Aggregated price index
Aggregated price index with volume information
Summary:
- Airlines stocks up 3.2% on average while median return up 2.9% in a day
- Airlines stocks up 3.6% on average while median return up 2.9% in a week
- Airlines stocks up 18.8% on average while median return up 16.7% in a month
- When average return is significantly different from median return, this implies an asymmetry - composite return is driven by some outliners.
Aggregated price index is based on equal weighted constituencies returns,Aggregated volume information is based on sum of all constituencies volumes
- 1M winners are : Winners for past month are $MESA 53.9%, $CPA 44.1%, $AZUL 36.6%, $HA 23.4%, $ALK 22.5%
- 1M losers are : Losers for past month are
- 1W winners are : Winners for past week are $MESA 15.6%, $AZUL 10.8%, $CPA 7.8%, $SKYW 6.9%, $AAL 6.0%
- 1W losers are : Losers for past week are $UAL -0.2%, $ZNH -0.9%, $ATSG -1.2%, $VLRS -3.5%, $CEA -4.0%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 65.7%, for the past 3 months is 57.7%
In the past month for a 5 days rolling window, the highest corrrelation is 76.8%, the lowest correlation is 24.2%, the latest correlation is 36.7%
When a correlation deviated from the normal level and goes lower or even negative, it indicates some of stocks have deviated from the normal direction of the group. The deviation could reverse if long term level of correlation was at a higher level. It creates trading opportunities and deserves study whether the deviation is idiosyncratic or systematic.
Among pairwise correlation, the highest correlation is 98.0% between ALK and UAL
The lowest correlation is -19.9% between ATSG and RYAAY
Stock news
Airline shares soared higher on Monday on another positive development in the race to produce a COVID-19 vaccine, and on data indicating a strong weekend for travel. American Airlines Group (NASDAQ: AAL) led the sector higher, closing up 8.2% for the day. Airlines have been hard hit by the pandemic, which has caused travel demand to plummet.
Alaska also disclosed plans to sell 10 Airbus A320s to Air Lease, reducing its reliance on European jets inherited from a takeover of Virgin America and moving back towards being a carrier that labeled its jets "Proudly All Boeing". The deal is seen as Boeing's opening shot together with an influential lessor in a campaign to rehabilitate the 737 MAX, which was grounded for 20 months following two fatal accidents.
Shares of air carriers were broadly higher Monday, following the busiest travel weekend in eight months and more good news on a potential COVID-19 vaccine.
United Airlines Holdings (NASDAQ: UAL) plans to raise about $1 billion in fresh equity to boost its cash reserves and help it ride out the COVID-19 crisis. At current prices, that would raise $1.038 billion, though secondary offerings are often done at a slight discount. Airlines have been devastated by the pandemic, with revenue falling nearly 70% year over year.
Alaska Airlines announced a transaction today that continues the optimization of its mainline fleet. As part of the agreement, Alaska will sell 10 Airbus A320s to Air Lease Corporation, and subsequently lease 13 new Boeing 737-9 MAX aircraft from them. The 13 737-9 MAX aircraft will be delivered from fourth quarter 2021 through 2022. Alaska will lease the A320s back from Air Lease for a short period of time after the transaction closes.
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"We're talking to Boeing about lots of different things, the Max included," Delta's chief executive told the Financial Times. Any Boeing 737 MAX order would be the first for Delta, which did not have the aircraft in its fleet when the plane was grounded in March 2019 following two fatal crashes. Reuters reported in October, Delta is among airlines Boeing has approached to buy dozens of 737 MAX jets built for clients that have since scrapped their orders or gone bust, citing two people familiar...