AAL vs. DAL

Last updated Jun 4, 2026

AAL (American Airlines Group Inc.) and DAL (Delta Air Lines, Inc.) are both stocks. Both operate in the Airlines industry within the Industrials sector. Over the past 10 years, AAL returned -7.51%/yr vs 7.91%/yr for DAL. A 0.77 correlation means they provide meaningful diversification when combined.

Performance

AAL vs. DAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Airlines Group Inc. (AAL) and Delta Air Lines, Inc. (DAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAL achieves a -11.48% return, which is significantly lower than DAL's 14.12% return. Over the past 10 years, AAL has underperformed DAL with an annualized return of -7.51%, while DAL has yielded a comparatively higher 7.91% annualized return.

AAL

• 1D: -2.58%
• 1M: 14.90%
• YTD: -11.48%
• 6M: -6.80%
• 1Y: 18.31%
• 3Y*: -3.00%
• 5Y*: -11.00%
• 10Y*: -7.51%

DAL

• 1D: -1.55%
• 1M: 15.31%
• YTD: 14.12%
• 6M: 17.35%
• 1Y: 63.27%
• 3Y*: 30.05%
• 5Y*: 12.10%
• 10Y*: 7.91%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAL vs. DAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AAL American Airlines Group Inc.	-11.48%	-12.05%	26.86%	8.02%	-29.18%	13.89%	-44.81%	-9.57%	-37.69%	12.40%
DAL Delta Air Lines, Inc.	14.12%	16.09%	52.00%	23.03%	-15.92%	-2.81%	-30.77%	20.38%	-8.66%	16.23%

Correlation

The correlation between AAL and DAL is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 4, 2007	0.77

The correlation between AAL and DAL has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Fundamentals

Market Cap AAL : $8.97B DAL : $51.36B
EPS AAL : $0.31 DAL : $6.85
PE Ratio AAL : 44.40 DAL : 11.49
PEG Ratio AAL : 0.51 DAL : 0.07
PS Ratio AAL : 0.16 DAL : 0.79
Total Revenue (TTM) AAL : $55.99B DAL : $65.18B
Gross Profit (TTM) AAL : $12.21B DAL : $17.07B
EBITDA (TTM) AAL : $4.16B DAL : $9.66B

Return for Risk

AAL vs. DAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAL

AAL Risk / Return Rank: 51
AAL Sharpe Ratio Rank: 53
AAL Sortino Ratio Rank: 51
AAL Omega Ratio Rank: 49
AAL Calmar Ratio Rank: 51
AAL Martin Ratio Rank: 52

DAL

DAL Risk / Return Rank: 80
DAL Sharpe Ratio Rank: 82
DAL Sortino Ratio Rank: 80
DAL Omega Ratio Rank: 75
DAL Calmar Ratio Rank: 80
DAL Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAL vs. DAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Airlines Group Inc. (AAL) and Delta Air Lines, Inc. (DAL). 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.

	AAL	DAL	Difference
Sharpe ratio: Return per unit of total volatility	0.38	1.54	-1.16
Sortino ratio: Return per unit of downside risk	0.91	2.38	-1.48
Omega ratio: Gain probability vs. loss probability	1.10	1.27	-0.16
Calmar ratio: Return relative to maximum drawdown	0.49	2.78	-2.29
Martin ratio: Return relative to average drawdown	1.16	8.71	-7.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAL vs. DAL - Sharpe Ratio Comparison

The current AAL Sharpe Ratio is 0.38, which is lower than the DAL Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of AAL and DAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAL	DAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	1.54	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	0.30	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.14	0.19	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.16	-0.18

Drawdowns

AAL vs. DAL - Drawdown Comparison

The maximum AAL drawdown since its inception was -97.20%, which is greater than DAL's maximum drawdown of -81.73%. Use the drawdown chart below to compare losses from any high point for AAL and DAL.

Drawdown Indicators

	AAL	DAL	Difference
Max Drawdown Largest peak-to-trough decline	-97.20%	-81.73%	-15.47%
Max Drawdown (1Y) Largest decline over 1 year	-37.39%	-22.90%	-14.49%
Max Drawdown (3Y) Largest decline over 3 years	-51.76%	-47.92%	-3.84%
Max Drawdown (5Y) Largest decline over 5 years	-62.67%	-47.92%	-14.75%
Max Drawdown (10Y) Largest decline over 10 years	-84.14%	-69.18%	-14.96%
Current Drawdown Current decline from peak	-77.13%	-4.50%	-72.63%
Average Drawdown Average peak-to-trough decline	-60.42%	-28.95%	-31.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.87%	7.28%	+8.59%

Volatility

AAL vs. DAL - Volatility Comparison

American Airlines Group Inc. (AAL) has a higher volatility of 15.25% compared to Delta Air Lines, Inc. (DAL) at 12.96%. This indicates that AAL's price experiences larger fluctuations and is considered to be riskier than DAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAL	DAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.25%	12.96%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	33.88%	28.77%	+5.11%
Volatility (1Y) Calculated over the trailing 1-year period	48.87%	41.28%	+7.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.04%	40.75%	+7.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.99%	42.15%	+10.84%

Dividends

AAL vs. DAL - Dividend Comparison

AAL has not paid dividends to shareholders, while DAL's dividend yield for the trailing twelve months is around 0.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAL American Airlines Group Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.63%	1.39%	1.25%	0.77%	0.86%	0.94%
DAL Delta Air Lines, Inc.	0.95%	0.97%	0.83%	0.50%	0.00%	0.00%	1.00%	2.57%	2.63%	1.81%	1.37%	0.89%

Financials

AAL vs. DAL - Profitability Comparison

The chart below illustrates the profitability comparison between American Airlines Group Inc. and Delta Air Lines, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AAL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, American Airlines Group Inc. reported a gross profit of 3.62B and revenue of 13.91B. Therefore, the gross margin over that period was 26.0%.

DAL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Delta Air Lines, Inc. reported a gross profit of 4.54B and revenue of 15.85B. Therefore, the gross margin over that period was 28.6%.

AAL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, American Airlines Group Inc. reported an operating income of -41.00M and revenue of 13.91B, resulting in an operating margin of -0.3%.

DAL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Delta Air Lines, Inc. reported an operating income of 501.00M and revenue of 15.85B, resulting in an operating margin of 3.2%.

AAL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, American Airlines Group Inc. reported a net income of -382.00M and revenue of 13.91B, resulting in a net margin of -2.8%.

DAL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Delta Air Lines, Inc. reported a net income of -289.00M and revenue of 15.85B, resulting in a net margin of -1.8%.

Frequently Asked Questions

Can I hold both AAL and DAL in my portfolio?

AAL and DAL have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAL or DAL?

AAL has higher volatility (15.25%) compared to DAL (12.96%). In terms of maximum drawdown, AAL dropped -97.20% vs DAL's -81.73%.

Which has better risk-adjusted returns?

DAL currently has the higher Sharpe Ratio (1.54 vs 0.38), 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.