Allegiant Travel Correlations

ALGT Stock

USD 54.96 1.93 3.64%

The current 90-days correlation between Allegiant Travel and Sun Country Airlines is 0.54 (i.e., Very weak diversification). The correlation of Allegiant Travel 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.

Allegiant Travel Correlation With Market

Modest diversification

The correlation between Allegiant Travel and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allegiant Travel and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Allegiant Travel. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in price.

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

Moving together with Allegiant Stock

0.92	VLRS	Volaris	Pair Corr
0.88	WERN	Werner Enterprises	Pair Corr
0.95	AAL	American Airlines Aggressive Push	Pair Corr
0.66	ALK	Alaska Air Group Sell-off Trend	Pair Corr
0.77	CNI	Canadian National Railway	Pair Corr
0.82	CSX	CSX Corporation	Pair Corr
0.78	DAL	Delta Air Lines	Pair Corr
0.93	KNX	Knight Transportation	Pair Corr
0.92	UAL	United Airlines Holdings	Pair Corr
0.78	ULH	Universal Logistics	Pair Corr
0.84	HTLD	Heartland Express	Pair Corr
0.75	JBLU	JetBlue Airways Corp	Pair Corr
0.94	MESA	Mesa Air Group	Pair Corr
0.8	MRTN	Marten Transport	Pair Corr
0.83	SAIA	Saia Inc	Pair Corr
0.89	SKYW	SkyWest	Pair Corr
0.89	SNDR	Schneider National	Pair Corr
0.67	SNCY	Sun Country Airlines	Pair Corr
0.85	TFII	TFI International	Pair Corr
0.72	ULCC	Frontier Group Holdings	Pair Corr
0.92	J	Jacobs Solutions	Pair Corr
0.71	R	Ryder System	Pair Corr
0.62	AP	Ampco Pittsburgh Earnings Call This Week	Pair Corr
0.8	BV	BrightView Holdings	Pair Corr

Moving against Allegiant Stock

0.56	RYAAY	Ryanair Holdings PLC	Pair Corr
0.5	CPA	Copa Holdings SA	Pair Corr
0.47	ATSG	Air Transport Services	Pair Corr
0.85	BZ	Kanzhun Ltd ADR	Pair Corr
0.74	PC	Premium Catering	Pair Corr
0.66	EH	Ehang Holdings	Pair Corr
0.58	LZ	LegalZoom	Pair Corr
0.39	DE	Deere Company	Pair Corr
0.33	MG	Mistras Group	Pair Corr
0.31	GE	GE Aerospace	Pair Corr

Related Correlations Analysis

	AZUL	ALK	BABWF	GOL	SNCY	ULCC	MESA	HA	SKYW	ATSG
AZUL		0.4	-0.07	0.0	0.52	0.54	0.56	0.0	0.66	0.21	AZUL
ALK	0.4		0.58	0.0	0.93	0.84	0.62	0.0	0.76	0.05	ALK
BABWF	-0.07	0.58		0.0	0.53	0.47	-0.08	0.0	0.15	0.57	BABWF
GOL	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	GOL
SNCY	0.52	0.93	0.53	0.0		0.89	0.63	0.0	0.72	0.11	SNCY
ULCC	0.54	0.84	0.47	0.0	0.89		0.7	0.0	0.77	0.06	ULCC
MESA	0.56	0.62	-0.08	0.0	0.63	0.7		0.0	0.83	-0.43	MESA
HA	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	HA
SKYW	0.66	0.76	0.15	0.0	0.72	0.77	0.83	0.0		-0.25	SKYW
ATSG	0.21	0.05	0.57	0.0	0.11	0.06	-0.43	0.0	-0.25		ATSG
	AZUL	ALK	BABWF	GOL	SNCY	ULCC	MESA	HA	SKYW	ATSG

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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

SNCY	+ 0.93	ALK
ULCC	+ 0.89	SNCY
ULCC	+ 0.84	ALK
SKYW	+ 0.83	MESA
SKYW	+ 0.77	ULCC
SKYW	+ 0.76	ALK

High negative correlations

ATSG	- 0.43	MESA
ATSG	- 0.25	SKYW
MESA	- 0.08	BABWF
BABWF	- 0.07	AZUL
ATSG	- 0.0	HA
SKYW	- 0.0	HA

Risk-Adjusted Indicators

There is a big difference between Allegiant Stock performing well and Allegiant Travel 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 Allegiant Travel's 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
AZUL	3.83	0.31	0.07	0.15	3.94	(4.48)	8.80	(6.01)	19.92
ALK	2.05	(0.13)	0.00	(0.16)	0.00	0.00	3.40	(6.18)	12.94
BABWF	1.44	0.10	0.03	(1.12)	1.93	(6.11)	5.67	(5.59)	19.79
GOL	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SNCY	2.13	(0.13)	0.00	(0.19)	0.00	0.00	4.85	(4.19)	15.02
ULCC	3.46	(0.06)	0.00	(0.12)	0.00	0.00	5.58	(7.38)	24.49
MESA	3.17	(0.08)	0.00	(0.12)	0.00	0.00	9.48	(7.20)	28.95
HA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SKYW	1.92	(0.14)	0.00	(0.18)	0.00	0.00	3.64	(4.32)	12.55
ATSG	0.10	0.02	0.65	0.46	0.00	(0.14)	0.36	(0.14)	0.73

Allegiant Travel Corporate Management

Tyler Hollingsworth	Interim Operations	Profile
Robert Neal	Sr Treasurer	Profile
Rebecca Aretos	VP Officer	Profile
Drew Wells	Senior Officer	Profile
Michael Broderick	Senior Transformation	Profile

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