ALK vs DAL: Correlation
Alaska Air Group, Inc. (ALK) and Delta Air Lines (DAL) show a strong relationship: their 3-year correlation of weekly returns is 0.70.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALK and DAL?
Over the past 3 years, ALK and DAL moved with a correlation of 0.70, which is strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 1180.6 %².
DAL is one of the assets that tracks ALK most closely: it ranks #3 out of the 13 assets we track against ALK. Their recent paths diverged sharply: over the last 12 months DAL outperformed by 65.7 percentage points (-31.8% for ALK against +33.9% for DAL).
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 DAL: side by side
| ALK (Alaska Air Group, Inc.) | DAL (Delta Air Lines) | |
|---|---|---|
| 1-year return | -31.8% | +33.9% |
| 5-year return | -25.6% | +110.6% |
| Volatility (ann.) | 45.5% | 37.1% |
| Beta vs S&P 500 | 1.01 | 1.17 |
| Max drawdown (3Y) | -55.4% | -47.9% |
| Market cap | $4.7B | – |
| P/E (trailing) | – | 13.8 |
| Dividend yield | 0.00% | 0.94% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | ALK | DAL |
|---|---|---|
| 2022 | -17.6% | -15.9% |
| 2023 | -9.0% | +23.0% |
| 2024 | +65.7% | +52.0% |
| 2025 | -22.3% | +16.1% |
| 2026 | -16.1% | +17.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALK and DAL good diversifiers for each other?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ALK and DAL?
As of 2026-08-27, the correlation of weekly returns between ALK and DAL is 0.70 over 3 years, 0.76 over 1 year and 0.76 over 5 years.
Is DAL a good diversifier for ALK?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.70 mean?
A reading of 0.70 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/alk-vs-dal.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alk-vs-dal/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALK correlations · DAL correlations
