SKYW vs UAL: Correlation
How closely do SkyWest, Inc. (SKYW) and United Airlines Holdings (UAL) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SKYW and UAL?
On 3 years of weekly data the SKYW/UAL correlation comes out at 0.61, strong. The relationship has been stable: the 1-year correlation (0.71) sits close to the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 951.0 %².
By 3-year correlation, UAL places #5 of the 14 assets tracked against SKYW. The last year tells two different stories: UAL led by 27.1 percentage points, -19.3% for SKYW against +7.8% for UAL.
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.
SKYW vs UAL: side by side
| SKYW (SkyWest, Inc.) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | -19.3% | +7.8% |
| 5-year return | +114.2% | +144.8% |
| Volatility (ann.) | 33.3% | 46.6% |
| Beta vs S&P 500 | 0.95 | 1.33 |
| Max drawdown (3Y) | -36.6% | -49.2% |
| Market cap | $3.8B | $36.5B |
| P/E (trailing) | 9.8 | 10.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | SKYW | UAL |
|---|---|---|
| 2022 | -58.0% | -13.9% |
| 2023 | +216.2% | +9.4% |
| 2024 | +91.8% | +135.3% |
| 2025 | +0.3% | +15.2% |
| 2026 | -1.5% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SKYW and UAL good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SKYW and UAL?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.71 over the last year and 0.60 over 5 years.
Is UAL a good diversifier for SKYW?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/skyw-vs-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/skyw-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SKYW correlations · UAL correlations
