PH vs UAL: Correlation
How closely do Parker Hannifin (PH) and United Airlines Holdings (UAL) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PH and UAL?
Across a 3-year window, the weekly returns of PH and UAL correlate at 0.45, moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.45 over 3. Stretching to 5 years gives 0.53, with an annualized covariance of 558.6 %².
Within PH's tracked universe of 57 assets, UAL comes in at #42 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PH outperformed by 25.0 percentage points (+32.8% for PH against +7.8% for UAL). This link changes with the market regime, having swung between 0.14 and 0.68 on a rolling one-year basis. Risk is not evenly split, since UAL carries 1.8 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.
PH vs UAL: side by side
| PH (Parker Hannifin) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | +32.8% | +7.8% |
| 5-year return | +256.4% | +144.8% |
| Volatility (ann.) | 26.6% | 46.6% |
| Beta vs S&P 500 | 1.16 | 1.33 |
| Max drawdown (3Y) | -26.8% | -49.2% |
| Market cap | $127.5B | $36.5B |
| P/E (trailing) | 36.5 | 10.8 |
| Dividend yield | 0.71% | 0.00% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | PH | UAL |
|---|---|---|
| 2022 | -6.9% | -13.9% |
| 2023 | +60.8% | +9.4% |
| 2024 | +39.6% | +135.3% |
| 2025 | +39.5% | +15.2% |
| 2026 | +15.5% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PH and UAL good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PH and UAL?
The PH/UAL correlation stands at 0.45 on a 3-year window (1 year: 0.39, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is UAL a good diversifier for PH?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
A reading of 0.45 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/ph-vs-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ph-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PH correlations · UAL correlations
