AAL vs DAL: Correlation
Measured on weekly returns over the past three years, American Airlines Group, Inc. (AAL) and Delta Air Lines (DAL) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAL and DAL?
Across a 3-year window, the weekly returns of AAL and DAL correlate at 0.76, strong. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. Stretching to 5 years gives 0.81, with an annualized covariance of 1284.4 %².
Few assets follow AAL as closely as DAL, which ranks #3 of 22 tracked partners. Correlation aside, the last 12 months split them widely, with DAL ahead by 29.4 points (+4.5% versus +33.9%).
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 DAL: side by side
| AAL (American Airlines Group, Inc.) | DAL (Delta Air Lines) | |
|---|---|---|
| 1-year return | +4.5% | +33.9% |
| 5-year return | -29.7% | +110.6% |
| Volatility (ann.) | 45.3% | 37.1% |
| Beta vs S&P 500 | 1.29 | 1.17 |
| Max drawdown (3Y) | -51.4% | -47.9% |
| Market cap | $9.1B | – |
| P/E (trailing) | – | 13.8 |
| Dividend yield | 0.00% | 0.94% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | AAL | DAL |
|---|---|---|
| 2022 | -29.2% | -15.9% |
| 2023 | +8.0% | +23.0% |
| 2024 | +26.9% | +52.0% |
| 2025 | -12.0% | +16.1% |
| 2026 | -10.5% | +17.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAL and DAL good diversifiers for each other?
Only partially. A correlation of 0.76 means AAL and DAL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AAL and DAL?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.84 over the last year and 0.81 over 5 years.
Is DAL a good diversifier for AAL?
Only partially. A correlation of 0.76 means AAL and DAL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aal-vs-dal.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aal-vs-dal/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AAL correlations · DAL correlations
