BA vs LUV: Correlation
Measured on weekly returns over the past three years, Boeing (BA) and Southwest Airlines (LUV) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BA and LUV?
Across a 3-year window, the weekly returns of BA and LUV correlate at 0.44, moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.44). Stretching to 5 years gives 0.46, with an annualized covariance of 641.3 %².
By 3-year correlation, LUV places #21 of the 37 assets tracked against BA. The last year tells two different stories: LUV led by 32.9 percentage points, -10.9% for BA against +22.0% for LUV. The rolling one-year correlation moved between 0.19 and 0.65 over the past three years, a moderate range.
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.
BA vs LUV: side by side
| BA (Boeing) | LUV (Southwest Airlines) | |
|---|---|---|
| 1-year return | -10.9% | +22.0% |
| 5-year return | -3.6% | -12.3% |
| Volatility (ann.) | 36.4% | 40.5% |
| Beta vs S&P 500 | 1.43 | 1.11 |
| Max drawdown (3Y) | -48.3% | -33.5% |
| Market cap | $165.9B | $19.5B |
| P/E (trailing) | 76.3 | 25.5 |
| Dividend yield | 0.00% | 1.77% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | BA | LUV |
|---|---|---|
| 2022 | -5.4% | -21.4% |
| 2023 | +36.8% | -11.8% |
| 2024 | -32.1% | +19.1% |
| 2025 | +22.7% | +25.6% |
| 2026 | -3.3% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BA and LUV good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BA and LUV?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.29 over the last year and 0.46 over 5 years.
Is LUV a good diversifier for BA?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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/ba-vs-luv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ba-vs-luv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BA correlations · LUV correlations
