ALGT vs ALK: Correlation
Allegiant Travel Company (ALGT) and Alaska Air Group, Inc. (ALK) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALGT and ALK?
Across a 3-year window, the weekly returns of ALGT and ALK correlate at 0.63, strong. Lately the two have moved closer together, with the 1-year correlation at 0.79 versus 0.63 over 3 years. Stretching to 5 years gives 0.66, with an annualized covariance of 1658.3 %².
Among the 15 assets we track against ALGT, ALK ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ALGT ahead by 60.3 points (+28.5% versus -31.8%).
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.
ALGT vs ALK: side by side
| ALGT (Allegiant Travel Company) | ALK (Alaska Air Group, Inc.) | |
|---|---|---|
| 1-year return | +28.5% | -31.8% |
| 5-year return | -55.9% | -25.6% |
| Volatility (ann.) | 58.0% | 45.5% |
| Beta vs S&P 500 | 1.36 | 1.01 |
| Max drawdown (3Y) | -61.2% | -55.4% |
| Market cap | $2.2B | $4.7B |
| P/E (trailing) | 71.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALGT | ALK |
|---|---|---|
| 2022 | -63.6% | -17.6% |
| 2023 | +23.4% | -9.0% |
| 2024 | +16.0% | +65.7% |
| 2025 | -9.4% | -22.3% |
| 2026 | -5.8% | -16.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALGT and ALK good diversifiers for each other?
Only partially. A correlation of 0.63 means ALGT and ALK 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 ALGT and ALK?
As of 2026-08-27, the correlation of weekly returns between ALGT and ALK is 0.63 over 3 years, 0.79 over 1 year and 0.66 over 5 years.
Is ALK a good diversifier for ALGT?
Only partially. A correlation of 0.63 means ALGT and ALK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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/algt-vs-alk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/algt-vs-alk/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALGT correlations · ALK correlations
