AAL vs CF: Correlation
Measured on weekly returns over the past three years, American Airlines Group, Inc. (AAL) and CF Industries (CF) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAL and CF?
Over the past 3 years, AAL and CF moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.60) than the 3-year average (-0.23). Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -344.3 %².
Among the 22 assets we track against AAL, CF ranks #14 by 3-year correlation. The last year tells two different stories: CF led by 44.1 percentage points, +4.5% for AAL against +48.6% for CF.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AAL vs CF: side by side
| AAL (American Airlines Group, Inc.) | CF (CF Industries) | |
|---|---|---|
| 1-year return | +4.5% | +48.6% |
| 5-year return | -29.7% | +211.5% |
| Volatility (ann.) | 45.3% | 32.8% |
| Beta vs S&P 500 | 1.29 | -0.20 |
| Max drawdown (3Y) | -51.4% | -29.2% |
| Market cap | $9.1B | $19.0B |
| P/E (trailing) | – | 9.3 |
| Dividend yield | 0.00% | 1.59% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | AAL | CF |
|---|---|---|
| 2022 | -29.2% | +22.3% |
| 2023 | +8.0% | -4.7% |
| 2024 | +26.9% | +10.1% |
| 2025 | -12.0% | -7.2% |
| 2026 | -10.5% | +64.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAL and CF good diversifiers for each other?
Yes. With a correlation of -0.23, AAL and CF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AAL and CF?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.60 over the last year and -0.10 over 5 years.
Is CF a good diversifier for AAL?
Yes. With a correlation of -0.23, AAL and CF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: AAL correlations · CF correlations
