MS vs UAL: Correlation
Morgan Stanley (MS) and United Airlines Holdings (UAL) 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 MS and UAL?
Across a 3-year window, the weekly returns of MS and UAL correlate at 0.54, moderate. The link has loosened recently: the 1-year correlation (0.37) runs below the 3-year figure (0.54). Stretching to 5 years gives 0.55, with an annualized covariance of 716.3 %².
Among the 46 assets we track against MS, UAL ranks #33 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MS outperformed by 39.3 percentage points (+47.1% for MS against +7.8% for UAL). The rolling one-year correlation moved between 0.33 and 0.71 over the past three years, a moderate range. Risk is not evenly split, since UAL 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.
MS vs UAL: side by side
| MS (Morgan Stanley) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | +47.1% | +7.8% |
| 5-year return | +142.0% | +144.8% |
| Volatility (ann.) | 28.3% | 46.6% |
| Beta vs S&P 500 | 1.43 | 1.33 |
| Max drawdown (3Y) | -29.2% | -49.2% |
| Market cap | $337.5B | $36.5B |
| P/E (trailing) | 17.4 | 10.8 |
| Dividend yield | 1.94% | 0.00% |
| Sector / category | Financials | Industrials |
Year-by-year returns
| Year | MS | UAL |
|---|---|---|
| 2022 | -10.3% | -13.9% |
| 2023 | +13.9% | +9.4% |
| 2024 | +39.7% | +135.3% |
| 2025 | +45.2% | +15.2% |
| 2026 | +23.0% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MS and UAL good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MS and UAL?
The MS/UAL correlation stands at 0.54 on a 3-year window (1 year: 0.37, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is UAL a good diversifier for MS?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
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/ms-vs-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ms-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MS correlations · UAL correlations
