AFLYY vs. ICAGY

Last updated Jun 3, 2026

AFLYY (Air France KLM SA) and ICAGY (International Consolidated Airlines Group, S.A.) are both stocks. Both operate in the Airlines industry within the Industrials sector. Over the past 10 years, AFLYY returned -16.72%/yr vs 0.92%/yr for ICAGY. A 0.54 correlation means they provide meaningful diversification when combined.

Performance

AFLYY vs. ICAGY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Air France KLM SA (AFLYY) and International Consolidated Airlines Group, S.A. (ICAGY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFLYY achieves a 1.15% return, which is significantly lower than ICAGY's 2.63% return. Over the past 10 years, AFLYY has underperformed ICAGY with an annualized return of -16.72%, while ICAGY has yielded a comparatively higher 0.92% annualized return.

AFLYY

• 1D: -0.75%
• 1M: 25.71%
• YTD: 1.15%
• 6M: 5.60%
• 1Y: 17.86%
• 3Y*: -9.82%
• 5Y*: -25.42%
• 10Y*: -16.72%

ICAGY

• 1D: -0.18%
• 1M: 12.20%
• YTD: 2.63%
• 6M: 10.02%
• 1Y: 27.95%
• 3Y*: 44.49%
• 5Y*: 16.17%
• 10Y*: 0.92%

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

AFLYY vs. ICAGY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFLYY Air France KLM SA	1.15%	61.35%	-48.15%	14.71%	-69.02%	-29.65%	-43.38%	1.25%	-33.00%	203.08%
ICAGY International Consolidated Airlines Group, S.A.	2.63%	49.77%	97.26%	32.88%	-23.36%	-12.61%	-68.67%	18.14%	-8.00%	66.87%

Correlation

The correlation between AFLYY and ICAGY 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	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011	0.54

The correlation between AFLYY and ICAGY has been stable across timeframes, ranging from 0.48 to 0.57 - a consistent structural relationship.

Fundamentals

Market Cap AFLYY : $34.67B ICAGY : $28.18B
EPS AFLYY : $0.07 ICAGY : $1.94
PE Ratio AFLYY : 17.85 ICAGY : 5.82
PS Ratio AFLYY : 0.84 ICAGY : 0.65
Total Revenue (TTM) AFLYY : $33.35B ICAGY : $42.41B
Gross Profit (TTM) AFLYY : $5.23B ICAGY : $9.69B
EBITDA (TTM) AFLYY : $5.86B ICAGY : $9.31B

Return for Risk

AFLYY vs. ICAGY — Risk / Return Rank

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

AFLYY

AFLYY Risk / Return Rank: 50
AFLYY Sharpe Ratio Rank: 52
AFLYY Sortino Ratio Rank: 50
AFLYY Omega Ratio Rank: 48
AFLYY Calmar Ratio Rank: 51
AFLYY Martin Ratio Rank: 49

ICAGY

ICAGY Risk / Return Rank: 63
ICAGY Sharpe Ratio Rank: 65
ICAGY Sortino Ratio Rank: 60
ICAGY Omega Ratio Rank: 58
ICAGY Calmar Ratio Rank: 66
ICAGY Martin Ratio Rank: 68

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.

AFLYY vs. ICAGY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Air France KLM SA (AFLYY) and International Consolidated Airlines Group, S.A. (ICAGY). 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.

	AFLYY	ICAGY	Difference
Sharpe ratio Return per unit of total volatility	0.33	0.77	-0.44
Sortino ratio Return per unit of downside risk	0.87	1.28	-0.41
Omega ratio Gain probability vs. loss probability	1.10	1.16	-0.06
Calmar ratio Return relative to maximum drawdown	0.47	1.30	-0.83
Martin ratio Return relative to average drawdown	0.80	3.51	-2.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFLYY vs. ICAGY - Sharpe Ratio Comparison

The current AFLYY Sharpe Ratio is 0.33, which is lower than the ICAGY Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of AFLYY and ICAGY, 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

	AFLYY	ICAGY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	0.77	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.46	0.40	-0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.32	0.02	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	-0.29	0.10	-0.39

Drawdowns

AFLYY vs. ICAGY - Drawdown Comparison

The maximum AFLYY drawdown since its inception was -97.70%, which is greater than ICAGY's maximum drawdown of -85.75%. Use the drawdown chart below to compare losses from any high point for AFLYY and ICAGY.

Drawdown Indicators

	AFLYY	ICAGY	Difference
Max Drawdown Largest peak-to-trough decline	-97.70%	-85.75%	-11.95%
Max Drawdown (1Y) Largest decline over 1 year	-42.67%	-25.39%	-17.28%
Max Drawdown (3Y) Largest decline over 3 years	-63.21%	-37.07%	-26.14%
Max Drawdown (5Y) Largest decline over 5 years	-87.67%	-63.50%	-24.17%
Max Drawdown (10Y) Largest decline over 10 years	-95.87%	-85.75%	-10.12%
Current Drawdown Current decline from peak	-95.72%	-19.96%	-75.76%
Average Drawdown Average peak-to-trough decline	-72.34%	-36.90%	-35.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.14%	9.38%	+15.76%

Volatility

AFLYY vs. ICAGY - Volatility Comparison

Air France KLM SA (AFLYY) and International Consolidated Airlines Group, S.A. (ICAGY) have volatilities of 14.93% and 14.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFLYY	ICAGY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.93%	14.70%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	41.67%	28.92%	+12.75%
Volatility (1Y) Calculated over the trailing 1-year period	54.38%	36.56%	+17.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.18%	40.33%	+14.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.76%	47.31%	+5.45%

Dividends

AFLYY vs. ICAGY - Dividend Comparison

AFLYY has not paid dividends to shareholders, while ICAGY's dividend yield for the trailing twelve months is around 2.21%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFLYY Air France KLM SA	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICAGY International Consolidated Airlines Group, S.A.	2.21%	2.27%	0.89%	0.00%	0.00%	0.00%	15.07%	7.56%	3.77%	2.45%	1.86%	1.23%

Financials

AFLYY vs. ICAGY - Profitability Comparison

The chart below illustrates the profitability comparison between Air France KLM SA and International Consolidated Airlines Group, S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AFLYY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Air France KLM SA reported a gross profit of 499.07M and revenue of 7.60B. Therefore, the gross margin over that period was 6.6%.

ICAGY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, International Consolidated Airlines Group, S.A. reported a gross profit of 4.13B and revenue of 17.18B. Therefore, the gross margin over that period was 24.0%.

AFLYY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Air France KLM SA reported an operating income of -21.35M and revenue of 7.60B, resulting in an operating margin of -0.3%.

ICAGY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, International Consolidated Airlines Group, S.A. reported an operating income of 3.07B and revenue of 17.18B, resulting in an operating margin of 17.9%.

AFLYY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Air France KLM SA reported a net income of -291.72M and revenue of 7.60B, resulting in a net margin of -3.8%.

ICAGY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, International Consolidated Airlines Group, S.A. reported a net income of 2.03B and revenue of 17.18B, resulting in a net margin of 11.8%.

Frequently Asked Questions

Can I hold both AFLYY and ICAGY in my portfolio?

AFLYY and ICAGY 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.

Which is riskier, AFLYY or ICAGY?

AFLYY has higher volatility (14.93%) compared to ICAGY (14.70%). In terms of maximum drawdown, AFLYY dropped -97.70% vs ICAGY's -85.75%.

Which has better risk-adjusted returns?

ICAGY currently has the higher Sharpe Ratio (0.77 vs 0.33), 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.