For a correlation
https://www.cnn.com/2022/04/28/investing/defense-stocks-russia-ukraine/index.html
Defense companies aren’t getting a boost from Russia’s war with Ukraine
The sector is also likely to benefit from President Joe Biden’s $3.4 billion commitment to aid Ukraine in the fight against Russia.
“Most NATO member countries are now implementing or proposing increases in defense spending that will make 2% of GDP the floor for defense spending, not the goal,” wrote analysts at Bank of America (BAC).
First quarter corporate earnings, however, show that fighter aircraft and weapons-makers have actually been hurt by Russia’s invasion of Ukraine. That’s because they’ve lost one of their top customers: The Kremlin.
Although defense-sector stocks soared in February as Russia began its attacks, they’ve since settled back down. iShares U.S. Aerospace & Defense ETF (ITA), which tracks companies including Raytheon (RTN), Lockheed Martin (LMT), Boeing (BA), General Dynamics (GD) and Northrop Grumman (NOC), grew by about 10% between late February and early March. This month, it’s fallen nearly 6.5%.
Investors don’t always realize how slowly money flows from Congress to the US Treasury to contractors. It’s a process that takes time.
Hard to make money on aid money for war when the aid money isn't spent on tools of war