AAL vs. UAL
AAL (American Airlines Group Inc.) and UAL (United Airlines Holdings, Inc.) are both stocks. Both operate in the Airlines industry within the Industrials sector. Over the past 10 years, AAL returned -4.69%/yr vs 11.20%/yr for UAL. A 0.78 correlation means they provide meaningful diversification when combined.
Performance
AAL vs. UAL - Performance Comparison
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Returns By Period
In the year-to-date period, AAL achieves a 4.89% return, which is significantly lower than UAL's 6.13% return. Over the past 10 years, AAL has underperformed UAL with an annualized return of -4.69%, while UAL has yielded a comparatively higher 11.20% annualized return.
AAL
- 1D
- 0.56%
- 1M
- 16.10%
- YTD
- 4.89%
- 6M
- -1.11%
- 1Y
- 51.41%
- 3Y*
- -0.37%
- 5Y*
- -6.25%
- 10Y*
- -4.69%
UAL
- 1D
- 0.30%
- 1M
- 18.73%
- YTD
- 6.13%
- 6M
- 2.29%
- 1Y
- 59.80%
- 3Y*
- 31.12%
- 5Y*
- 16.58%
- 10Y*
- 11.20%
AAL vs. UAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AAL American Airlines Group Inc. | 4.89% | -12.05% | 26.86% | 8.02% | -29.18% | 13.89% | -44.81% | -9.57% | -37.69% | 12.40% |
UAL United Airlines Holdings, Inc. | 6.13% | 15.16% | 135.34% | 9.44% | -13.89% | 1.23% | -50.90% | 5.21% | 24.23% | -7.52% |
Correlation
The correlation between AAL and UAL 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 | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006 | 0.78 |
The correlation between AAL and UAL has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.
Fundamentals
AAL:
$10.63B
UAL:
$38.78B
AAL:
$0.31
UAL:
$11.21
AAL:
52.61
UAL:
10.59
AAL:
0.60
UAL:
0.21
AAL:
0.19
UAL:
0.64
AAL:
$55.99B
UAL:
$60.47B
AAL:
$12.21B
UAL:
$38.71B
AAL:
$4.16B
UAL:
$7.99B
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Return for Risk
AAL vs. UAL — Risk / Return Rank
AAL
UAL
AAL vs. UAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Airlines Group Inc. (AAL) and United Airlines Holdings, Inc. (UAL). 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.
| AAL | UAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.22 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 2.19 | -0.80 |
| Martin ratioReturn relative to average drawdown | 3.23 | 5.17 | -1.94 |
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Drawdowns
AAL vs. UAL - Drawdown Comparison
The maximum AAL drawdown since its inception was -97.20%, roughly equal to the maximum UAL drawdown of -93.50%. Use the drawdown chart below to compare losses from any high point for AAL and UAL.
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Drawdown Indicators
| AAL | UAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.20% | -93.50% | -3.70% |
Max Drawdown (1Y)Largest decline over 1 year | -37.39% | -27.50% | -9.89% |
Max Drawdown (3Y)Largest decline over 3 years | -51.76% | -49.19% | -2.57% |
Max Drawdown (5Y)Largest decline over 5 years | -59.42% | -49.19% | -10.23% |
Max Drawdown (10Y)Largest decline over 10 years | -84.14% | -79.40% | -4.74% |
Current DrawdownCurrent decline from peak | -72.90% | -1.08% | -71.82% |
Average DrawdownAverage peak-to-trough decline | -60.45% | -37.19% | -23.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.96% | 11.60% | +4.36% |
Volatility
AAL vs. UAL - Volatility Comparison
The current volatility for American Airlines Group Inc. (AAL) is 15.55%, while United Airlines Holdings, Inc. (UAL) has a volatility of 16.57%. This indicates that AAL experiences smaller price fluctuations and is considered to be less risky than UAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAL | UAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.55% | 16.57% | -1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 35.28% | 37.96% | -2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.23% | 49.58% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.34% | 48.91% | -0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.09% | 51.87% | +1.22% |
Dividends
AAL vs. UAL - Dividend Comparison
Neither AAL nor UAL has paid dividends to shareholders.
| 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% |
UAL United Airlines Holdings, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
AAL vs. UAL - Financials Comparison
This section allows you to compare key financial metrics between American Airlines Group Inc. and United Airlines Holdings, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
AAL vs. UAL - Profitability Comparison
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%.
UAL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, United Airlines Holdings, Inc. reported a gross profit of 9.11B and revenue of 14.61B. Therefore, the gross margin over that period was 62.4%.
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%.
UAL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, United Airlines Holdings, Inc. reported an operating income of 997.00M and revenue of 14.61B, resulting in an operating margin of 6.8%.
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%.
UAL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, United Airlines Holdings, Inc. reported a net income of 699.00M and revenue of 14.61B, resulting in a net margin of 4.8%.
Frequently Asked Questions
AAL and UAL 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.
UAL has higher volatility (16.57%) compared to AAL (15.55%). In terms of maximum drawdown, AAL dropped -97.20% vs UAL's -93.50%.
UAL currently has the higher Sharpe Ratio (1.21 vs 1.05), 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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