United Airlines Correlations

UAL Stock

USD 96.58 1.19 1.22%

The current 90-days correlation between United Airlines Holdings and American Airlines Group is 0.58 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as United Airlines moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if United Airlines Holdings moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

United Airlines Correlation With Market

Average diversification

The correlation between United Airlines Holdings and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding United Airlines 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 United Airlines 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 nation.

Moving together with United Stock

0.64	FLYX	flyExclusive,	Pair Corr
0.7	ALK	Alaska Air Group	Pair Corr
0.82	DAL	Delta Air Lines	Pair Corr
0.65	ATCOL	Atlas Corp	Pair Corr
0.71	MESA	Mesa Air Group	Pair Corr
0.72	ALGT	Allegiant Travel Downward Rally	Pair Corr
0.71	SNCY	Sun Country Airlines	Pair Corr
0.79	ULCC	Frontier Group Holdings	Pair Corr
0.7	AP	Ampco Pittsburgh	Pair Corr

Moving against United Stock

0.48	WERN	Werner Enterprises	Pair Corr
0.48	MRTN	Marten Transport	Pair Corr
0.43	ARCB	ArcBest Corp	Pair Corr
0.36	XPO	XPO Logistics	Pair Corr
0.35	SNDR	Schneider National	Pair Corr
0.34	ODFL	Old Dominion Freight	Pair Corr
0.33	HTLD	Heartland Express	Pair Corr
0.31	ULH	Universal Logistics	Pair Corr
0.71	CVLG	Covenant Logistics Group,	Pair Corr
0.64	NX	Quanex Building Products Earnings Call This Week	Pair Corr
0.58	BW	Babcock Wilcox Enter	Pair Corr
0.56	AL	Air Lease	Pair Corr
0.51	IR	Ingersoll Rand	Pair Corr
0.38	GD	General Dynamics	Pair Corr
0.33	NL	NL Industries Earnings Call This Week	Pair Corr
0.32	BV	BrightView Holdings	Pair Corr

Related Correlations Analysis

	AAL	LUV	JBLU	SAVE	DAL	ULCC
AAL		0.35	0.68	0.0	0.2	0.49	AAL
LUV	0.35		0.4	0.0	-0.36	-0.51	LUV
JBLU	0.68	0.4		0.0	-0.21	0.36	JBLU
SAVE	0.0	0.0	0.0		0.0	0.0	SAVE
DAL	0.2	-0.36	-0.21	0.0		0.46	DAL
ULCC	0.49	-0.51	0.36	0.0	0.46		ULCC
	AAL	LUV	JBLU	SAVE	DAL	ULCC

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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

JBLU	+ 0.68	AAL
ULCC	+ 0.49	AAL
ULCC	+ 0.46	DAL
JBLU	+ 0.4	LUV
ULCC	+ 0.36	JBLU
LUV	+ 0.35	AAL

High negative correlations

ULCC	- 0.51	LUV
DAL	- 0.36	LUV
DAL	- 0.21	JBLU
ULCC	- 0.0	SAVE
DAL	- 0.0	SAVE
SAVE	- 0.0	JBLU

Risk-Adjusted Indicators

There is a big difference between United Stock performing well and United Airlines 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 United Airlines' 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
AAL	1.71	0.12	0.04	(0.24)	2.22	(1.83)	3.47	(3.20)	25.54
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
SAVE	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
ULCC	3.45	0.55	0.14	(1.55)	3.50	(3.88)	7.71	(6.16)	24.40

United Airlines Corporate Management

Linda Jojo	CIO and Executive VP	Profile
Brigitte Bokemeier	Principal VP	Profile
Josh Earnest	Executive Advertising	Profile
Jason Birnbaum	Chief Officer	Profile

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