Air Lease Correlations

AL Stock

USD 48.17 1.22 2.60%

The current 90-days correlation between Air Lease and Ryder System is 0.76 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Air Lease moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Air Lease moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Air Lease Correlation With Market

Very poor diversification

The correlation between Air Lease and DJI is 0.81 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Air Lease and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Air Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Air Lease. 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.

For more information on how to buy Air Stock please use our How to buy in Air Stock guide.

Moving together with Air Stock

0.82	AER	AerCap Holdings NV	Pair Corr
0.63	FPAY	FlexShopper	Pair Corr
0.67	FTAI	Fortress Transp Infra	Pair Corr
0.63	MGRC	McGrath RentCorp	Pair Corr
0.68	TRTN-PE	Triton International	Pair Corr
0.62	ALTG-PA	Alta Equipment Group Earnings Call This Week	Pair Corr
0.64	G	Genpact Limited Earnings Call This Week	Pair Corr
0.71	BA	Boeing	Pair Corr

Related Correlations Analysis

	R	ALTG	PRG	GATX	MGRC	CTOS	HEES
R		0.76	0.63	0.82	0.84	0.56	0.18	R
ALTG	0.76		0.89	0.84	0.83	0.77	-0.14	ALTG
PRG	0.63	0.89		0.69	0.61	0.64	-0.31	PRG
GATX	0.82	0.84	0.69		0.94	0.75	0.18	GATX
MGRC	0.84	0.83	0.61	0.94		0.72	0.26	MGRC
CTOS	0.56	0.77	0.64	0.75	0.72		0.03	CTOS
HEES	0.18	-0.14	-0.31	0.18	0.26	0.03		HEES
	R	ALTG	PRG	GATX	MGRC	CTOS	HEES

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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

MGRC	+ 0.94	GATX
PRG	+ 0.89	ALTG
MGRC	+ 0.84	R
GATX	+ 0.84	ALTG
MGRC	+ 0.83	ALTG
GATX	+ 0.82	R

High negative correlations

HEES	- 0.31	PRG
HEES	- 0.14	ALTG

Risk-Adjusted Indicators

There is a big difference between Air Stock performing well and Air Lease 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 Air Lease'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
R	1.90	0.02	0.00	(0.10)	0.00	0.00	3.27	(3.54)	15.25
ALTG	3.90	(0.26)	0.00	(0.28)	0.00	0.00	7.96	(8.01)	26.46
PRG	2.76	(0.64)	0.00	5.93	0.00	0.00	3.46	(5.69)	30.71
GATX	1.19	(0.07)	0.00	(0.21)	0.00	0.00	2.11	(2.36)	10.10
MGRC	1.48	(0.06)	0.00	(0.20)	0.00	0.00	3.45	(3.06)	9.82
CTOS	3.78	0.08	0.00	(0.07)	0.00	0.00	8.79	(6.58)	32.59
HEES	0.92	0.11	0.20	0.21	0.80	(1.18)	1.01	(1.43)	17.42

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