AGRO vs LUV: Correlation
Adecoagro S.A. (AGRO) and Southwest Airlines (LUV) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGRO and LUV?
Across a 3-year window, the weekly returns of AGRO and LUV correlate at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.33 versus -0.22 over 3 years. Stretching to 5 years gives -0.10, with an annualized covariance of -375.2 %².
By 3-year correlation, LUV places #24 of the 36 assets tracked against AGRO. Over the last 12 months AGRO came out ahead by 6.1 percentage points (+28.1% against +22.0%).
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.
AGRO vs LUV: side by side
| AGRO (Adecoagro S.A.) | LUV (Southwest Airlines) | |
|---|---|---|
| 1-year return | +28.1% | +22.0% |
| 5-year return | +29.1% | -12.3% |
| Volatility (ann.) | 41.7% | 40.5% |
| Beta vs S&P 500 | -0.27 | 1.11 |
| Max drawdown (3Y) | -41.3% | -33.5% |
| Market cap | $1.5B | $19.5B |
| P/E (trailing) | 28.9 | 25.5 |
| Dividend yield | 0.00% | 1.77% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | AGRO | LUV |
|---|---|---|
| 2022 | +11.5% | -21.4% |
| 2023 | +38.6% | -11.8% |
| 2024 | -12.4% | +19.1% |
| 2025 | -14.3% | +25.6% |
| 2026 | +36.0% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGRO and LUV good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AGRO and LUV?
As of 2026-08-27, the correlation of weekly returns between AGRO and LUV is -0.22 over 3 years, -0.33 over 1 year and -0.10 over 5 years.
Is LUV a good diversifier for AGRO?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/agro-vs-luv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/agro-vs-luv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AGRO correlations · LUV correlations
