Alaska Air Correlations

ALK Stock

USD 39.53 1.71 4.52%

The current 90-days correlation between Alaska Air Group and Grupo Aeroportuario del is 0.17 (i.e., Average 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 weak diversification

The correlation between Alaska Air Group and DJI is 0.49 (i.e., Very weak 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

0.9	UP	Wheels Up Experience	Pair Corr
0.88	QAN	Qantas Airways	Pair Corr
0.62	FLYX	flyExclusive, Upward Rally	Pair Corr
0.74	LTM	LATAM Airlines Group	Pair Corr
0.9	UAL	United Airlines Holdings	Pair Corr
0.86	UHAL-B	U Haul Holding	Pair Corr
0.93	JBLU	JetBlue Airways Corp	Pair Corr
0.79	JTAI	JetAI Inc	Pair Corr
0.68	AC	Air Canada	Pair Corr
0.93	WIZZ	Wizz Air Holdings	Pair Corr
0.86	0RYA	Ryanair Holdings plc	Pair Corr
0.85	SKYW	SkyWest	Pair Corr
0.68	SNCY	Sun Country Airlines	Pair Corr

Moving against Alaska Stock

0.82	600029	China Southern Airlines	Pair Corr
0.81	600115	China Eastern Airlines	Pair Corr
0.75	603885	Juneyao Airlines	Pair Corr
0.68	CPA	Copa Holdings SA	Pair Corr
0.58	JET	Global Crossing Airlines	Pair Corr
0.51	601021	Spring Airlines	Pair Corr
0.5	VLRS	Volaris	Pair Corr
0.35	JOBY	Joby Aviation	Pair Corr
0.31	IAG	International Consolidated	Pair Corr
0.88	002928	China Express Airlines	Pair Corr
0.86	PTITF	PT Indosat Tbk	Pair Corr
0.85	601111	Air China	Pair Corr
0.85	EIF	Exchange Income	Pair Corr
0.85	PTAIY	Astra International Tbk	Pair Corr
0.83	600221	Hainan Airlines	Pair Corr
0.76	RYDE	Ryde Group	Pair Corr
0.69	KEP	Korea Electric Power	Pair Corr
0.62	MESA	Mesa Air Group	Pair Corr
0.53	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.47	EC	Ecopetrol SA ADR	Pair Corr
0.45	AIA	Auckland International	Pair Corr
0.42	TLK	Telkom Indonesia Tbk	Pair Corr
0.36	RYAAY	Ryanair Holdings PLC	Pair Corr

Related Correlations Analysis

	OMAB	CPA	BCO	BZ	SKYW	POWL	ECG	MSM	GVA	ACA
OMAB		-0.36	0.36	0.35	0.27	-0.4	-0.28	0.48	0.4	0.07	OMAB
CPA	-0.36		-0.16	-0.55	-0.59	0.79	0.85	-0.58	-0.64	-0.03	CPA
BCO	0.36	-0.16		0.54	0.12	-0.11	-0.13	0.6	0.45	-0.37	BCO
BZ	0.35	-0.55	0.54		0.51	-0.5	-0.65	0.66	0.74	-0.4	BZ
SKYW	0.27	-0.59	0.12	0.51		-0.65	-0.63	0.53	0.59	0.18	SKYW
POWL	-0.4	0.79	-0.11	-0.5	-0.65		0.87	-0.62	-0.72	0.05	POWL
ECG	-0.28	0.85	-0.13	-0.65	-0.63	0.87		-0.56	-0.75	0.13	ECG
MSM	0.48	-0.58	0.6	0.66	0.53	-0.62	-0.56		0.68	-0.01	MSM
GVA	0.4	-0.64	0.45	0.74	0.59	-0.72	-0.75	0.68		-0.32	GVA
ACA	0.07	-0.03	-0.37	-0.4	0.18	0.05	0.13	-0.01	-0.32		ACA
	OMAB	CPA	BCO	BZ	SKYW	POWL	ECG	MSM	GVA	ACA

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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

ECG	+ 0.87	POWL
ECG	+ 0.85	CPA
POWL	+ 0.79	CPA
GVA	+ 0.74	BZ
GVA	+ 0.68	MSM
MSM	+ 0.66	BZ

High negative correlations

GVA	- 0.75	ECG
GVA	- 0.72	POWL
POWL	- 0.65	SKYW
ECG	- 0.65	BZ
GVA	- 0.64	CPA
ECG	- 0.63	SKYW

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
OMAB	1.25	(0.08)	0.00	(0.28)	0.00	0.00	2.43	(2.92)	9.58
CPA	1.27	0.00	0.01	0.04	2.21	(1.30)	2.88	(2.15)	14.85
BCO	1.12	(0.04)	(0.02)	0.01	1.39	(1.22)	2.08	(2.18)	10.50
BZ	1.44	(0.23)	0.00	(0.23)	0.00	0.00	2.27	(3.65)	11.04
SKYW	1.51	(0.31)	0.00	(0.21)	0.00	0.00	3.88	(3.02)	12.25
POWL	2.92	0.14	0.05	0.10	3.75	(2.92)	5.59	(5.25)	18.07
ECG	2.50	0.07	0.04	0.07	2.97	(2.93)	5.40	(4.97)	15.72
MSM	1.17	(0.01)	0.00	0.03	1.36	(1.25)	2.84	(2.15)	7.89
GVA	0.83	(0.12)	0.00	(0.11)	0.00	0.00	1.79	(1.95)	5.73
ACA	1.35	0.07	0.06	0.09	1.30	(1.66)	3.07	(2.46)	13.19

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