CPA vs UAL: Correlation
How closely do Copa Holdings, S.A. (CPA) and United Airlines Holdings (UAL) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPA and UAL?
Across a 3-year window, the weekly returns of CPA and UAL correlate at 0.57, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.71 versus 0.57 over 3 years. Stretching to 5 years gives 0.60, with an annualized covariance of 781.8 %².
Few assets follow CPA as closely as UAL, which ranks #3 of 12 tracked partners. On 12-month performance CPA holds a 10.0-point edge, +17.8% against +7.8%. Note the risk asymmetry: UAL runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CPA vs UAL: side by side
| CPA (Copa Holdings, S.A.) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | +17.8% | +7.8% |
| 5-year return | +112.6% | +144.8% |
| Volatility (ann.) | 29.3% | 46.6% |
| Beta vs S&P 500 | 0.83 | 1.33 |
| Max drawdown (3Y) | -29.2% | -49.2% |
| Market cap | $5.4B | $36.5B |
| P/E (trailing) | 8.7 | 10.8 |
| Dividend yield | 5.01% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | CPA | UAL |
|---|---|---|
| 2022 | +0.6% | -13.9% |
| 2023 | +32.4% | +9.4% |
| 2024 | -11.5% | +135.3% |
| 2025 | +45.6% | +15.2% |
| 2026 | +11.5% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPA and UAL good diversifiers for each other?
Only partially. A correlation of 0.57 means CPA and UAL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CPA and UAL?
The CPA/UAL correlation stands at 0.57 on a 3-year window (1 year: 0.71, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is UAL a good diversifier for CPA?
Only partially. A correlation of 0.57 means CPA and UAL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cpa-vs-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpa-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CPA correlations · UAL correlations
