^XAL vs. ^GSPC
^XAL (NYSE Arca Airline Index) and ^GSPC (S&P 500 Index) are both indexes. Over the past 10 years, ^XAL returned -1.44%/yr vs 13.41%/yr for ^GSPC. A 0.56 correlation means they provide meaningful diversification when combined.
Performance
^XAL vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, ^XAL achieves a 9.49% return, which is significantly lower than ^GSPC's 10.66% return. Over the past 10 years, ^XAL has underperformed ^GSPC with an annualized return of -1.44%, while ^GSPC has yielded a comparatively higher 13.41% annualized return.
^XAL
- 1D
- -2.23%
- 1M
- 6.41%
- 6M
- 1.71%
- YTD
- 9.49%
- 1Y
- 27.62%
- 3Y*
- -1.02%
- 5Y*
- -4.58%
- 10Y*
- -1.44%
^GSPC
- 1D
- 0.42%
- 1M
- 1.94%
- 6M
- 8.74%
- YTD
- 10.66%
- 1Y
- 21.02%
- 3Y*
- 19.50%
- 5Y*
- 11.63%
- 10Y*
- 13.41%
^XAL vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^XAL NYSE Arca Airline Index | 9.49% | 4.77% | -0.97% | 28.24% | -35.29% | -1.75% | -24.45% | 21.28% | -22.35% | 5.23% |
^GSPC S&P 500 Index | 10.66% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 16.26% | 28.88% | -6.24% | 19.42% |
Correlation
The correlation between ^XAL and ^GSPC is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 1992 | 0.56 |
The correlation between ^XAL and ^GSPC has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.
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Return for Risk
^XAL vs. ^GSPC — Risk / Return Rank
^XAL
^GSPC
^XAL vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYSE Arca Airline Index (^XAL) and S&P 500 Index (^GSPC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ^XAL | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.30 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 2.28 | -1.51 |
| Martin ratioReturn relative to average drawdown | 1.74 | 9.88 | -8.14 |
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Drawdowns
^XAL vs. ^GSPC - Drawdown Comparison
The maximum ^XAL drawdown since its inception was -93.94%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for ^XAL and ^GSPC.
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Drawdown Indicators
| ^XAL | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.94% | -56.78% | -37.16% |
Max Drawdown (1Y)Largest decline over 1 year | -31.62% | -9.10% | -22.52% |
Max Drawdown (3Y)Largest decline over 3 years | -40.81% | -18.90% | -21.91% |
Max Drawdown (5Y)Largest decline over 5 years | -54.23% | -25.43% | -28.80% |
Max Drawdown (10Y)Largest decline over 10 years | -70.17% | -33.92% | -36.25% |
Current DrawdownCurrent decline from peak | -63.30% | -0.45% | -62.85% |
Average DrawdownAverage peak-to-trough decline | -54.83% | -10.71% | -44.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.88% | 2.09% | +11.79% |
Volatility
^XAL vs. ^GSPC - Volatility Comparison
NYSE Arca Airline Index (^XAL) has a higher volatility of 13.43% compared to S&P 500 Index (^GSPC) at 4.25%. This indicates that ^XAL's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^XAL | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.43% | 4.25% | +9.18% |
Volatility (6M)Calculated over the trailing 6-month period | 32.36% | 9.96% | +22.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.53% | 12.52% | +28.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.15% | 17.00% | +21.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.21% | 18.05% | +21.16% |
Frequently Asked Questions
^XAL and ^GSPC have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^XAL has higher volatility (13.43%) compared to ^GSPC (4.25%). In terms of maximum drawdown, ^XAL dropped -93.94% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.65 vs 0.61), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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