better.

How does HWM rank among all stocks?

This section ranks HWM on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how HWM stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureHWMRankStanding
1-year return+10.2%1,581 of 3,287top 48%
3-year return+391%153 of 3,017top 5%
5-year return+594%52 of 2,893top 2%
10-year return+1,028%102 of 2,202top 5%
Volatility, 5 years32.5%958 of 2,893top 33%
Sharpe ratio, 5 years1.368 of 2,893top 1%
Worst decline, past 10 years−68.9%1,257 of 2,187bottom 44%

What has beaten HWM on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). HWM sits where the dashed lines cross. Anything in the green box above and to the left earned more than HWM with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to HWM. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than HWMHWM: +47.3% a year, volatility 32.5%SPY (S&P 500): +12.7% a year, volatility 17.1%ATI: +61.8% a year, volatility 42.9%FIX: +77.0% a year, volatility 46.7%MPC: +51.2% a year, volatility 33.4%AVGO: +48.3% a year, volatility 44.5%LLY: +40.7% a year, volatility 32.8%STX: +57.4% a year, volatility 48.7%ASX: +48.8% a year, volatility 43.0%HWMSPY (S&P 500)ATIFIXMPCAVGOLLYSTXASX10.0%20.0%30.0%40.0%50.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than HWMHWM: +47.3% a year, volatility 32.5%SPY (S&P 500): +12.7% a year, volatility 17.1%ATI: +61.8% a year, volatility 42.9%FIX: +77.0% a year, volatility 46.7%MPC: +51.2% a year, volatility 33.4%AVGO: +48.3% a year, volatility 44.5%LLY: +40.7% a year, volatility 32.8%STX: +57.4% a year, volatility 48.7%ASX: +48.8% a year, volatility 43.0%HWMSPY (S&P 500)ATIFIXMPCAVGOLLYSTXASX
  • Popular alternatives
  • The whole market

Is there a better investment than HWM?

Investments that beat HWM over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat HWM over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks HWM's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than HWM's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× HWM's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than HWM's.

Screen the whole market against HWM for any period in BetterThanSPYOpen these 8 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with HWM?lower diversifies moreExpenseper year
HWMHowmet Aerospace Inc. · this page
+47.3%32.5%1.36−68.9%+1,028%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.550.09%
Popular alternativesbest 1 shownThe investments people most often weigh against HWM. 1 of 19 passed at least one test.
ATIATI Inc. · Metals & Mining
On the frontierHigher return in most periods+61.8%42.9%1.34−82.4%+929%0.66—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 9 of 3,487 passed at least one test.
FIXComfort Systems USA, Inc. · Engineering & Construction
On the frontierHigher Sharpe, smaller worst declineHigher return in most periods+77.0%46.7%1.46−49.7%+5,305%0.49—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, similar volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.20—
AVGOBroadcom Inc. · Semiconductors
Higher return in most periods+48.3%44.5%1.11−48.3%+2,380%0.19—
LLYEli Lilly and Company · Pharmaceuticals
On the frontierSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.05—
STXSeagate Technology Holdings plc · Computer Hardware
Higher return in most periods+57.4%48.7%1.18−57.0%+2,698%0.29—
ASXASE Technology Holding Co., Ltd. · Semiconductors
Higher return in most periods+48.8%43.0%1.15−52.5%+967%0.32—
What these numbers mean for HWM
Annual return
HWM returned 47.3% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $69,400. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
HWM's volatility over the past 5 years was 32.5%, 1.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, HWM's return lands within 32.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
HWM's Sharpe ratio over the past 5 years was 1.36, against 0.79 for the S&P 500, so HWM earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
HWM's worst fall from a peak to a low over the past 10 years was 68.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 68.9% fall takes a 222% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, HWM's monthly returns had a correlation of 0.55 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against HWM instead: the lower it is, the more that option would diversify a HWM holding. Guide: Correlation and diversification →

HWM against its popular alternatives

The investments people most often weigh against HWM, compared period by period and year by year.

