Alaska Air Correlations

ALK Stock

USD 50.58 0.47 0.92%

The current 90-days correlation between Alaska Air Group and Canadian Pacific Railway is -0.34 (i.e., Very good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Alaska Air moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Alaska Air Group moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Alaska Air Correlation With Market

Very good diversification

The correlation between Alaska Air Group and DJI is -0.21 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alaska Air Group and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Alaska Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Alaska Air 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 bureau of economic analysis.

Moving together with Alaska Stock

0.92	AAL	American Airlines Aggressive Push	Pair Corr
0.66	CPA	Copa Holdings SA	Pair Corr
0.75	DAL	Delta Air Lines Earnings Call This Week	Pair Corr
0.61	LTM	LATAM Airlines Group	Pair Corr
0.74	LUV	Southwest Airlines Aggressive Push	Pair Corr
0.66	UAL	United Airlines Holdings	Pair Corr
0.73	JBLU	JetBlue Airways Corp	Pair Corr
0.75	ODFL	Old Dominion Freight	Pair Corr
0.78	ALGT	Allegiant Travel	Pair Corr
0.74	SKYW	SkyWest	Pair Corr
0.78	SNCY	Sun Country Airlines Sell-off Trend	Pair Corr
0.63	TFII	TFI International	Pair Corr
0.78	ULCC	Frontier Group Holdings	Pair Corr
0.64	R	Ryder System	Pair Corr
0.74	AL	Air Lease	Pair Corr
0.62	AP	Ampco Pittsburgh	Pair Corr
0.66	BA	Boeing	Pair Corr
0.72	BV	BrightView Holdings	Pair Corr
0.74	BZ	Kanzhun Ltd ADR	Pair Corr
0.67	CP	Canadian Pacific Railway	Pair Corr
0.62	CR	Crane Company	Pair Corr
0.67	DE	Deere Company	Pair Corr

Moving against Alaska Stock

0.56	G	Genpact Limited	Pair Corr
0.38	MESA	Mesa Air Group	Pair Corr
0.54	MG	Mistras Group	Pair Corr

Related Correlations Analysis

	CP	VLRS	WERN	FLYX	AAL	CNI	CPA	CSX	DAL
CP		0.07	-0.04	-0.38	0.8	0.95	0.91	0.9	0.89	CP
VLRS	0.07		0.51	0.07	0.07	0.11	0.09	0.21	-0.04	VLRS
WERN	-0.04	0.51		-0.17	-0.13	0.04	-0.13	0.12	-0.05	WERN
FLYX	-0.38	0.07	-0.17		-0.29	-0.32	-0.49	-0.58	-0.38	FLYX
AAL	0.8	0.07	-0.13	-0.29		0.85	0.82	0.77	0.85	AAL
CNI	0.95	0.11	0.04	-0.32	0.85		0.87	0.85	0.91	CNI
CPA	0.91	0.09	-0.13	-0.49	0.82	0.87		0.94	0.9	CPA
CSX	0.9	0.21	0.12	-0.58	0.77	0.85	0.94		0.86	CSX
DAL	0.89	-0.04	-0.05	-0.38	0.85	0.91	0.9	0.86		DAL
	CP	VLRS	WERN	FLYX	AAL	CNI	CPA	CSX	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

CNI	+ 0.95	CP
CSX	+ 0.94	CPA
CPA	+ 0.91	CP
DAL	+ 0.91	CNI
CSX	+ 0.9	CP
DAL	+ 0.9	CPA

High negative correlations

CSX	- 0.58	FLYX
CPA	- 0.49	FLYX
DAL	- 0.38	FLYX
FLYX	- 0.38	CP
CNI	- 0.32	FLYX
AAL	- 0.29	FLYX

Risk-Adjusted Indicators

There is a big difference between Alaska Stock performing well and Alaska Air 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 Alaska Air'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
CP	1.17	0.12	0.08	0.24	1.01	(1.34)	3.29	(2.10)	11.68
VLRS	2.73	(0.21)	0.00	(0.11)	0.00	0.00	3.94	(7.43)	24.59
WERN	1.96	(0.08)	(0.03)	(0.01)	2.85	(2.23)	4.20	(3.48)	16.89
FLYX	3.75	(0.47)	0.00	(0.56)	0.00	0.00	7.09	(8.36)	32.80
AAL	2.67	0.30	0.03	(0.37)	4.17	(2.56)	5.04	(6.59)	37.08
CNI	1.16	0.02	(0.01)	0.11	1.26	(1.41)	4.12	(2.55)	8.71
CPA	1.45	0.26	0.12	0.42	1.73	(1.51)	3.11	(2.94)	12.56
CSX	1.21	0.10	0.05	0.20	1.49	(1.19)	2.11	(2.38)	10.32
DAL	2.56	0.14	0.07	0.15	3.36	(2.74)	5.79	(4.55)	34.50

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