Delta Air Correlations

DAL Stock

USD 41.63 0.45 1.07%

The current 90-days correlation between Delta Air Lines and American Airlines Group is 0.92 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Delta Air moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Delta Air Lines moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Delta Air Correlation With Market

Good diversification

The correlation between Delta Air Lines and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Delta Air Lines and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Delta Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Delta Air Lines. 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 Delta Stock

0.89	CP	Canadian Pacific Railway	Pair Corr
0.95	VLRS	Volaris	Pair Corr
0.95	WERN	Werner Enterprises	Pair Corr
0.71	FLYX	flyExclusive,	Pair Corr
0.99	AAL	American Airlines Aggressive Push	Pair Corr
0.98	ALK	Alaska Air Group	Pair Corr
0.8	CNI	Canadian National Railway	Pair Corr
0.96	CSX	CSX Corporation	Pair Corr
0.96	KNX	Knight Transportation	Pair Corr
0.93	NSC	Norfolk Southern	Pair Corr
0.87	RXO	RXO Inc Sell-off Trend	Pair Corr
0.98	UAL	United Airlines Holdings	Pair Corr
0.69	ULH	Universal Logistics	Pair Corr
0.84	UNP	Union Pacific	Pair Corr
0.93	XPO	XPO Logistics	Pair Corr
0.95	HTLD	Heartland Express	Pair Corr
0.88	JBLU	JetBlue Airways Corp Aggressive Push	Pair Corr
0.71	RVSNW	Rail Vision	Pair Corr
0.64	MESA	Mesa Air Group	Pair Corr
0.95	MRTN	Marten Transport	Pair Corr
0.9	ODFL	Old Dominion Freight	Pair Corr
0.94	AIRT	Air T Inc	Pair Corr
0.96	ALGT	Allegiant Travel Earnings Call This Week	Pair Corr
0.89	SAIA	Saia Inc	Pair Corr
0.95	ARCB	ArcBest Corp	Pair Corr
0.89	SKYW	SkyWest	Pair Corr
0.97	SNDR	Schneider National	Pair Corr
0.93	SNCY	Sun Country Airlines Earnings Call This Week	Pair Corr
0.72	AZUL	Azul SA	Pair Corr
0.84	SRFM	Surf Air Mobility	Pair Corr
0.88	TFII	TFI International	Pair Corr
0.95	CVLG	Covenant Logistics Group,	Pair Corr

Moving against Delta Stock

0.43

YGMZ

Mingzhu Logistics

Pair Corr

Related Correlations Analysis

	AAL	LUV	JBLU	SAVE	UAL	ULCC
AAL		0.37	0.87	0.0	0.97	0.95	AAL
LUV	0.37		0.6	0.0	0.37	0.48	LUV
JBLU	0.87	0.6		0.0	0.87	0.94	JBLU
SAVE	0.0	0.0	0.0		0.0	0.0	SAVE
UAL	0.97	0.37	0.87	0.0		0.94	UAL
ULCC	0.95	0.48	0.94	0.0	0.94		ULCC
	AAL	LUV	JBLU	SAVE	UAL	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

UAL	+ 0.97	AAL
ULCC	+ 0.95	AAL
ULCC	+ 0.94	JBLU
ULCC	+ 0.94	UAL
JBLU	+ 0.87	AAL
UAL	+ 0.87	JBLU

High negative correlations

ULCC	- 0.0	SAVE
UAL	- 0.0	SAVE
SAVE	- 0.0	JBLU
SAVE	- 0.0	LUV
SAVE	- 0.0	AAL

Risk-Adjusted Indicators

There is a big difference between Delta Stock performing well and Delta 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 Delta 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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
AAL	2.80	(0.82)	1.35	3.86	(6.59)	37.08
LUV	2.27	0.14	(0.06)	3.68	(5.93)	25.02
JBLU	4.02	(0.04)	(0.16)	6.40	(9.66)	33.15
SAVE	0.00	0.00	0.00	0.00	0.00	0.00
UAL	3.24	(0.18)	(0.22)	5.39	(6.35)	37.55
ULCC	4.16	(0.93)	(0.58)	5.27	(9.04)	36.14

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