Alaska Air Correlations

ALK Stock

USD 52.83 0.02 0.04%

The current 90-days correlation between Alaska Air Group and American Airlines Group is 0.58 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Alaska Air moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Alaska Air Group moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Alaska Air Correlation With Market

Very weak diversification

The correlation between Alaska Air Group and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alaska Air Group 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 Alaska Air Group. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Alaska Stock

0.65	VLRS	Volaris	Pair Corr
0.64	AAL	American Airlines Aggressive Push	Pair Corr
0.61	CNI	Canadian National Railway	Pair Corr
0.75	CSX	CSX Corporation	Pair Corr
0.88	DAL	Delta Air Lines	Pair Corr
0.68	KNX	Knight Transportation	Pair Corr
0.72	NSC	Norfolk Southern	Pair Corr
0.86	UAL	United Airlines Holdings	Pair Corr
0.62	HTLD	Heartland Express	Pair Corr
0.68	ODFL	Old Dominion Freight	Pair Corr
0.64	ALGT	Allegiant Travel	Pair Corr
0.75	SKYW	SkyWest	Pair Corr
0.93	SNCY	Sun Country Airlines	Pair Corr
0.83	ULCC	Frontier Group Holdings	Pair Corr
0.77	R	Ryder System	Pair Corr
0.77	BA	Boeing	Pair Corr

Moving against Alaska Stock

0.59	GD	General Dynamics	Pair Corr
0.55	BZ	Kanzhun Ltd ADR	Pair Corr
0.32	NL	NL Industries	Pair Corr

Related Correlations Analysis

	DAL	UAL	AAL	JBLU	SAVE	LUV	ULCC	SKYW	ALGT
DAL		0.99	0.89	0.57	0.0	0.02	0.81	0.92	0.89	DAL
UAL	0.99		0.92	0.6	0.0	0.07	0.83	0.91	0.92	UAL
AAL	0.89	0.92		0.78	0.0	0.35	0.64	0.84	0.95	AAL
JBLU	0.57	0.6	0.78		0.0	0.47	0.35	0.44	0.74	JBLU
SAVE	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	SAVE
LUV	0.02	0.07	0.35	0.47	0.0		-0.22	0.15	0.33	LUV
ULCC	0.81	0.83	0.64	0.35	0.0	-0.22		0.76	0.7	ULCC
SKYW	0.92	0.91	0.84	0.44	0.0	0.15	0.76		0.89	SKYW
ALGT	0.89	0.92	0.95	0.74	0.0	0.33	0.7	0.89		ALGT
	DAL	UAL	AAL	JBLU	SAVE	LUV	ULCC	SKYW	ALGT

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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

UAL	+ 0.99	DAL
ALGT	+ 0.95	AAL
SKYW	+ 0.92	DAL
AAL	+ 0.92	UAL
ALGT	+ 0.92	UAL
SKYW	+ 0.91	UAL

High negative correlations

ULCC	- 0.22	LUV
ALGT	- 0.0	SAVE
SKYW	- 0.0	SAVE
ULCC	- 0.0	SAVE
LUV	- 0.0	SAVE
SAVE	- 0.0	JBLU

Risk-Adjusted Indicators

There is a big difference between Alaska Stock performing well and Alaska Air 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 Alaska Air'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
DAL	2.04	(0.29)	0.00	(0.31)	0.00	0.00	3.88	(5.54)	16.26
UAL	2.44	(0.25)	0.00	(0.24)	0.00	0.00	4.33	(5.48)	12.22
AAL	2.05	(0.56)	0.00	(0.77)	0.00	0.00	3.70	(4.62)	13.86
JBLU	3.25	(0.32)	0.00	2.96	0.00	0.00	4.19	(5.86)	29.90
SAVE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LUV	1.40	0.10	0.08	0.14	1.73	(1.43)	2.99	(2.82)	9.18
ULCC	3.48	(0.08)	0.00	(0.15)	0.00	0.00	5.58	(7.38)	24.49
SKYW	1.91	(0.15)	0.00	(0.20)	0.00	0.00	3.64	(4.32)	12.55
ALGT	2.72	(0.61)	0.00	(0.62)	0.00	0.00	4.46	(5.47)	19.78

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