LUV vs PPG: Correlation
Southwest Airlines (LUV) and PPG Industries (PPG) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LUV and PPG?
Over the past 3 years, LUV and PPG moved with a correlation of 0.54, which is moderate. Recent behaviour matches the longer record: 0.64 over 1 year against 0.54 over 3. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 558.2 %².
Among the 32 assets we track against LUV, PPG ranks #14 by 3-year correlation. The last year tells two different stories: LUV led by 18.2 percentage points, +22.0% for LUV against +3.8% for PPG. This link changes with the market regime, having swung between 0.08 and 0.70 on a rolling one-year basis. Risk is not evenly split, since LUV carries 1.6 times the volatility of the other side.
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 PPG: side by side
| LUV (Southwest Airlines) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | +22.0% | +3.8% |
| 5-year return | -12.3% | -22.0% |
| Volatility (ann.) | 40.5% | 25.5% |
| Beta vs S&P 500 | 1.11 | 0.90 |
| Max drawdown (3Y) | -33.5% | -37.4% |
| Market cap | $19.5B | $25.2B |
| P/E (trailing) | 25.5 | 16.4 |
| Dividend yield | 1.77% | 2.48% |
| Sector / category | Industrials | Materials |
Year-by-year returns
| Year | LUV | PPG |
|---|---|---|
| 2022 | -21.4% | -25.7% |
| 2023 | -11.8% | +21.2% |
| 2024 | +19.1% | -18.5% |
| 2025 | +25.6% | -12.0% |
| 2026 | -3.0% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LUV and PPG good diversifiers for each other?
Only partially. A correlation of 0.54 means LUV and PPG 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 LUV and PPG?
As of 2026-08-27, the correlation of weekly returns between LUV and PPG is 0.54 over 3 years, 0.64 over 1 year and 0.51 over 5 years.
Is PPG a good diversifier for LUV?
Only partially. A correlation of 0.54 means LUV and PPG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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/luv-vs-ppg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/luv-vs-ppg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LUV correlations · PPG correlations
