Spirit Airlines Correlations
| SAVE Stock | USD 3.68 0.11 2.90% |
The correlation of Spirit Airlines 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Spirit Airlines moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Spirit Airlines moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Modest diversification
The correlation between Spirit Airlines and NYA is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Spirit Airlines and NYA in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to Spirit Airlines could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Spirit Airlines when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Spirit Airlines - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Spirit Airlines to buy it.
Moving together with Spirit Stock
Moving against Spirit Stock
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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
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Risk-Adjusted Indicators
There is a big difference between Spirit Stock performing well and Spirit Airlines 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 Spirit Airlines' 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| AAL | 1.68 | (0.06) | 0.00 | 0.05 | 2.32 | 4.49 | 16.82 | |||
| DAL | 1.20 | 0.30 | 0.25 | 0.29 | 0.89 | 3.05 | 7.93 | |||
| LUV | 1.49 | (0.06) | (0.03) | 0.00 | 2.98 | 3.17 | 20.03 | |||
| UAL | 1.98 | 0.39 | 0.24 | 0.32 | 1.46 | 5.19 | 17.52 | |||
| SNCY | 1.81 | 0.11 | 0.08 | 0.14 | 2.18 | 4.80 | 13.21 | |||
| JBLU | 3.00 | 0.46 | 0.07 | (0.59) | 4.01 | 6.16 | 26.03 | |||
| HA | 0.75 | (0.16) | 0.00 | (0.24) | 0.00 | 1.96 | 5.47 | |||
| ALGT | 1.84 | (0.44) | 0.00 | (0.12) | 0.00 | 3.69 | 15.09 |
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Spirit Airlines Corporate Directors
Spirit Airlines corporate directors refer to members of a Spirit Airlines board of directors. The board of directors generally takes responsibility for the Spirit Airlines' affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Spirit Airlines' board members must vote for the resolution. The Spirit Airlines board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.| Stuart Oran | Independent Director | Profile | |
| Myrna Soto | Independent Director | Profile | |
| Dawn Zier | Independent Director | Profile | |
| David Elkins | Independent Director | Profile |
Already Invested in Spirit Airlines?
The danger of trading Spirit Airlines is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Spirit Airlines is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Spirit Airlines. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Spirit Airlines is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Spirit Airlines is a strong investment it is important to analyze Spirit Airlines' competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact Spirit Airlines' future performance. For an informed investment choice regarding Spirit Stock, refer to the following important reports: Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Spirit Airlines. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in real. For information on how to trade Spirit Stock refer to our How to Trade Spirit Stock guide.You can also try the ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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When running Spirit Airlines' price analysis, check to measure Spirit Airlines' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Spirit Airlines is operating at the current time. Most of Spirit Airlines' value examination focuses on studying past and present price action to predict the probability of Spirit Airlines' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Spirit Airlines' price. Additionally, you may evaluate how the addition of Spirit Airlines to your portfolios can decrease your overall portfolio volatility.
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Is Spirit Airlines' industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Spirit Airlines. If investors know Spirit will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Spirit Airlines listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth (0.14) | Earnings Share (4.10) | Revenue Per Share 49.129 | Quarterly Revenue Growth (0.05) | Return On Assets (0.03) |
The market value of Spirit Airlines is measured differently than its book value, which is the value of Spirit that is recorded on the company's balance sheet. Investors also form their own opinion of Spirit Airlines' value that differs from its market value or its book value, called intrinsic value, which is Spirit Airlines' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Spirit Airlines' market value can be influenced by many factors that don't directly affect Spirit Airlines' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Spirit Airlines' value and its price as these two are different measures arrived at by different means. Investors typically determine if Spirit Airlines is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Spirit Airlines' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.