Spirit Aerosystems Correlations

SPR Stock

USD 35.34 0.16 0.45%

The current 90-days correlation between Spirit Aerosystems and Howmet Aerospace is 0.41 (i.e., Very weak diversification). The correlation of Spirit Aerosystems 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.

Spirit Aerosystems Correlation With Market

Weak diversification

The correlation between Spirit Aerosystems Holdings and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Spirit Aerosystems Holdings 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 Spirit Aerosystems Holdings. 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 together with Spirit Stock

0.69	BA	Boeing	Pair Corr
0.72	BA-PA	Boeing	Pair Corr
0.62	WWD	Woodward	Pair Corr

Moving against Spirit Stock

0.45

LMT

Lockheed Martin

Pair Corr

Related Correlations Analysis

	HWM	HII	LHX	ERJ	AIR	ISSC	HXL	TGIDW	KAMN	EVEX
HWM		-0.16	-0.26	0.56	0.33	-0.13	-0.13	0.0	0.0	-0.57	HWM
HII	-0.16		0.81	0.25	0.45	-0.1	-0.24	0.0	0.0	-0.24	HII
LHX	-0.26	0.81		0.13	0.51	0.13	-0.03	0.0	0.0	-0.14	LHX
ERJ	0.56	0.25	0.13		0.12	-0.61	-0.78	0.0	0.0	-0.87	ERJ
AIR	0.33	0.45	0.51	0.12		0.41	0.27	0.0	0.0	-0.23	AIR
ISSC	-0.13	-0.1	0.13	-0.61	0.41		0.8	0.0	0.0	0.61	ISSC
HXL	-0.13	-0.24	-0.03	-0.78	0.27	0.8		0.0	0.0	0.7	HXL
TGIDW	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	TGIDW
KAMN	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	KAMN
EVEX	-0.57	-0.24	-0.14	-0.87	-0.23	0.61	0.7	0.0	0.0		EVEX
	HWM	HII	LHX	ERJ	AIR	ISSC	HXL	TGIDW	KAMN	EVEX

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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

LHX	+ 0.81	HII
HXL	+ 0.8	ISSC
EVEX	+ 0.7	HXL
EVEX	+ 0.61	ISSC
ERJ	+ 0.56	HWM
AIR	+ 0.51	LHX

High negative correlations

EVEX	- 0.87	ERJ
HXL	- 0.78	ERJ
ISSC	- 0.61	ERJ
EVEX	- 0.57	HWM
LHX	- 0.26	HWM
EVEX	- 0.24	HII

Risk-Adjusted Indicators

There is a big difference between Spirit Stock performing well and Spirit Aerosystems 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 Spirit Aerosystems' 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
HWM	1.71	0.31	0.14	0.21	2.11	(2.00)	3.54	(4.03)	10.39
HII	1.83	0.16	0.04	0.20	3.71	(1.91)	5.24	(2.76)	21.31
LHX	1.07	0.00	0.00	(0.02)	1.34	(1.22)	2.06	(2.53)	6.75
ERJ	2.04	0.51	0.21	1.08	1.94	(2.26)	5.43	(3.67)	21.75
AIR	1.21	0.22	0.15	0.33	1.24	(1.30)	2.55	(2.33)	12.14
ISSC	2.69	(0.35)	0.00	(0.23)	0.00	0.00	5.05	(5.37)	32.27
HXL	1.40	(0.10)	0.00	(0.08)	0.00	0.00	2.86	(3.25)	7.61
TGIDW	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
KAMN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EVEX	3.84	(0.57)	0.00	(0.23)	0.00	0.00	6.70	(8.38)	17.72

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