Sky Harbour Correlations

SKYH-WT Stock   2.35  0.05  2.17%   
The current 90-days correlation between Sky Harbour Group and Sky Harbour Group is 0.61 (i.e., Poor diversification). The correlation of Sky Harbour 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.

Sky Harbour Correlation With Market

Significant diversification

The correlation between Sky Harbour Group and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sky Harbour Group and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Sky Harbour 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 board of governors.

Moving against Sky Stock

  0.63CP Canadian Pacific RailwayPairCorr
  0.62UNP Union PacificPairCorr
  0.61CPA Copa Holdings SAPairCorr
  0.55NSC Norfolk SouthernPairCorr
  0.47DAL Delta Air LinesPairCorr
  0.4FLYX flyExclusive,PairCorr
  0.34UAL United Airlines HoldingsPairCorr
  0.6ATSG Air Transport ServicesPairCorr
  0.56BEST BEST IncPairCorr
  0.49ATCOL Atlas CorpPairCorr
  0.46AZUL Azul SAPairCorr
  0.41SKYW SkyWestPairCorr
  0.31SNCY Sun Country AirlinesPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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   
ANGHWSKYH
SST-WTISPOW
CPTNWSKYH
CPTNWISPOW
CPTNWANGHW
SST-WTCPTNW
  
High negative correlations   
ISPOWSKYH
ANGHWISPOW
SST-WTANGHW
SST-WTSKYH
SST-WTCPTNW
CPTNWANGHW

Risk-Adjusted Indicators

There is a big difference between Sky Stock performing well and Sky Harbour 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 Sky Harbour'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.

Sky Harbour Corporate Management