ALK vs UAL: Correlation
Measured on weekly returns over the past three years, Alaska Air Group, Inc. (ALK) and United Airlines Holdings (UAL) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALK and UAL?
Over the past 3 years, ALK and UAL moved with a correlation of 0.71, which is strong. The link has tightened recently: the 1-year correlation (0.82) runs above the 3-year figure (0.71). Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 1501.3 %².
Few assets follow ALK as closely as UAL, which ranks #2 of 13 tracked partners. The last year tells two different stories: UAL led by 39.6 percentage points, -31.8% for ALK against +7.8% for UAL.
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 UAL: side by side
| ALK (Alaska Air Group, Inc.) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | -31.8% | +7.8% |
| 5-year return | -25.6% | +144.8% |
| Volatility (ann.) | 45.5% | 46.6% |
| Beta vs S&P 500 | 1.01 | 1.33 |
| Max drawdown (3Y) | -55.4% | -49.2% |
| Market cap | $4.7B | $36.5B |
| P/E (trailing) | – | 10.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | ALK | UAL |
|---|---|---|
| 2022 | -17.6% | -13.9% |
| 2023 | -9.0% | +9.4% |
| 2024 | +65.7% | +135.3% |
| 2025 | -22.3% | +15.2% |
| 2026 | -16.1% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALK and UAL good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ALK and UAL?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.82 over the last year and 0.75 over 5 years.
Is UAL a good diversifier for ALK?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 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/alk-vs-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alk-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ALK correlations · UAL correlations
