SkyWest Correlations

SKYW Stock

USD 86.81 1.56 1.77%

The current 90-days correlation between SkyWest and Copa Holdings SA is 0.41 (i.e., Very weak diversification). The correlation of SkyWest 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.

SkyWest Correlation With Market

Very weak diversification

The correlation between SkyWest and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SkyWest 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 SkyWest. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

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

Moving together with SkyWest Stock

0.86	VLRS	Volaris	Pair Corr
0.69	WERN	Werner Enterprises	Pair Corr
0.82	AAL	American Airlines	Pair Corr
0.67	ALK	Alaska Air Group Downward Rally	Pair Corr
0.68	CNI	Canadian National Railway	Pair Corr
0.79	CSX	CSX Corporation Aggressive Push	Pair Corr
0.92	DAL	Delta Air Lines	Pair Corr
0.91	KNX	Knight Transportation	Pair Corr
0.61	NSC	Norfolk Southern	Pair Corr
0.63	RXO	RXO Inc	Pair Corr
0.91	UAL	United Airlines Holdings	Pair Corr
0.61	ULH	Universal Logistics	Pair Corr
0.71	XPO	XPO Logistics	Pair Corr
0.81	HTLD	Heartland Express	Pair Corr
0.76	MESA	Mesa Air Group	Pair Corr
0.66	PAMT	PAMT P Symbol Change	Pair Corr
0.67	AIRT	Air T Inc	Pair Corr
0.87	ALGT	Allegiant Travel	Pair Corr
0.8	SAIA	Saia Inc	Pair Corr
0.71	ARCB	ArcBest Corp	Pair Corr
0.77	SNDR	Schneider National	Pair Corr
0.65	SNCY	Sun Country Airlines	Pair Corr
0.67	AZUL	Azul SA Earnings Call This Week	Pair Corr

Moving against SkyWest Stock

0.39	LTM	LATAM Airlines Group	Pair Corr
0.5	BEST	BEST Inc	Pair Corr

Related Correlations Analysis

	CPA	SNCY	ATSG	ULCC	ALGT	BABWF	SAVE	JBLU	HA	GOL
CPA		0.28	0.8	0.16	-0.41	0.67	0.0	-0.46	0.0	0.0	CPA
SNCY	0.28		0.28	0.86	0.58	0.49	0.0	0.3	0.0	0.0	SNCY
ATSG	0.8	0.28		0.23	-0.39	0.81	0.0	-0.62	0.0	0.0	ATSG
ULCC	0.16	0.86	0.23		0.63	0.56	0.0	0.3	0.0	0.0	ULCC
ALGT	-0.41	0.58	-0.39	0.63		-0.15	0.0	0.69	0.0	0.0	ALGT
BABWF	0.67	0.49	0.81	0.56	-0.15		0.0	-0.39	0.0	0.0	BABWF
SAVE	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	SAVE
JBLU	-0.46	0.3	-0.62	0.3	0.69	-0.39	0.0		0.0	0.0	JBLU
HA	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	HA
GOL	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		GOL
	CPA	SNCY	ATSG	ULCC	ALGT	BABWF	SAVE	JBLU	HA	GOL

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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	+ 0.86	SNCY
BABWF	+ 0.81	ATSG
ATSG	+ 0.8	CPA
JBLU	+ 0.69	ALGT
BABWF	+ 0.67	CPA
ALGT	+ 0.63	ULCC

High negative correlations

JBLU	- 0.62	ATSG
JBLU	- 0.46	CPA
ALGT	- 0.41	CPA
JBLU	- 0.39	BABWF
ALGT	- 0.39	ATSG
BABWF	- 0.15	ALGT

Risk-Adjusted Indicators

There is a big difference between SkyWest Stock performing well and SkyWest 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 SkyWest'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
CPA	1.46	0.20	0.13	0.26	1.61	(1.53)	3.84	(2.68)	7.43
SNCY	2.21	0.02	0.00	(0.07)	0.00	0.00	4.92	(3.91)	15.86
ATSG	0.12	0.00	0.27	(0.10)	0.24	(0.14)	0.36	(0.18)	1.35
ULCC	3.67	0.24	0.06	0.18	3.98	(4.21)	7.71	(7.05)	24.49
ALGT	2.60	(0.49)	0.00	(0.63)	0.00	0.00	4.46	(5.47)	20.05
BABWF	2.96	0.75	0.13	(5.61)	2.84	(6.19)	9.97	(6.25)	31.74
SAVE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
JBLU	3.33	(0.09)	0.00	(0.22)	0.00	0.00	6.21	(5.86)	36.77
HA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GOL	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

SkyWest Corporate Management

Sonya Wolford	VP InFlight	Profile
Greg Wooley	Executive Operations	Profile
Robert Simmons	Chief Officer	Profile
Wade Steel	Chief Commercial Officer	Profile
Eric Woodward	Chief Accounting Officer	Profile
Bill Dykes	VP Maintenance	Profile

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