TNL vs UAL: Correlation
Measured on weekly returns over the past three years, Travel Leisure Co. (TNL) and United Airlines Holdings (UAL) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TNL and UAL?
On 3 years of weekly data the TNL/UAL correlation comes out at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. The 5-year figure is 0.62, and annualized covariance runs at 798.4 %².
By 3-year correlation, UAL places #17 of the 34 assets tracked against TNL. Over the last 12 months TNL came out ahead by 11.4 percentage points (+19.2% against +7.8%). Risk is not evenly split, since UAL carries 1.5 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.
TNL vs UAL: side by side
| TNL (Travel Leisure Co.) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | +19.2% | +7.8% |
| 5-year return | +59.9% | +144.8% |
| Volatility (ann.) | 30.1% | 46.6% |
| Beta vs S&P 500 | 1.19 | 1.33 |
| Max drawdown (3Y) | -32.2% | -49.2% |
| Market cap | $4.4B | $36.5B |
| P/E (trailing) | 19.9 | 10.8 |
| Dividend yield | 3.15% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | TNL | UAL |
|---|---|---|
| 2022 | -31.7% | -13.9% |
| 2023 | +12.5% | +9.4% |
| 2024 | +34.8% | +135.3% |
| 2025 | +45.5% | +15.2% |
| 2026 | +3.4% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TNL and UAL good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between TNL and UAL?
As of 2026-08-27, the correlation of weekly returns between TNL and UAL is 0.57 over 3 years, 0.61 over 1 year and 0.62 over 5 years.
Is UAL a good diversifier for TNL?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 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/tnl-vs-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tnl-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: TNL correlations · UAL correlations