How do HWM's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at HWM, which divides the map into what did better or worse on each measure.

Green points earned more than HWM with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%60.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityHWM: 47.3% a year, volatility 32.5%SPY (S&P 500): 12.7% a year, volatility 17.1%DCO: 27.5% a year, volatility 34.5%ATRO: 40.8% a year, volatility 55.6%DAL: 14.6% a year, volatility 40.8%BA: −2.5% a year, volatility 36.8%UAL: 16.3% a year, volatility 49.0%BWXT: 19.6% a year, volatility 34.1%ATI: 61.8% a year, volatility 42.9%CRS: 63.9% a year, volatility 46.5%MOG-A: 36.6% a year, volatility 32.0%RTX: 18.6% a year, volatility 24.3%LMT: 11.1% a year, volatility 24.2%HXL: 10.2% a year, volatility 32.2%WWD: 23.8% a year, volatility 32.3%HEI: 17.3% a year, volatility 27.8%TDG: 16.4% a year, volatility 28.0%GE: 36.0% a year, volatility 31.0%TXT: 0.8% a year, volatility 27.6%NOC: 7.6% a year, volatility 26.1%CW: 30.8% a year, volatility 28.7%HWMSPY (S&P 500)DCOATRODALBAUALBWXTATICRSMOG-ARTXLMTHXLWWDHEIGETXTNOCCW10.0%20.0%30.0%40.0%50.0%60.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityHWM: 47.3% a year, volatility 32.5%SPY (S&P 500): 12.7% a year, volatility 17.1%DCO: 27.5% a year, volatility 34.5%ATRO: 40.8% a year, volatility 55.6%DAL: 14.6% a year, volatility 40.8%BA: −2.5% a year, volatility 36.8%UAL: 16.3% a year, volatility 49.0%BWXT: 19.6% a year, volatility 34.1%ATI: 61.8% a year, volatility 42.9%CRS: 63.9% a year, volatility 46.5%MOG-A: 36.6% a year, volatility 32.0%RTX: 18.6% a year, volatility 24.3%LMT: 11.1% a year, volatility 24.2%HXL: 10.2% a year, volatility 32.2%WWD: 23.8% a year, volatility 32.3%HEI: 17.3% a year, volatility 27.8%TDG: 16.4% a year, volatility 28.0%GE: 36.0% a year, volatility 31.0%TXT: 0.8% a year, volatility 27.6%NOC: 7.6% a year, volatility 26.1%CW: 30.8% a year, volatility 28.7%HWMSPY (S&P 500)DCOATRODALBAUALBWXTATIMOG-ARTXHXLWWDGETXTNOCCW
All figures
InvestmentAnnual returnVolatility
CRS Carpenter Technology Corporation+63.9%46.5%
ATI ATI Inc.+61.8%42.9%
HWM This pageHowmet Aerospace Inc.+47.3%32.5%
ATRO Astronics Corporation+40.8%55.6%
MOG-A Moog Inc.+36.6%32.0%
GE GE Aerospace+36.0%31.0%
CW Curtiss-Wright Corporation+30.8%28.7%
DCO Ducommun Incorporated+27.5%34.5%
WWD Woodward, Inc.+23.8%32.3%
BWXT BWX Technologies, Inc.+19.6%34.1%
RTX RTX Corporation+18.6%24.3%
HEI HEICO Corporation+17.3%27.8%
TDG TransDigm Group Incorporated+16.4%28.0%
UAL United Airlines Holdings, Inc.+16.3%49.0%
DAL Delta Air Lines, Inc.+14.6%40.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
LMT Lockheed Martin Corporation+11.1%24.2%
HXL Hexcel Corporation+10.2%32.2%
NOC Northrop Grumman Corporation+7.6%26.1%
TXT Textron Inc.+0.8%27.6%
BA The Boeing Company−2.5%36.8%
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Has HWM consistently beaten its popular alternatives?

