Air Lease Correlations

AL Stock

USD 45.52 0.52 1.16%

The current 90-days correlation between Air Lease and The Aarons is 0.09 (i.e., Significant 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

Modest diversification

The correlation between Air Lease and DJI is 0.28 (i.e., Modest 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.

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

0.76	R	Ryder System Earnings Call This Week	Pair Corr
0.63	WLFC	Willis Lease Finance	Pair Corr
0.69	HTZ	Hertz Global Holdings	Pair Corr
0.67	GATX	GATX	Pair Corr
0.71	HTZWW	Hertz Global Hldgs	Pair Corr
0.67	ALTG	Alta Equipment Group	Pair Corr
0.83	CTOS	Custom Truck One	Pair Corr
0.61	BE	Bloom Energy Corp Earnings Call This Week	Pair Corr

Moving against Air Stock

0.37	MWG	Multi Ways Holdings	Pair Corr
0.45	ZCARW	Zoomcar Holdings	Pair Corr
0.44	FTAIO	Fortress Transportation	Pair Corr
0.32	HEES	HE Equipment Services	Pair Corr
0.31	ALTG-PA	Alta Equipment Group	Pair Corr
0.5	EH	Ehang Holdings	Pair Corr
0.36	CP	Canadian Pacific Railway	Pair Corr

Related Correlations Analysis

	AAN	ALTG	MGRC	HRI	TRTN	HEES	GATX	PRG	CTOS	TGH
AAN		-0.06	0.1	-0.44	0.81	0.64	0.42	-0.54	0.08	0.76	AAN
ALTG	-0.06		0.74	0.77	-0.27	0.13	0.59	0.78	0.79	-0.36	ALTG
MGRC	0.1	0.74		0.73	0.04	0.52	0.52	0.55	0.57	-0.23	MGRC
HRI	-0.44	0.77	0.73		-0.58	0.02	0.14	0.87	0.45	-0.75	HRI
TRTN	0.81	-0.27	0.04	-0.58		0.62	0.37	-0.7	-0.03	0.91	TRTN
HEES	0.64	0.13	0.52	0.02	0.62		0.29	-0.24	0.09	0.39	HEES
GATX	0.42	0.59	0.52	0.14	0.37	0.29		0.21	0.84	0.4	GATX
PRG	-0.54	0.78	0.55	0.87	-0.7	-0.24	0.21		0.58	-0.76	PRG
CTOS	0.08	0.79	0.57	0.45	-0.03	0.09	0.84	0.58		-0.01	CTOS
TGH	0.76	-0.36	-0.23	-0.75	0.91	0.39	0.4	-0.76	-0.01		TGH
	AAN	ALTG	MGRC	HRI	TRTN	HEES	GATX	PRG	CTOS	TGH

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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

TGH	+ 0.91	TRTN
PRG	+ 0.87	HRI
CTOS	+ 0.84	GATX
TRTN	+ 0.81	AAN
CTOS	+ 0.79	ALTG
PRG	+ 0.78	ALTG

High negative correlations

TGH	- 0.76	PRG
TGH	- 0.75	HRI
PRG	- 0.7	TRTN
TRTN	- 0.58	HRI
PRG	- 0.54	AAN
HRI	- 0.44	AAN

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
AAN	0.25	0.03	(0.10)	0.60	0.24	(0.32)	0.61	(0.40)	1.81
ALTG	2.90	0.26	0.08	0.32	3.15	(3.32)	6.85	(4.84)	25.52
MGRC	0.94	0.10	0.03	0.44	1.26	(0.94)	2.71	(2.08)	8.09
HRI	1.74	(0.07)	0.00	(0.01)	0.00	0.00	2.63	(3.93)	18.48
TRTN	0.29	0.02	(0.10)	0.55	0.37	(0.32)	0.73	(0.63)	2.44
HEES	3.76	1.53	0.61	(0.39)	1.31	(6.04)	3.45	(3.60)	106.91
GATX	1.10	0.25	0.17	0.49	0.87	(1.15)	2.99	(1.45)	10.99
PRG	1.47	0.01	(0.01)	0.09	1.96	(1.52)	2.66	(2.79)	14.99
CTOS	2.48	0.65	0.23	0.58	2.07	(2.79)	8.95	(3.81)	20.86
TGH	0.91	0.21	0.12	(42.23)	0.91	(0.99)	2.33	(1.70)	6.59

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