DAL vs LUV: Correlation
Measured on weekly returns over the past three years, Delta Air Lines (DAL) and Southwest Airlines (LUV) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAL and LUV?
On 3 years of weekly data the DAL/LUV correlation comes out at 0.57, moderate. The link has tightened recently: the 1-year correlation (0.75) runs above the 3-year figure (0.57). The 5-year figure is 0.67, and annualized covariance runs at 850.2 %².
Among the 33 assets we track against DAL, LUV ranks #14 by 3-year correlation. On 12-month performance DAL holds a 11.9-point edge, +33.9% against +22.0%. The relationship is regime-dependent: the rolling one-year correlation swung between 0.12 and 0.88 over the past three years, so this pair behaves very differently depending on the market environment.
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.
DAL vs LUV: side by side
| DAL (Delta Air Lines) | LUV (Southwest Airlines) | |
|---|---|---|
| 1-year return | +33.9% | +22.0% |
| 5-year return | +110.6% | -12.3% |
| Volatility (ann.) | 37.1% | 40.5% |
| Beta vs S&P 500 | 1.17 | 1.11 |
| Max drawdown (3Y) | -47.9% | -33.5% |
| Market cap | – | $19.5B |
| P/E (trailing) | 13.8 | 25.5 |
| Dividend yield | 0.94% | 1.77% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | DAL | LUV |
|---|---|---|
| 2022 | -15.9% | -21.4% |
| 2023 | +23.0% | -11.8% |
| 2024 | +52.0% | +19.1% |
| 2025 | +16.1% | +25.6% |
| 2026 | +17.8% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAL and LUV good diversifiers for each other?
To a limited degree. At 0.57 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 DAL and LUV?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.75 over the last year and 0.67 over 5 years.
Is LUV a good diversifier for DAL?
To a limited degree. At 0.57 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 0.57 mean?
On the −1 to +1 scale, 0.57 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/dal-vs-luv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dal-vs-luv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DAL correlations · LUV correlations