This section compares HWM with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than HWM helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than HWM over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
HWM Howmet Aerospace Inc. (this page)—−6.9%−22.1%−17.1%+0.1%+10.2%+391%+594%+1,028%32.5%1.36−68.9%—$84B—
ATI QualifiedATI Inc.5/5 short2/3 long−3.2%−1.7%+11.6%+53.6%+125%+415%+1,008%+929%42.9%1.34−82.4%—$25B—
CRS SteelCarpenter Technology Corporation2/5 short2/3 long−7.5%−32.8%−17.5%+10.3%+54.5%+521%+1,082%+1,021%46.5%1.30−74.7%—$18B—
DCO Aerospace & DefenseDucommun Incorporated5/5 short0/3 long−1.0%−1.3%+17.2%+71.9%+74.1%+261%+236%+706%34.5%0.88−70.8%—$2.5B—
MOG-A Aerospace & DefenseMoog Inc.5/5 short0/3 long−1.4%−7.9%+14.8%+46.2%+77.4%+228%+375%+595%32.0%1.14−63.7%—$12B—
RTX Aerospace & DefenseRTX Corporation5/5 short0/3 long−0.5%−0.2%−0.5%+4.4%+22.1%+183%+135%+317%24.3%0.83−52.0%—$261B—
LMT Aerospace & DefenseLockheed Martin Corporation5/5 short0/3 long+2.5%+8.4%−4.4%+12.4%+11.3%+33.8%+69.0%+204%24.2%0.56−36.7%—$127B—
HXL Aerospace & DefenseHexcel Corporation5/5 short0/3 long+5.0%−13.5%+2.4%+19.5%+45.6%+44.9%+62.4%+122%32.2%0.46−68.5%—$6.9B—
WWD Aerospace & DefenseWoodward, Inc.4/5 short0/3 long−0.3%−17.0%−17.6%+4.5%+29.1%+165%+191%+488%32.3%0.82−60.6%—$19B—
ATRO Aerospace & DefenseAstronics Corporation4/5 short0/3 long−12.8%−11.0%−3.5%+32.5%+55.4%+396%+453%+147%55.6%0.89−85.5%—$2.2B—
DAL Airlines, Airports & Air ServicesDelta Air Lines, Inc.4/5 short0/3 long−6.8%−9.1%+8.5%+12.2%+25.5%+146%+97.6%+109%40.8%0.54−69.2%—$50B—
HEI Aerospace & DefenseHEICO Corporation3/5 short0/3 long+0.7%−10.3%+4.5%−7.3%−2.4%+93.4%+122%+809%27.8%0.71−57.7%—$43B—
TDG Aerospace & DefenseTransDigm Group Incorporated3/5 short0/3 long+3.0%−5.1%−10.3%−15.9%−12.2%+62.5%+114%+543%28.0%0.69−62.6%—$63B—
GE Aerospace & DefenseGE Aerospace3/5 short0/3 long−5.9%−12.0%−1.0%−6.1%−0.4%+261%+366%+139%31.0%1.15−80.9%—$311B—
TXT Aerospace & DefenseTextron Inc.3/5 short0/3 long−2.8%−15.0%−15.6%−11.3%−6.3%+1.9%+4.1%+97.9%27.6%0.17−70.0%—$13B—
BA Aerospace & DefenseThe Boeing Company3/5 short0/3 long−5.3%−9.1%−15.4%−16.4%−12.2%+5.8%−11.9%+52.4%36.8%0.12−77.9%—$151B—
LOAR Aerospace & DefenseLoar Holdings Inc.3/5 short0/3 long−3.9%−11.0%−9.3%−11.4%−23.9%—————−46.0%—$5.8B—
NOC Aerospace & DefenseNorthrop Grumman Corporation2/5 short0/3 long+1.4%+2.4%−18.0%−7.7%−9.8%+15.6%+44.5%+188%26.1%0.41−37.8%—$76B—
UAL Airlines, Airports & Air ServicesUnited Airlines Holdings, Inc.2/5 short0/3 long−14.5%−16.8%−1.2%−13.5%−3.5%+179%+113%+72.8%49.0%0.55−79.4%—$32B—
