Copa Holdings Correlations

CPA Stock

USD 93.24 1.55 1.64%

The current 90-days correlation between Copa Holdings SA and SkyWest is 0.28 (i.e., Modest diversification). The correlation of Copa Holdings 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.

Copa Holdings Correlation With Market

Significant diversification

The correlation between Copa Holdings SA and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Copa Holdings SA 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 Copa Holdings SA. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving against Copa Stock

0.52	LUV	Southwest Airlines Sell-off Trend	Pair Corr
0.47	AAL	American Airlines	Pair Corr
0.37	SRFM	Surf Air Mobility	Pair Corr
0.34	JBLU	JetBlue Airways Corp Downward Rally	Pair Corr
0.33	MESA	Mesa Air Group	Pair Corr
0.37	BV	BrightView Holdings	Pair Corr

Related Correlations Analysis

	SKYW	SNCY	ATSG	ULCC	LUV	JBLU	UAL	HA	DAL
SKYW		0.07	0.23	0.12	-0.15	-0.43	0.51	0.0	0.79	SKYW
SNCY	0.07		0.8	0.9	-0.63	0.25	0.71	0.0	0.49	SNCY
ATSG	0.23	0.8		0.67	-0.74	-0.19	0.6	0.0	0.57	ATSG
ULCC	0.12	0.9	0.67		-0.51	0.36	0.79	0.0	0.46	ULCC
LUV	-0.15	-0.63	-0.74	-0.51		0.4	-0.27	0.0	-0.36	LUV
JBLU	-0.43	0.25	-0.19	0.36	0.4		0.19	0.0	-0.21	JBLU
UAL	0.51	0.71	0.6	0.79	-0.27	0.19		0.0	0.82	UAL
HA	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	HA
DAL	0.79	0.49	0.57	0.46	-0.36	-0.21	0.82	0.0		DAL
	SKYW	SNCY	ATSG	ULCC	LUV	JBLU	UAL	HA	DAL

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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

ULCC	+ 0.9	SNCY
DAL	+ 0.82	UAL
ATSG	+ 0.8	SNCY
DAL	+ 0.79	SKYW
UAL	+ 0.79	ULCC
UAL	+ 0.71	SNCY

High negative correlations

LUV	- 0.74	ATSG
LUV	- 0.63	SNCY
LUV	- 0.51	ULCC
JBLU	- 0.43	SKYW
DAL	- 0.36	LUV
UAL	- 0.27	LUV

Risk-Adjusted Indicators

There is a big difference between Copa Stock performing well and Copa Holdings 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 Copa Holdings' 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
SKYW	1.59	(0.16)	0.00	(0.26)	0.00	0.00	3.00	(3.80)	10.52
SNCY	2.11	0.23	0.09	1.42	2.45	(2.34)	4.92	(3.83)	15.14
ATSG	0.17	0.01	0.01	0.38	0.23	(0.21)	0.40	(0.27)	2.49
ULCC	3.45	0.55	0.14	(1.55)	3.50	(3.88)	7.71	(6.16)	24.40
LUV	1.13	(0.09)	0.00	(0.37)	0.00	0.00	1.99	(2.61)	7.88
JBLU	3.16	0.14	0.02	(0.29)	5.78	(2.97)	6.21	(5.30)	36.77
UAL	1.97	0.12	0.05	0.31	2.45	(2.04)	3.61	(3.77)	10.91
HA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DAL	1.60	(0.02)	0.00	(1.81)	0.00	0.00	2.70	(3.17)	14.89

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