AAL vs CPA: Correlation
How closely do American Airlines Group, Inc. (AAL) and Copa Holdings, S.A. (CPA) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAL and CPA?
Across a 3-year window, the weekly returns of AAL and CPA correlate at 0.56, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.70 versus 0.56 over 3 years. Stretching to 5 years gives 0.58, with an annualized covariance of 738.4 %².
Among the 22 assets we track against AAL, CPA ranks #7 by 3-year correlation. Over the last 12 months CPA came out ahead by 13.3 percentage points (+4.5% against +17.8%). Risk is not evenly split, since AAL carries 1.5 times the volatility of the other side.
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 CPA: side by side
| AAL (American Airlines Group, Inc.) | CPA (Copa Holdings, S.A.) | |
|---|---|---|
| 1-year return | +4.5% | +17.8% |
| 5-year return | -29.7% | +112.6% |
| Volatility (ann.) | 45.3% | 29.3% |
| Beta vs S&P 500 | 1.29 | 0.83 |
| Max drawdown (3Y) | -51.4% | -29.2% |
| Market cap | $9.1B | $5.4B |
| P/E (trailing) | – | 8.7 |
| Dividend yield | 0.00% | 5.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAL | CPA |
|---|---|---|
| 2022 | -29.2% | +0.6% |
| 2023 | +8.0% | +32.4% |
| 2024 | +26.9% | -11.5% |
| 2025 | -12.0% | +45.6% |
| 2026 | -10.5% | +11.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAL and CPA good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AAL and CPA?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.70 over the last year and 0.58 over 5 years.
Is CPA a good diversifier for AAL?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aal-vs-cpa.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aal-vs-cpa/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AAL correlations · CPA correlations