BWXT Aerospace & DefenseBWX Technologies, Inc.1/5 short0/3 long−9.0%−20.7%−41.0%−25.9%−35.0%+79.8%+145%+289%34.1%0.70−47.7%—$12B—
KRMN Aerospace & DefenseKarman Holdings Inc.1/5 short0/3 long−0.5%−21.9%−57.6%−54.4%−55.2%—————−73.9%—$4.6B—
CW Aerospace & DefenseCurtiss-Wright Corporation0/5 short0/3 long−12.8%−30.1%−32.1%−13.4%−11.6%+148%+283%+512%28.7%1.08−48.7%—$18B—
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How did HWM do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where HWM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with HWM and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of HWM; gray means the two finished within a fraction of a point. The rank row places HWM among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of HWM20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
HWM This pageHowmet Aerospace Inc.—+87.9%+103%+37.8%+24.2%+11.7%−7.2%+83.6%−37.5%+48.4%−11.5%−36.3%+50.9%+25.6%+2.9%−42.9%−2.8%+51.3%−67.4%+26.4%+5.5%−1.8%−14.1%+75.3%−33.1%+9.8%−15.9%+133%+7.0%+11.8%
Rank among alternativesTop quarter in 10 of 293 of 213 of 208 of 205 of 205 of 2010 of 202 of 2019 of 205 of 2020 of 2018 of 203 of 2017 of 2013 of 2020 of 2018 of 194 of 1914 of 1910 of 1815 of 1614 of 1616 of 164 of 1612 of 167 of 1613 of 161 of 157 of 1511 of 15
SPY S&P 500State Street SPDR S&P 500 ETF17 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
ATI ATI Inc.14 of 26+109%+21.1%+52.3%+87.5%−5.0%−18.8%−5.1%−9.8%+51.5%+43.9%−66.7%−0.5%+20.2%−35.1%−12.2%+25.0%+79.8%−70.0%−4.2%+153%+68.2%+66.5%+122%−60.8%+10.3%−26.5%———
CRS Carpenter Technology Corporation14 of 29+86.2%+142%+94.5%+29.5%+2.7%−39.4%+42.1%−29.2%+43.4%+22.0%−37.4%−19.8%+22.1%+1.7%+30.0%+52.6%+35.9%−72.1%+48.0%+46.5%+21.7%+99.5%+142%−50.7%−18.9%+34.3%−15.0%−27.2%+35.3%
DCO Ducommun Incorporated15 of 29+49.4%+22.3%+4.2%+6.8%−12.9%+6.3%+39.1%+27.7%+11.3%+57.6%−35.8%−15.2%+84.4%+26.8%−41.3%+18.3%+13.9%−55.7%+66.1%+7.1%+2.5%−6.7%+41.0%+42.8%+0.3%+1.7%−21.2%−40.7%+61.6%
MOG-A Moog Inc.16 of 29+24.4%+36.8%+66.6%+9.8%+3.4%−6.2%+11.4%−10.0%+32.2%+8.4%−18.1%+9.0%+65.6%−6.6%+10.4%+36.2%−20.1%−20.2%+20.0%+34.6%−6.1%+37.7%+59.2%+42.4%+12.9%+7.3%−31.0%+11.9%+49.5%
RTX RTX Corporation15 of 29+61.4%+40.8%−14.4%+20.0%+23.3%−16.7%+44.1%−14.5%+19.3%+17.3%−14.3%+3.4%+42.0%+15.3%−4.8%+16.4%+33.4%−28.4%+24.6%+13.8%+10.2%+10.9%+55.5%−2.6%−16.8%+22.7%+21.1%+51.8%+11.7%
LMT Lockheed Martin Corporation15 of 29+2.5%+10.0%−4.3%+40.5%+3.1%−6.5%+52.5%−16.4%+30.0%+18.4%+16.2%+33.8%+68.1%+19.5%+20.7%−3.9%−7.6%−18.6%+16.0%+47.0%+16.5%+10.0%−10.0%+24.7%+39.0%+57.9%−46.9%−12.6%+9.5%
