Copa Holdings Correlations

CPA Stock

USD 90.25 0.99 1.09%

The current 90-days correlation between Copa Holdings SA and SkyWest is 0.38 (i.e., Weak diversification). The correlation of Copa Holdings 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.

Copa Holdings Correlation With Market

Weak diversification

The correlation between Copa Holdings SA and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Copa Holdings SA 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 Copa Holdings SA. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Copa Stock

0.75	LTM	LATAM Airlines Group	Pair Corr
0.78	ATCOL	Atlas Corp	Pair Corr
0.77	ATSG	Air Transport Services	Pair Corr

Moving against Copa Stock

0.71	ULH	Universal Logistics	Pair Corr
0.61	AAL	American Airlines	Pair Corr
0.57	WERN	Werner Enterprises	Pair Corr
0.47	KNX	Knight Transportation	Pair Corr
0.44	UAL	United Airlines Holdings	Pair Corr
0.43	RXO	RXO Inc	Pair Corr
0.42	VLRS	Volaris	Pair Corr
0.42	DAL	Delta Air Lines Earnings Call This Week	Pair Corr
0.41	CSX	CSX Corporation	Pair Corr
0.64	SNDR	Schneider National	Pair Corr
0.6	AIRT	Air T Inc	Pair Corr
0.59	ALGT	Allegiant Travel	Pair Corr
0.58	MESA	Mesa Air Group	Pair Corr
0.57	MRTN	Marten Transport	Pair Corr
0.56	JBLU	JetBlue Airways Corp	Pair Corr
0.54	ARCB	ArcBest Corp	Pair Corr
0.5	HTLD	Heartland Express	Pair Corr
0.46	SAIA	Saia Inc	Pair Corr
0.45	PAMT	PAMT P Symbol Change	Pair Corr
0.45	SKYW	SkyWest	Pair Corr
0.34	XPO	XPO Logistics	Pair Corr
0.7	BW	Babcock Wilcox Enter	Pair Corr
0.67	BV	BrightView Holdings	Pair Corr
0.61	TFII	TFI International	Pair Corr
0.55	J	Jacobs Solutions	Pair Corr

Related Correlations Analysis

	SKYW	SNCY	ATSG	ULCC	LUV	JBLU	UAL	HA	DAL
SKYW		0.7	-0.46	0.78	-0.05	0.57	0.88	0.0	0.91	SKYW
SNCY	0.7		-0.23	0.92	-0.52	0.63	0.89	0.0	0.88	SNCY
ATSG	-0.46	-0.23		-0.4	-0.31	-0.78	-0.54	0.0	-0.51	ATSG
ULCC	0.78	0.92	-0.4		-0.44	0.68	0.92	0.0	0.91	ULCC
LUV	-0.05	-0.52	-0.31	-0.44		0.04	-0.28	0.0	-0.27	LUV
JBLU	0.57	0.63	-0.78	0.68	0.04		0.76	0.0	0.73	JBLU
UAL	0.88	0.89	-0.54	0.92	-0.28	0.76		0.0	0.98	UAL
HA	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	HA
DAL	0.91	0.88	-0.51	0.91	-0.27	0.73	0.98	0.0		DAL
	SKYW	SNCY	ATSG	ULCC	LUV	JBLU	UAL	HA	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

DAL	+ 0.98	UAL
ULCC	+ 0.92	SNCY
UAL	+ 0.92	ULCC
DAL	+ 0.91	SKYW
DAL	+ 0.91	ULCC
UAL	+ 0.89	SNCY

High negative correlations

JBLU	- 0.78	ATSG
UAL	- 0.54	ATSG
LUV	- 0.52	SNCY
DAL	- 0.51	ATSG
ATSG	- 0.46	SKYW
LUV	- 0.44	ULCC

Risk-Adjusted Indicators

There is a big difference between Copa Stock performing well and Copa Holdings 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 Copa Holdings' 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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SKYW	1.99	(0.12)	0.00	(0.13)	0.00	4.09	(4.32)	12.55
SNCY	2.29	(0.37)	0.00	(1.56)	0.00	4.92	(4.73)	15.02
ATSG	0.09	0.02	0.66	2.33	(0.14)	0.36	(0.13)	0.68
ULCC	3.40	(0.65)	0.00	(1.96)	0.00	5.27	(7.89)	25.03
LUV	1.46	(0.06)	0.00	(0.17)	0.00	2.99	(3.51)	14.28
JBLU	3.19	(0.64)	0.00	5.29	0.00	4.42	(7.49)	29.90
UAL	2.53	(0.54)	0.00	(1.73)	0.00	4.33	(5.57)	12.72
HA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DAL	2.16	(0.44)	0.00	(0.33)	0.00	3.99	(5.54)	16.26

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