AAL vs XOM: Correlation
Measured on weekly returns over the past three years, American Airlines Group, Inc. (AAL) and ExxonMobil (XOM) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAL and XOM?
On 3 years of weekly data the AAL/XOM correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.47) runs below the 3-year figure (-0.22). The 5-year figure is -0.06, and annualized covariance runs at -238.6 %².
By 3-year correlation, XOM places #13 of the 22 assets tracked against AAL. The last year tells two different stories: XOM led by 38.3 percentage points, +4.5% for AAL against +42.8% for XOM. Note the risk asymmetry: AAL runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 XOM: side by side
| AAL (American Airlines Group, Inc.) | XOM (ExxonMobil) | |
|---|---|---|
| 1-year return | +4.5% | +42.8% |
| 5-year return | -29.7% | +237.9% |
| Volatility (ann.) | 45.3% | 24.3% |
| Beta vs S&P 500 | 1.29 | 0.01 |
| Max drawdown (3Y) | -51.4% | -20.1% |
| Market cap | $9.1B | $643.3B |
| P/E (trailing) | – | 20.1 |
| Dividend yield | 0.00% | 2.58% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | AAL | XOM |
|---|---|---|
| 2022 | -29.2% | +87.4% |
| 2023 | +8.0% | -6.3% |
| 2024 | +26.9% | +11.3% |
| 2025 | -12.0% | +16.0% |
| 2026 | -10.5% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAL and XOM good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between AAL and XOM?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.47 over the last year and -0.06 over 5 years.
Is XOM a good diversifier for AAL?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 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-xom.json
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Related comparisons
Hubs: AAL correlations · XOM correlations