HXL Hexcel Corporation15 of 29+19.2%−14.2%+26.2%+14.4%+6.8%−33.7%+28.9%−6.5%+21.1%+11.9%+12.9%−7.1%+65.8%+11.3%+33.9%+39.4%+75.5%−69.5%+39.5%−3.6%+24.5%+95.6%+147%−2.5%−65.5%+60.7%−33.6%−66.4%+53.5%
WWD Woodward, Inc.15 of 29+82.6%+23.0%+42.0%−11.1%−9.4%+3.2%+60.4%−2.2%+11.6%+40.2%+1.7%+8.7%+20.6%−6.1%+9.9%+46.9%+13.2%−31.9%+72.5%+40.3%+21.8%+28.1%+33.8%−23.9%+31.9%+68.9%+28.5%−29.3%+0.3%
ATRO Astronics Corporation16 of 29+240%−8.3%+69.1%−14.2%−9.3%−52.7%−8.2%−13.2%+22.5%−4.4%−15.4%+30.4%+178%−11.2%+70.4%+146%−4.1%−72.2%+149%+59.1%+111%+2.6%+38.7%−38.9%+23.9%+28.4%+5.2%+11.5%+90.0%
DAL Delta Air Lines, Inc.9 of 18+16.1%+52.0%+23.0%−15.9%−2.8%−30.8%+20.4%−8.7%+16.2%−1.4%+4.1%+80.5%+133%+46.7%−35.8%+10.7%−0.7%−23.0%———————————
HEI HEICO Corporation16 of 29+36.2%+33.1%+16.6%+6.7%+9.1%+16.2%+47.5%+28.6%+53.0%+42.3%−9.7%+4.5%+63.2%+1.1%+43.6%+44.3%+14.5%−28.6%+40.7%+50.4%+14.9%+38.1%+73.2%−29.5%+6.7%−28.3%−30.8%+66.7%+78.9%
TDG TransDigm Group Incorporated12 of 19+12.2%+32.3%+66.6%+1.8%+2.8%+10.5%+84.4%+23.8%+19.8%+19.1%+16.4%+39.9%+36.8%+56.1%+32.9%+51.6%+67.3%−25.7%+70.4%——————————
GE GE Aerospace14 of 29+85.7%+64.9%+95.8%−10.9%+9.7%−2.7%+54.0%−55.4%−42.9%+4.6%+27.5%−6.7%+37.9%+21.3%+1.3%+24.3%−1.9%−53.9%+2.7%+9.3%−1.4%+20.7%+30.7%−37.7%−15.1%−6.0%+53.6%+41.0%+51.0%
TXT Textron Inc.16 of 29+14.1%−4.8%+13.7%−8.2%+59.9%+8.6%−2.9%−18.6%+16.7%+15.8%0.0%+14.7%+48.7%+34.5%−21.5%+26.1%+36.7%−80.0%+54.4%+24.0%+6.3%+32.2%+37.1%+6.9%−8.5%−37.8%+2.6%+24.3%+34.8%
BA The Boeing Company14 of 29+22.7%−32.1%+36.8%−5.4%−5.9%−33.9%+3.3%+11.5%+94.7%+11.3%+14.1%−2.5%+84.7%+5.2%+15.2%+23.6%+31.8%−50.1%−0.1%+28.4%+37.9%+24.9%+30.4%−13.4%−40.4%+61.2%+28.7%−32.5%−7.1%
LOAR Loar Holdings Inc.0 of 1−8.0%————————————————————————————
NOC Northrop Grumman Corporation17 of 29+23.6%+1.9%−12.8%+43.0%+29.3%−9.9%+42.7%−18.9%+33.9%+25.2%+30.5%+31.4%+74.4%+19.6%+2.9%+19.7%+28.5%−41.2%+18.4%+14.6%+12.6%+15.7%+0.3%−2.4%+23.7%+57.3%−24.2%−35.3%+41.5%
UAL United Airlines Holdings, Inc.10 of 19+15.2%+135%+9.4%−13.9%+1.2%−50.9%+5.2%+24.2%−7.5%+27.2%−14.3%+76.8%+61.8%+23.9%−20.8%+84.5%+17.2%−64.3%−18.9%——————————
BWXT BWX Technologies, Inc.8 of 15+56.4%+46.5%+33.9%+23.3%−19.4%−1.5%+64.5%−36.1%+53.6%+26.2%+48.2%−10.2%+32.0%+8.9%−5.6%——————————————
CW Curtiss-Wright Corporation14 of 29+55.7%+59.7%+34.0%+21.0%+19.9%−16.8%+38.7%−15.8%+24.5%+44.4%−2.2%+14.3%+91.4%−6.0%+7.5%+7.1%−5.2%−32.9%+36.2%+36.9%−4.3%+28.4%+42.3%+34.9%+3.9%+27.8%−1.8%+6.3%+46.4%
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Risk and diversification

