Air Lease Correlations

AVLA Stock

EUR 42.40 0.20 0.47%

The current 90-days correlation between Air Lease and OPERA SOFTWARE is -0.09 (i.e., Good diversification). The correlation of Air Lease 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.

Air Lease Correlation With Market

Significant diversification

The correlation between Air Lease and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Air Lease and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Air Lease could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Air Lease when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Air Lease - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Air Lease to buy it.

Moving together with Air Stock

0.62	0LC	Ashtead Group plc	Pair Corr
0.68	AUK	AMERCO	Pair Corr
0.7	CUCA	Avis Budget Group	Pair Corr
0.72	61F	ELEMENT FLEET MGMT	Pair Corr
0.82	APC	Apple Inc	Pair Corr

Moving against Air Stock

0.53	LLD2	Lloyds Banking Group	Pair Corr
0.52	SIX2	Sixt SE Earnings Call This Week	Pair Corr
0.52	W8V	Bank of China Limited Earnings Call This Week	Pair Corr
0.48	3AL	ALD SA	Pair Corr
0.47	TKDA	Takeda Pharmaceutical	Pair Corr
0.43	SIX3	Sixt SE Earnings Call This Week	Pair Corr
0.37	SIX3	Sixt SE Earnings Call This Week	Pair Corr
0.35	SUMB	SUMITOMO P SP	Pair Corr
0.59	CEZ	CEZ a s	Pair Corr
0.55	ALVE	ALLIANZ SE UNSPADR	Pair Corr
0.52	DEZ	Deutz AG Earnings Call Today	Pair Corr
0.5	MM0	MONETA MONEY BANK	Pair Corr
0.46	DPU	DUNDEE PRECIOUS MET	Pair Corr
0.45	MARA	MARUBENI CORP	Pair Corr
0.42	NST	STEULER FLIESENGRUPPE	Pair Corr
0.41	07M	China Modern Dairy	Pair Corr
0.39	07M	CN MODERN DAIRY	Pair Corr
0.67	YSN	secunet Security Networks Earnings Call Today	Pair Corr
0.65	LBL	KAROON GAS AUST	Pair Corr

Related Correlations Analysis

	OS3	MGK	SQS	LPK	MEC	NEN	ERT	W9C
OS3		0.07	-0.58	0.16	0.6	-0.42	0.36	-0.28	OS3
MGK	0.07		0.01	0.06	-0.11	0.33	-0.54	0.37	MGK
SQS	-0.58	0.01		-0.23	-0.94	0.61	-0.3	0.15	SQS
LPK	0.16	0.06	-0.23		0.27	0.12	-0.22	-0.07	LPK
MEC	0.6	-0.11	-0.94	0.27		-0.61	0.39	-0.21	MEC
NEN	-0.42	0.33	0.61	0.12	-0.61		-0.46	0.7	NEN
ERT	0.36	-0.54	-0.3	-0.22	0.39	-0.46		-0.37	ERT
W9C	-0.28	0.37	0.15	-0.07	-0.21	0.7	-0.37		W9C
	OS3	MGK	SQS	LPK	MEC	NEN	ERT	W9C

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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

W9C	+ 0.7	NEN
NEN	+ 0.61	SQS
MEC	+ 0.6	OS3
ERT	+ 0.39	MEC
W9C	+ 0.37	MGK
ERT	+ 0.36	OS3

High negative correlations

MEC	- 0.94	SQS
NEN	- 0.61	MEC
SQS	- 0.58	OS3
ERT	- 0.54	MGK
ERT	- 0.46	NEN
NEN	- 0.42	OS3

Risk-Adjusted Indicators

There is a big difference between Air Stock performing well and Air Lease 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 Air Lease'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
OS3	1.17	(0.07)	0.00	0.17	0.00	0.00	1.69	(1.61)	8.12
MGK	1.74	0.21	0.14	4.22	1.74	(2.42)	4.47	(3.33)	10.09
SQS	2.63	0.48	0.24	(0.63)	2.40	(3.29)	5.37	(4.09)	19.90
LPK	2.11	0.20	0.15	(0.81)	2.04	(2.73)	3.56	(3.95)	20.36
MEC	2.03	(0.24)	0.00	(0.71)	0.00	0.00	4.81	(4.88)	11.54
NEN	2.42	0.31	0.15	0.69	2.20	(3.23)	7.31	(4.10)	19.36
ERT	1.54	(0.27)	0.00	3.00	0.00	0.00	3.97	(2.50)	20.59
W9C	1.00	(0.06)	0.00	(0.25)	0.00	0.00	1.90	(2.92)	8.20

Be your own money manager

Our tools can tell you how much better you can do entering a position in Air Lease without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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