Air Transport Correlations

ATSG Stock

USD 22.44 0.01 0.04%

The correlation of Air Transport is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Air Transport Correlation With Market

Significant diversification

The correlation between Air Transport Services and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Air Transport Services and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Air Transport Services. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Air Stock

0.77	CPA	Copa Holdings SA	Pair Corr
0.85	LTM	LATAM Airlines Group	Pair Corr
0.84	ATCOL	Atlas Corp	Pair Corr

Moving against Air Stock

0.77	ULH	Universal Logistics	Pair Corr
0.75	AAL	American Airlines	Pair Corr
0.7	WERN	Werner Enterprises	Pair Corr
0.59	VLRS	Volaris	Pair Corr
0.55	KNX	Knight Transportation	Pair Corr
0.54	UAL	United Airlines Holdings	Pair Corr
0.53	RXO	RXO Inc	Pair Corr
0.51	DAL	Delta Air Lines Earnings Call This Week	Pair Corr
0.5	CSX	CSX Corporation	Pair Corr
0.39	CNI	Canadian National Railway	Pair Corr
0.36	XPO	XPO Logistics	Pair Corr
0.31	LUV	Southwest Airlines	Pair Corr
0.78	JBLU	JetBlue Airways Corp	Pair Corr
0.73	SNDR	Schneider National	Pair Corr
0.73	TFII	TFI International	Pair Corr
0.72	MRTN	Marten Transport	Pair Corr
0.71	MESA	Mesa Air Group	Pair Corr
0.7	ALGT	Allegiant Travel	Pair Corr
0.67	ARCB	ArcBest Corp	Pair Corr
0.63	SRFM	Surf Air Mobility	Pair Corr
0.59	HTLD	Heartland Express	Pair Corr
0.56	SAIA	Saia Inc	Pair Corr
0.52	PAMT	PAMT P Symbol Change	Pair Corr
0.46	SKYW	SkyWest	Pair Corr
0.38	AIRT	Air T Inc	Pair Corr
0.34	RVSNW	Rail Vision	Pair Corr

Related Correlations Analysis

	CPA	SKYW	SNCY	ULCC	ALGT	MESA	HA	BABWF	SAVE	JBLU
CPA		-0.45	-0.13	-0.29	-0.59	-0.58	0.0	0.36	0.0	-0.56	CPA
SKYW	-0.45		0.7	0.78	0.9	0.83	0.0	0.16	0.0	0.57	SKYW
SNCY	-0.13	0.7		0.92	0.72	0.74	0.0	0.55	0.0	0.63	SNCY
ULCC	-0.29	0.78	0.92		0.8	0.82	0.0	0.47	0.0	0.68	ULCC
ALGT	-0.59	0.9	0.72	0.8		0.94	0.0	-0.03	0.0	0.82	ALGT
MESA	-0.58	0.83	0.74	0.82	0.94		0.0	0.06	0.0	0.84	MESA
HA	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	HA
BABWF	0.36	0.16	0.55	0.47	-0.03	0.06	0.0		0.0	-0.13	BABWF
SAVE	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	SAVE
JBLU	-0.56	0.57	0.63	0.68	0.82	0.84	0.0	-0.13	0.0		JBLU
	CPA	SKYW	SNCY	ULCC	ALGT	MESA	HA	BABWF	SAVE	JBLU

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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

MESA	+ 0.94	ALGT
ULCC	+ 0.92	SNCY
ALGT	+ 0.9	SKYW
JBLU	+ 0.84	MESA
MESA	+ 0.83	SKYW
MESA	+ 0.82	ULCC

High negative correlations

ALGT	- 0.59	CPA
MESA	- 0.58	CPA
JBLU	- 0.56	CPA
SKYW	- 0.45	CPA
ULCC	- 0.29	CPA
JBLU	- 0.13	BABWF

Risk-Adjusted Indicators

There is a big difference between Air Stock performing well and Air Transport 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 Transport'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
CPA	1.37	0.11	0.08	0.11	1.48	(1.50)	3.84	(2.47)	7.43
SKYW	1.99	(0.12)	0.00	(0.13)	0.00	0.00	4.09	(4.32)	12.55
SNCY	2.29	(0.37)	0.00	(1.56)	0.00	0.00	4.92	(4.73)	15.02
ULCC	3.40	(0.65)	0.00	(1.96)	0.00	0.00	5.27	(7.89)	25.03
ALGT	2.81	(0.63)	0.00	(0.55)	0.00	0.00	4.83	(5.47)	19.78
MESA	3.00	(0.49)	0.00	1.39	0.00	0.00	5.49	(7.20)	28.95
HA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BABWF	1.77	0.23	0.05	0.46	2.13	(4.72)	5.48	(5.91)	19.79
SAVE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
JBLU	3.19	(0.64)	0.00	5.29	0.00	0.00	4.42	(7.49)	29.90

Air Transport Corporate Management

Joseph JD	Chief Secretary	Profile
Cagney France	Chief Officer	Profile
Edward III	Chief Officer	Profile
Quint Turner	Chief Officer	Profile
Paul Chase	Chief Officer	Profile

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