DAL vs UAL: Correlation
Measured on weekly returns over the past three years, Delta Air Lines (DAL) and United Airlines Holdings (UAL) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAL and UAL?
Across a 3-year window, the weekly returns of DAL and UAL correlate at 0.86, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.91 over 1 year against 0.86 over 3. Stretching to 5 years gives 0.86, with an annualized covariance of 1475.5 %².
In DAL's tracked universe of 33 assets, UAL sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months DAL outperformed by 26.1 percentage points (+33.9% for DAL against +7.8% for UAL). Stability stands out here, with the rolling one-year correlation confined to 0.70 through 0.92.
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 UAL: side by side
| DAL (Delta Air Lines) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | +33.9% | +7.8% |
| 5-year return | +110.6% | +144.8% |
| Volatility (ann.) | 37.1% | 46.6% |
| Beta vs S&P 500 | 1.17 | 1.33 |
| Max drawdown (3Y) | -47.9% | -49.2% |
| Market cap | – | $36.5B |
| P/E (trailing) | 13.8 | 10.8 |
| Dividend yield | 0.94% | 0.00% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | DAL | UAL |
|---|---|---|
| 2022 | -15.9% | -13.9% |
| 2023 | +23.0% | +9.4% |
| 2024 | +52.0% | +135.3% |
| 2025 | +16.1% | +15.2% |
| 2026 | +17.8% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAL and UAL good diversifiers for each other?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between DAL and UAL?
As of 2026-08-27, the correlation of weekly returns between DAL and UAL is 0.86 over 3 years, 0.91 over 1 year and 0.86 over 5 years.
Is UAL a good diversifier for DAL?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.86 mean?
A reading of 0.86 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/dal-vs-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dal-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DAL correlations · UAL correlations
