LUV vs PAPL: Correlation
Measured on weekly returns over the past three years, Southwest Airlines (LUV) and Pineapple Financial Inc. (PAPL) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LUV and PAPL?
Over the past 3 years, LUV and PAPL moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1469.6 %².
Within LUV's tracked universe of 32 assets, PAPL comes in at #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months LUV outperformed by 92.7 percentage points (+22.0% for LUV against -70.7% for PAPL). Note the risk asymmetry: PAPL runs 4.5 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.
LUV vs PAPL: side by side
| LUV (Southwest Airlines) | PAPL (Pineapple Financial Inc.) | |
|---|---|---|
| 1-year return | +22.0% | -70.7% |
| 5-year return | -12.3% | n/a |
| Volatility (ann.) | 40.5% | 181.2% |
| Beta vs S&P 500 | 1.11 | -0.73 |
| Max drawdown (3Y) | -33.5% | -99.4% |
| Market cap | $19.5B | – |
| P/E (trailing) | 25.5 | – |
| Dividend yield | 1.77% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | LUV | PAPL |
|---|---|---|
| 2022 | -21.4% | – |
| 2023 | -11.8% | – |
| 2024 | +19.1% | -74.7% |
| 2025 | +25.6% | -84.4% |
| 2026 | -3.0% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LUV and PAPL good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LUV and PAPL?
The LUV/PAPL correlation stands at -0.20 on a 3-year window (1 year: -0.27, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is PAPL a good diversifier for LUV?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
A reading of -0.20 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/luv-vs-papl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/luv-vs-papl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LUV correlations · PAPL correlations
