Delta Air Correlations

DAL Stock

USD 60.95 2.18 3.71%

The current 90-days correlation between Delta Air Lines and United Airlines Holdings is 0.89 (i.e., Very poor 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

Very weak diversification

The correlation between Delta Air Lines and DJI is 0.59 (i.e., Very weak 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

0.61	IAG	International Consolidated	Pair Corr
0.78	AAL	American Airlines Aggressive Push	Pair Corr
0.65	LTM	LATAM Airlines Group Earnings Call This Week	Pair Corr
0.89	UAL	United Airlines Holdings	Pair Corr
0.75	JBLU	JetBlue Airways Corp Earnings Call This Week	Pair Corr
0.85	ALGT	Allegiant Travel	Pair Corr
0.64	SNCY	Sun Country Airlines Earnings Call This Week	Pair Corr
0.62	TLK	Telkom Indonesia Tbk Earnings Call This Week	Pair Corr

Moving against Delta Stock

0.35	601021	Spring Airlines	Pair Corr
0.4	BKRKF	PT Bank Rakyat Earnings Call This Week	Pair Corr
0.38	PPERF	Bank Mandiri Persero Earnings Call This Week	Pair Corr

Related Correlations Analysis

	UAL	FER	HEI	ROK	AME	OTIS	PAYX	GWW	XYL
UAL		0.32	-0.21	0.04	0.61	0.17	-0.28	0.28	0.08	UAL
FER	0.32		-0.28	0.32	0.37	0.87	-0.85	-0.35	0.64	FER
HEI	-0.21	-0.28		0.29	0.06	-0.17	0.16	0.22	-0.17	HEI
ROK	0.04	0.32	0.29		0.15	0.42	-0.04	0.37	0.0	ROK
AME	0.61	0.37	0.06	0.15		0.34	-0.43	-0.09	0.44	AME
OTIS	0.17	0.87	-0.17	0.42	0.34		-0.77	-0.3	0.54	OTIS
PAYX	-0.28	-0.85	0.16	-0.04	-0.43	-0.77		0.62	-0.77	PAYX
GWW	0.28	-0.35	0.22	0.37	-0.09	-0.3	0.62		-0.67	GWW
XYL	0.08	0.64	-0.17	0.0	0.44	0.54	-0.77	-0.67		XYL
	UAL	FER	HEI	ROK	AME	OTIS	PAYX	GWW	XYL

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

OTIS	+ 0.87	FER
XYL	+ 0.64	FER
GWW	+ 0.62	PAYX
AME	+ 0.61	UAL
XYL	+ 0.54	OTIS
XYL	+ 0.44	AME

High negative correlations

PAYX	- 0.85	FER
XYL	- 0.77	PAYX
PAYX	- 0.77	OTIS
XYL	- 0.67	GWW
PAYX	- 0.43	AME
GWW	- 0.35	FER

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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
UAL	1.81	(0.01)	0.04	0.07	2.15	(1.93)	3.79	(3.84)	15.86
FER	0.98	0.22	0.15	0.43	1.05	(1.08)	2.32	(2.12)	4.30
HEI	1.18	(0.08)	(0.04)	(0.01)	1.90	(1.15)	1.79	(1.90)	13.48
ROK	1.10	(0.11)	(0.05)	0.00	1.35	(1.26)	2.72	(1.82)	6.65
AME	0.89	(0.01)	(0.01)	0.07	0.90	(0.99)	1.94	(1.74)	6.78
OTIS	0.85	(0.01)	(0.02)	0.06	1.08	(0.81)	1.70	(1.74)	4.41
PAYX	0.90	(0.31)	0.00	(0.29)	0.00	0.00	1.73	(2.32)	5.19
GWW	1.03	(0.23)	0.00	(0.07)	0.00	0.00	2.23	(2.17)	10.94
XYL	0.90	0.14	0.12	0.27	0.66	(0.99)	2.47	(1.68)	12.51

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