How HWM has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were HWM's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents HWM's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means HWM fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringHWM fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−87.6%−54.0%Jul 2007Mar 200920 monthsMay 202415.2 years
Dot-com bust−58.3%−39.4%May 2001Oct 200217 monthsApr 20074.5 years
No named crash−46.7%—Oct 1987Oct 1987Under a monthJan 198915 months
Dot-com bust−43.6%+3.0%Jan 2000Sep 20008 monthsApr 20017 months
No named crash−32.9%—Oct 1989Nov 199013 monthsMar 199216 months

How did HWM do in stock market crashes?

This section measures how far HWM, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than HWM.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
HWM This pageHowmet Aerospace Inc.—−8.5%−20.2%−64.8%−30.8%−16.0%−38.4%−43.5%0.0%−87.3%−58.3%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
ATI ATI Inc.3 of 10−8.7%−30.9%−74.4%−28.7%−4.5%−65.6%−48.4%0.0%−86.7%−73.7%
CRS Carpenter Technology Corporation4 of 10−8.7%−41.9%−66.2%−43.6%−3.8%−36.5%−28.1%0.0%−84.7%−70.2%
DCO Ducommun Incorporated6 of 10−6.6%−30.7%−70.8%−23.5%−7.4%−49.3%−38.0%−5.1%−72.2%−44.1%
MOG-A Moog Inc.7 of 10−6.4%−21.3%−61.7%−20.0%−9.2%−42.3%−29.1%−4.3%−62.9%−38.2%
RTX RTX Corporation8 of 10−1.5%−21.9%−50.5%−27.7%−7.1%−15.4%−23.1%−2.5%−52.0%−52.1%
LMT Lockheed Martin Corporation9 of 10−0.8%−16.9%−35.9%−29.4%−5.2%−8.5%−17.3%−1.9%−50.5%−24.5%
HXL Hexcel Corporation8 of 10−6.2%−19.6%−61.3%−21.0%−6.0%−29.2%−25.1%−3.5%−82.8%−86.7%
WWD Woodward, Inc.8 of 10−5.3%−37.3%−58.5%−18.2%−13.6%−18.7%−30.3%−4.3%−83.2%−48.6%
ATRO Astronics Corporation4 of 10−8.3%−48.3%−70.9%−22.7%−9.2%−45.7%−28.3%−4.0%−83.2%−63.6%
DAL Delta Air Lines, Inc.6 of 9−10.2%−37.4%−63.5%−21.0%−7.6%−22.0%−21.3%−0.2%−81.1%—
HEI HEICO Corporation9 of 10−3.7%−18.8%−52.4%−22.6%−7.3%−14.6%−27.3%−3.0%−61.4%−53.9%
TDG TransDigm Group Incorporated6 of 9−8.1%−24.9%−61.7%−16.3%−8.1%−23.4%−20.6%−3.2%−51.7%—
GE GE Aerospace6 of 10−2.8%−40.7%−51.5%−50.7%−7.6%−12.3%−22.1%−2.5%−82.7%−61.9%
TXT Textron Inc.5 of 10−8.1%−25.9%−54.5%−38.9%−6.0%−29.0%−39.9%−9.4%−94.7%−49.9%
BA The Boeing Company7 of 10−2.9%−48.7%−71.9%−24.7%−5.7%−26.8%−20.5%−1.8%−70.0%−57.1%
NOC Northrop Grumman Corporation9 of 10−1.6%−11.2%−26.1%−29.0%−4.3%−9.1%−24.7%−2.7%−58.7%−27.6%
UAL United Airlines Holdings, Inc.4 of 9−10.0%−38.5%−73.4%−18.2%−4.1%−26.7%−20.2%−0.4%−93.0%—
BWXT BWX Technologies, Inc.6 of 7−3.1%−18.1%−40.1%−41.6%−6.2%−16.0%−31.1%———
CW Curtiss-Wright Corporation8 of 10−4.4%−20.5%−47.8%−29.6%−9.6%−12.9%−19.3%−1.7%−59.2%−33.7%
