AIRYY vs. UAL

Last updated Apr 1, 2026

Compare and contrast key facts about Air China Ltd ADR (AIRYY) and United Airlines Holdings, Inc. (UAL).

Performance

AIRYY vs. UAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Air China Ltd ADR (AIRYY) and United Airlines Holdings, Inc. (UAL). The values are adjusted to include any dividend payments, if applicable.

AIRYY vs. UAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIRYY Air China Ltd ADR	-32.63%	39.73%	-1.35%	-27.17%	28.38%	-9.84%	-24.69%	22.28%	-29.18%	95.57%
UAL United Airlines Holdings, Inc.	-17.66%	15.16%	135.34%	9.44%	-13.89%	1.23%	-50.90%	5.21%	24.23%	-7.52%

Fundamentals

Market Cap AIRYY : $9.98B UAL : $30.11B
EPS AIRYY : $0.89 UAL : $10.25
PE Ratio AIRYY : 13.49 UAL : 8.98
PS Ratio AIRYY : 0.06 UAL : 0.51
PB Ratio AIRYY : 0.23 UAL : 1.97
Total Revenue (TTM) AIRYY : $167.94B UAL : $59.07B
Gross Profit (TTM) AIRYY : $8.87B UAL : $37.88B
EBITDA (TTM) AIRYY : $6.56B UAL : $7.54B

Returns By Period

In the year-to-date period, AIRYY achieves a -32.63% return, which is significantly lower than UAL's -17.66% return. Over the past 10 years, AIRYY has underperformed UAL with an annualized return of -1.17%, while UAL has yielded a comparatively higher 4.96% annualized return.

AIRYY

• 1D: 0.00%
• 1M: -36.71%
• YTD: -32.63%
• 6M: -15.61%
• 1Y: -10.26%
• 3Y*: -11.42%
• 5Y*: -7.40%
• 10Y*: -1.17%

UAL

• 1D: 8.05%
• 1M: -13.39%
• YTD: -17.66%
• 6M: -4.59%
• 1Y: 33.34%
• 3Y*: 27.66%
• 5Y*: 9.75%
• 10Y*: 4.96%

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

Return for Risk

AIRYY vs. UAL — Risk / Return Rank

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

AIRYY

AIRYY Risk / Return Rank: 30
AIRYY Sharpe Ratio Rank: 32
AIRYY Sortino Ratio Rank: 31
AIRYY Omega Ratio Rank: 34
AIRYY Calmar Ratio Rank: 31
AIRYY Martin Ratio Rank: 20

UAL

UAL Risk / Return Rank: 65
UAL Sharpe Ratio Rank: 63
UAL Sortino Ratio Rank: 63
UAL Omega Ratio Rank: 61
UAL Calmar Ratio Rank: 66
UAL Martin Ratio Rank: 70

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.

AIRYY vs. UAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Air China Ltd ADR (AIRYY) 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.

	AIRYY	UAL	Difference
Sharpe ratio Return per unit of total volatility	-0.19	0.58	-0.77
Sortino ratio Return per unit of downside risk	0.11	1.25	-1.15
Omega ratio Gain probability vs. loss probability	1.03	1.16	-0.13
Calmar ratio Return relative to maximum drawdown	-0.32	1.13	-1.45
Martin ratio Return relative to average drawdown	-1.11	3.29	-4.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIRYY vs. UAL - Sharpe Ratio Comparison

The current AIRYY Sharpe Ratio is -0.19, which is lower than the UAL Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of AIRYY and UAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AIRYY	UAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.19	0.58	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	0.20	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	0.10	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.09	-0.10

Correlation

The correlation between AIRYY and UAL is 0.13, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AIRYY vs. UAL - Dividend Comparison

Neither AIRYY nor UAL has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRYY Air China Ltd ADR	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.60%	1.25%	1.81%	2.51%	2.13%	1.07%
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%

Drawdowns

AIRYY vs. UAL - Drawdown Comparison

The maximum AIRYY drawdown since its inception was -88.18%, smaller than the maximum UAL drawdown of -93.50%. Use the drawdown chart below to compare losses from any high point for AIRYY and UAL.

Drawdown Indicators

	AIRYY	UAL	Difference
Max Drawdown Largest peak-to-trough decline	-88.18%	-93.50%	+5.32%
Max Drawdown (1Y) Largest decline over 1 year	-36.71%	-27.50%	-9.21%
Max Drawdown (5Y) Largest decline over 5 years	-59.94%	-49.19%	-10.75%
Max Drawdown (10Y) Largest decline over 10 years	-74.71%	-79.40%	+4.69%
Current Drawdown Current decline from peak	-61.41%	-21.66%	-39.75%
Average Drawdown Average peak-to-trough decline	-50.41%	-37.44%	-12.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.48%	9.46%	+1.02%

Volatility

AIRYY vs. UAL - Volatility Comparison

Air China Ltd ADR (AIRYY) has a higher volatility of 30.12% compared to United Airlines Holdings, Inc. (UAL) at 16.13%. This indicates that AIRYY's price experiences larger fluctuations and is considered to be riskier than UAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIRYY	UAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.12%	16.13%	+13.99%
Volatility (6M) Calculated over the trailing 6-month period	40.14%	34.59%	+5.55%
Volatility (1Y) Calculated over the trailing 1-year period	54.41%	57.42%	-3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.84%	48.00%	-2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.24%	51.49%	-7.25%

Financials

AIRYY vs. UAL - Profitability Comparison

The chart below illustrates the profitability comparison between Air China Ltd ADR and United Airlines Holdings, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AIRYY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Air China Ltd ADR reported a gross profit of 2.20B and revenue of 40.73B. Therefore, the gross margin over that period was 5.4%.

UAL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, United Airlines Holdings, Inc. reported a gross profit of 9.88B and revenue of 15.40B. Therefore, the gross margin over that period was 64.1%.

AIRYY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Air China Ltd ADR reported an operating income of -410.11M and revenue of 40.73B, resulting in an operating margin of -1.0%.

UAL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, United Airlines Holdings, Inc. reported an operating income of 1.39B and revenue of 15.40B, resulting in an operating margin of 9.0%.

AIRYY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Air China Ltd ADR reported a net income of 238.32M and revenue of 40.73B, resulting in a net margin of 0.6%.

UAL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, United Airlines Holdings, Inc. reported a net income of 1.04B and revenue of 15.40B, resulting in a net margin of 6.8%.