BA vs UAL: Correlation
Measured on weekly returns over the past three years, Boeing (BA) and United Airlines Holdings (UAL) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BA and UAL?
Across a 3-year window, the weekly returns of BA and UAL correlate at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. Stretching to 5 years gives 0.48, with an annualized covariance of 771.3 %².
Among the 37 assets we track against BA, UAL ranks #19 by 3-year correlation. Correlation aside, the last 12 months split them widely, with UAL ahead by 18.7 points (-10.9% versus +7.8%). The rolling one-year correlation moved between 0.20 and 0.67 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 UAL: side by side
| BA (Boeing) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | -10.9% | +7.8% |
| 5-year return | -3.6% | +144.8% |
| Volatility (ann.) | 36.4% | 46.6% |
| Beta vs S&P 500 | 1.43 | 1.33 |
| Max drawdown (3Y) | -48.3% | -49.2% |
| Market cap | $165.9B | $36.5B |
| P/E (trailing) | 76.3 | 10.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | BA | UAL |
|---|---|---|
| 2022 | -5.4% | -13.9% |
| 2023 | +36.8% | +9.4% |
| 2024 | -32.1% | +135.3% |
| 2025 | +22.7% | +15.2% |
| 2026 | -3.3% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BA and UAL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BA and UAL?
The BA/UAL correlation stands at 0.46 on a 3-year window (1 year: 0.42, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is UAL a good diversifier for BA?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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/ba-vs-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ba-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BA correlations · UAL correlations