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How closely does HWM move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares HWM with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than HWM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
HWM This pageHowmet Aerospace Inc.142%115%1.231.41
NOC Northrop Grumman Corporation49%32%1.550.35
HEI HEICO Corporation118%85%1.391.15
CW Curtiss-Wright Corporation103%77%1.331.20
ATI ATI Inc.141%116%1.221.37
LMT Lockheed Martin Corporation58%48%1.220.52
BWXT BWX Technologies, Inc.82%68%1.210.87
MOG-A Moog Inc.119%101%1.181.20
TDG TransDigm Group Incorporated112%97%1.151.25
DCO Ducommun Incorporated128%112%1.141.32
CRS Carpenter Technology Corporation155%137%1.131.68
WWD Woodward, Inc.111%100%1.111.27
RTX RTX Corporation94%91%1.020.89
GE GE Aerospace85%106%0.801.21
DAL Delta Air Lines, Inc.107%149%0.721.34
HXL Hexcel Corporation94%135%0.691.27
ATRO Astronics Corporation134%194%0.691.59
UAL United Airlines Holdings, Inc.107%158%0.681.41
TXT Textron Inc.103%155%0.661.33
BA The Boeing Company93%152%0.611.42
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What diversifies HWM?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with HWM's. Because such investments tend not to fall at the same time, pairing HWM with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which HWM lost money. The last two columns show a portfolio that is 80% HWM and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2020201820162015201120102008200520042002200080/20 mix volatility80/20 mix annual return
HWM Howmet Aerospace Inc. (this page)1.00+594%1.36−7.2%−37.5%−11.5%−36.3%−42.9%−2.8%−67.4%−1.8%−14.1%−33.1%−15.9%34.5%+49.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.38+225%1.34+3.9%−19.8%+1.1%+7.7%−16.1%−1.8%−20.8%————28.7%+45.4%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.49+62.9%0.99+2.6%−4.8%+6.5%+4.7%———————28.5%+41.5%
SMH TechnologyVanEck Semiconductor ETF0.34+323%0.97+55.5%−9.1%+35.6%−0.3%+6.8%+19.0%−44.7%+10.8%−19.3%−47.0%—30.7%+48.3%
GLD CommoditiesSPDR Gold Shares0.19+126%0.96+24.8%−1.9%+8.0%−10.7%+9.6%+29.3%+4.9%+17.8%———28.5%+43.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.48+136%0.93+28.2%−0.9%+7.4%————————29.8%+44.1%
XLE EnergyState Street Energy Select Sector SPDR ETF0.26+177%0.93−32.7%−18.2%+28.0%−21.5%+2.8%+21.9%−39.0%+40.1%+33.8%−14.8%+24.4%29.4%+44.9%
EWT TechnologyiShares MSCI Taiwan ETF0.31+153%0.89+31.5%−9.9%+17.7%−12.9%−21.8%+22.8%−45.3%+4.7%+8.0%−24.4%—29.6%+44.5%
EUFN InternationaliShares MSCI Europe Financials ETF0.46+133%0.89−8.5%−23.1%−2.7%−4.7%−26.6%——————29.7%+43.9%

