AA vs. CENX

Last updated Jun 23, 2026

AA (Alcoa Corporation) and CENX (Century Aluminum Company) are both stocks. Both operate in the Aluminum industry within the Basic Materials sector. Over the past 5 years, AA returned 11.83%/yr vs 32.11%/yr for CENX. A 0.71 correlation means they provide meaningful diversification when combined.

Performance

AA vs. CENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alcoa Corporation (AA) and Century Aluminum Company (CENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AA achieves a 10.16% return, which is significantly lower than CENX's 26.42% return.

AA

• 1D: -1.72%
• 1M: -18.25%
• YTD: 10.16%
• 6M: 8.97%
• 1Y: 111.41%
• 3Y*: 22.54%
• 5Y*: 11.83%
• 10Y*: —

CENX

• 1D: -4.22%
• 1M: -23.86%
• YTD: 26.42%
• 6M: 33.18%
• 1Y: 192.90%
• 3Y*: 78.02%
• 5Y*: 32.11%
• 10Y*: 22.96%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AA vs. CENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AA Alcoa Corporation	10.16%	42.46%	12.43%	-24.33%	-23.12%	159.05%	7.16%	-19.07%	-50.66%	91.84%
CENX Century Aluminum Company	26.42%	115.04%	50.08%	48.41%	-50.60%	50.14%	46.77%	2.80%	-62.78%	129.44%

Correlation

The correlation between AA and CENX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 1, 2016	0.71

The correlation between AA and CENX has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

Fundamentals

Market Cap AA : $15.38B CENX : $5.18B
EPS AA : $3.92 CENX : $3.54
PE Ratio AA : 14.89 CENX : 13.99
PEG Ratio AA : 0.04 CENX : 0.04
PS Ratio AA : 1.21 CENX : 1.92
PB Ratio AA : 2.25 CENX : 4.50
Total Revenue (TTM) AA : $12.66B CENX : $2.54B
Gross Profit (TTM) AA : $948.00M CENX : $322.30M
EBITDA (TTM) AA : $1.70B CENX : $466.30M

Return for Risk

AA vs. CENX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AA

AA Risk / Return Rank: 87
AA Sharpe Ratio Rank: 89
AA Sortino Ratio Rank: 85
AA Omega Ratio Rank: 81
AA Calmar Ratio Rank: 87
AA Martin Ratio Rank: 93

CENX

CENX Risk / Return Rank: 93
CENX Sharpe Ratio Rank: 95
CENX Sortino Ratio Rank: 90
CENX Omega Ratio Rank: 90
CENX Calmar Ratio Rank: 95
CENX Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AA vs. CENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alcoa Corporation (AA) and Century Aluminum Company (CENX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AA	CENX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	3.04	-1.01
Sortino ratio: Return per unit of downside risk	2.60	3.18	-0.57
Omega ratio: Gain probability vs. loss probability	1.31	1.41	-0.10
Calmar ratio: Return relative to maximum drawdown	3.69	6.94	-3.25
Martin ratio: Return relative to average drawdown	14.26	22.15	-7.89

AA vs. CENX - Sharpe Ratio Comparison

The current AA Sharpe Ratio is 2.04, which is lower than the CENX Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of AA and CENX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AA vs. CENX - Drawdown Comparison

The maximum AA drawdown since its inception was -90.90%, smaller than the maximum CENX drawdown of -98.67%. Use the drawdown chart below to compare losses from any high point for AA and CENX.

Drawdown Indicators

	AA	CENX	Difference
Max Drawdown Largest peak-to-trough decline	-90.90%	-98.67%	+7.77%
Max Drawdown (1Y) Largest decline over 1 year	-30.36%	-27.98%	-2.38%
Max Drawdown (3Y) Largest decline over 3 years	-52.25%	-42.77%	-9.48%
Max Drawdown (5Y) Largest decline over 5 years	-75.46%	-82.10%	+6.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-87.51%	—
Current Drawdown Current decline from peak	-35.74%	-38.08%	+2.34%
Average Drawdown Average peak-to-trough decline	-46.09%	-61.10%	+15.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.84%	8.75%	-0.91%

Volatility

AA vs. CENX - Volatility Comparison

Alcoa Corporation (AA) and Century Aluminum Company (CENX) have volatilities of 21.88% and 22.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AA	CENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.88%	22.52%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	41.59%	47.80%	-6.21%
Volatility (1Y) Calculated over the trailing 1-year period	55.14%	63.93%	-8.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.31%	72.19%	-15.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.68%	70.70%	-15.02%

Dividends

AA vs. CENX - Dividend Comparison

AA's dividend yield for the trailing twelve months is around 0.69%, while CENX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AA Alcoa Corporation	0.69%	0.75%	1.06%	1.18%	0.88%	0.17%	0.00%	0.00%	0.00%	0.00%	0.32%
CENX Century Aluminum Company	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

AA vs. CENX - Profitability Comparison

The chart below illustrates the profitability comparison between Alcoa Corporation and Century Aluminum Company over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Alcoa Corporation reported a gross profit of 0.00 and revenue of 3.19B. Therefore, the gross margin over that period was 0.0%.

CENX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Century Aluminum Company reported a gross profit of 118.80M and revenue of 649.20M. Therefore, the gross margin over that period was 18.3%.

AA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Alcoa Corporation reported an operating income of 0.00 and revenue of 3.19B, resulting in an operating margin of 0.0%.

CENX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Century Aluminum Company reported an operating income of 374.00M and revenue of 649.20M, resulting in an operating margin of 57.6%.

AA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Alcoa Corporation reported a net income of 425.00M and revenue of 3.19B, resulting in a net margin of 13.3%.

CENX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Century Aluminum Company reported a net income of 337.50M and revenue of 649.20M, resulting in a net margin of 52.0%.

Frequently Asked Questions

Can I hold both AA and CENX in my portfolio?

AA and CENX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AA or CENX?

CENX has higher volatility (22.52%) compared to AA (21.88%). In terms of maximum drawdown, AA dropped -90.90% vs CENX's -98.67%.

Which has better risk-adjusted returns?

CENX currently has the higher Sharpe Ratio (3.04 vs 2.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.