CENX vs. AA

Last updated Jun 24, 2026

CENX (Century Aluminum Company) and AA (Alcoa Corporation) are both stocks. Both operate in the Aluminum industry within the Basic Materials sector. Over the past 5 years, CENX returned 29.99%/yr vs 9.74%/yr for AA. A 0.71 correlation means they provide meaningful diversification when combined.

Performance

CENX vs. AA - Performance Comparison

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

Returns By Period

In the year-to-date period, CENX achieves a 20.80% return, which is significantly higher than AA's 3.99% return.

CENX

• 1D: -4.44%
• 1M: -27.24%
• YTD: 20.80%
• 6M: 21.45%
• 1Y: 175.49%
• 3Y*: 75.34%
• 5Y*: 29.99%
• 10Y*: 22.40%

AA

• 1D: -5.60%
• 1M: -22.84%
• YTD: 3.99%
• 6M: 3.00%
• 1Y: 93.65%
• 3Y*: 20.20%
• 5Y*: 9.74%
• 10Y*: —

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

CENX vs. AA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CENX Century Aluminum Company	20.80%	115.04%	50.08%	48.41%	-50.60%	50.14%	46.77%	2.80%	-62.78%	129.44%
AA Alcoa Corporation	3.99%	42.46%	12.43%	-24.33%	-23.12%	159.05%	7.16%	-19.07%	-50.66%	91.84%

Correlation

The correlation between CENX and AA is 0.68, 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	0.68
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 CENX and AA has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

Fundamentals

Market Cap CENX : $4.95B AA : $14.52B
EPS CENX : $3.54 AA : $3.92
PE Ratio CENX : 13.37 AA : 14.05
PEG Ratio CENX : 0.04 AA : 0.04
PS Ratio CENX : 1.84 AA : 1.14
PB Ratio CENX : 4.30 AA : 2.13
Total Revenue (TTM) CENX : $2.54B AA : $12.66B
Gross Profit (TTM) CENX : $322.30M AA : $948.00M
EBITDA (TTM) CENX : $466.30M AA : $1.70B

Return for Risk

CENX vs. AA — Risk / Return Rank

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

CENX

CENX Risk / Return Rank: 92
CENX Sharpe Ratio Rank: 94
CENX Sortino Ratio Rank: 89
CENX Omega Ratio Rank: 88
CENX Calmar Ratio Rank: 94
CENX Martin Ratio Rank: 96

AA

AA Risk / Return Rank: 83
AA Sharpe Ratio Rank: 85
AA Sortino Ratio Rank: 81
AA Omega Ratio Rank: 78
AA Calmar Ratio Rank: 82
AA Martin Ratio Rank: 90

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.

CENX vs. AA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Century Aluminum Company (CENX) and Alcoa Corporation (AA). 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.

	CENX	AA	Difference
Sharpe ratio: Return per unit of total volatility	2.76	1.70	+1.06
Sortino ratio: Return per unit of downside risk	3.01	2.32	+0.69
Omega ratio: Gain probability vs. loss probability	1.39	1.27	+0.11
Calmar ratio: Return relative to maximum drawdown	5.66	2.75	+2.92
Martin ratio: Return relative to average drawdown	19.66	11.56	+8.10

CENX vs. AA - Sharpe Ratio Comparison

The current CENX Sharpe Ratio is 2.76, which is higher than the AA Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of CENX and AA, 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

CENX vs. AA - Drawdown Comparison

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

Drawdown Indicators

	CENX	AA	Difference
Max Drawdown Largest peak-to-trough decline	-98.67%	-90.90%	-7.77%
Max Drawdown (1Y) Largest decline over 1 year	-31.18%	-34.26%	+3.08%
Max Drawdown (3Y) Largest decline over 3 years	-42.77%	-52.25%	+9.48%
Max Drawdown (5Y) Largest decline over 5 years	-82.10%	-75.46%	-6.64%
Max Drawdown (10Y) Largest decline over 10 years	-87.51%	—	—
Current Drawdown Current decline from peak	-40.83%	-39.34%	-1.49%
Average Drawdown Average peak-to-trough decline	-61.09%	-46.09%	-15.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.96%	8.13%	+0.83%

Volatility

CENX vs. AA - Volatility Comparison

Century Aluminum Company (CENX) and Alcoa Corporation (AA) have volatilities of 22.48% and 22.13%, 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

	CENX	AA	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.48%	22.13%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	47.80%	41.93%	+5.87%
Volatility (1Y) Calculated over the trailing 1-year period	64.00%	55.36%	+8.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.22%	56.35%	+15.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.65%	55.69%	+14.96%

Dividends

CENX vs. AA - Dividend Comparison

CENX has not paid dividends to shareholders, while AA's dividend yield for the trailing twelve months is around 0.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AA Alcoa Corporation	0.73%	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

CENX vs. AA - Profitability Comparison

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

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 - 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 - 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 - 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 - 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%.

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%.

Frequently Asked Questions

Can I hold both CENX and AA in my portfolio?

CENX and AA have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CENX or AA?

CENX has higher volatility (22.48%) compared to AA (22.13%). In terms of maximum drawdown, CENX dropped -98.67% vs AA's -90.90%.

Which has better risk-adjusted returns?

CENX currently has the higher Sharpe Ratio (2.76 vs 1.70), 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.