Stocks

InvestmentCorrelation5Y returnSharpe2020201820162015201120102008200520042002200080/20 mix volatility80/20 mix annual return
HWM Howmet Aerospace Inc. (this page)1.00+594%1.36−7.2%−37.5%−11.5%−36.3%−42.9%−2.8%−67.4%−1.8%−14.1%−33.1%−15.9%34.5%+49.0%
CAH Medical - DistributionCardinal Health, Inc.0.44+479%1.55+10.1%−24.5%−17.5%+12.6%+8.1%+21.4%−39.6%+18.7%−4.7%−8.3%+108%30.3%+47.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.36+3,143%1.47−2.4%−16.3%+7.4%−6.0%−24.4%+2.8%−20.5%−25.2%−6.4%−65.1%−2.3%33.6%+63.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.49+1,636%1.46+6.7%+0.8%+18.3%+67.7%−17.0%+8.7%−15.2%+20.1%+40.0%−9.4%−71.1%32.9%+58.0%
MCK Medical - DistributionMcKesson Corporation0.46+413%1.44+27.1%−28.4%−28.3%−4.5%+11.8%+13.8%−40.4%+64.9%−1.4%−27.2%+61.2%30.3%+47.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.20+690%1.41−27.4%−8.2%+0.7%+17.4%———————29.6%+50.8%
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Common questions

What was HWM's worst drawdown?

HWM's deepest decline since it began trading in 1986 was 87.6%, from July 2007 to March 2009. It took about 15 years from the low to climb back to its old high.

What were HWM's best and worst years?

Over 29 full calendar years, HWM's best year was 1999, when it returned 133%. Its worst was 2008, with a return of -67.4%.

Is there a better investment than HWM?

Among HWM's popular alternatives, ATI was ahead of HWM in most short and long periods, though with much bigger swings (42.9% volatility against 32.5%). Nothing in the whole market did better on both counts: none of the 3,633 stocks and funds worth at least $500 million earned more than HWM with less volatility over the past 5 years.

Is HWM more volatile than the S&P 500?

Yes. HWM's volatility over the past 5 years was 32.5%, 1.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, HWM's return lands within 32.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is HWM's Sharpe ratio?

HWM's Sharpe ratio over the past 5 years was 1.36, against 0.79 for the S&P 500, so HWM earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is HWM with the S&P 500?

Over the past 5 years, HWM's monthly returns had a correlation of 0.55 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against HWM instead: the lower it is, the more that option would diversify a HWM holding.

What are the best alternatives to HWM?

Of the 21 popular alternatives we compared, one outperformed HWM in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: ATI.

Did HWM outperform the S&P 500?

HWM finished ahead of the S&P 500 (SPY) in 12 of 29 full calendar years. In 2025, it returned +88.0%, against +17.7% for the index.

How did HWM do in stock market crashes?

HWM fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the 2008 financial crisis, when HWM fell 87.3% and the S&P 500 fell 55.2%.

What diversifies HWM?

These had a low correlation with HWM over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.38), FTLS (correlation 0.49) and SMH (correlation 0.34); among large stocks, CAH (correlation 0.44), CLS (correlation 0.36) and FIX (correlation 0.49). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to HWM

Other stocks and ETFs