ALK vs CF: Correlation
How closely do Alaska Air Group, Inc. (ALK) and CF Industries (CF) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALK and CF?
On 3 years of weekly data the ALK/CF correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.63) than the 3-year average (-0.25). The 5-year figure is -0.09, and annualized covariance runs at -371.0 %².
CF is close to the least connected end of ALK's tracked universe, ranking #10 of 13. The last year tells two different stories: CF led by 80.4 percentage points, -31.8% for ALK against +48.6% for CF.
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.
ALK vs CF: side by side
| ALK (Alaska Air Group, Inc.) | CF (CF Industries) | |
|---|---|---|
| 1-year return | -31.8% | +48.6% |
| 5-year return | -25.6% | +211.5% |
| Volatility (ann.) | 45.5% | 32.8% |
| Beta vs S&P 500 | 1.01 | -0.20 |
| Max drawdown (3Y) | -55.4% | -29.2% |
| Market cap | $4.7B | $19.0B |
| P/E (trailing) | – | 9.3 |
| Dividend yield | 0.00% | 1.59% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | ALK | CF |
|---|---|---|
| 2022 | -17.6% | +22.3% |
| 2023 | -9.0% | -4.7% |
| 2024 | +65.7% | +10.1% |
| 2025 | -22.3% | -7.2% |
| 2026 | -16.1% | +64.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALK and CF good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ALK and CF?
The ALK/CF correlation stands at -0.25 on a 3-year window (1 year: -0.63, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is CF a good diversifier for ALK?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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.
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Related comparisons
Hubs: ALK correlations · CF correlations
