ALK vs. CPA
ALK (Alaska Air Group, Inc.) and CPA (Copa Holdings, S.A.) are both stocks. Both operate in the Airlines industry within the Industrials sector. Over the past 10 years, ALK returned -2.40%/yr vs 11.29%/yr for CPA. Their 0.50 correlation means they have sometimes moved together and sometimes differently.
Performance
ALK vs. CPA - Performance Comparison
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Returns By Period
In the year-to-date period, ALK achieves a -5.67% return, which is significantly lower than CPA's 19.90% return. Over the past 10 years, ALK has underperformed CPA with an annualized return of -2.40%, while CPA has yielded a comparatively higher 11.29% annualized return.
ALK
- 1D
- 0.44%
- 1M
- -7.12%
- 6M
- -6.65%
- YTD
- -5.67%
- 1Y
- -7.63%
- 3Y*
- -0.31%
- 5Y*
- -3.95%
- 10Y*
- -2.40%
- ALL TIME*
- 8.00%
CPA
- 1D
- -0.71%
- 1M
- -7.49%
- 6M
- 6.02%
- YTD
- 19.90%
- 1Y
- 36.29%
- 3Y*
- 13.53%
- 5Y*
- 19.11%
- 10Y*
- 11.29%
- ALL TIME*
- 12.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $159.94M | $150.08M | $150.52M | |
| $42.00M | $41.91M | $49.62M |
ALK vs. CPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ALK Alaska Air Group, Inc. | -5.67% | -22.32% | 65.73% | -9.01% | -17.58% | 0.19% | -22.81% | 13.78% | -15.55% | -15.90% |
CPA Copa Holdings, S.A. | 19.90% | 45.60% | -11.54% | 32.38% | 0.62% | 7.03% | -27.90% | 41.09% | -39.17% | 50.74% |
Correlation
The correlation between ALK and CPA is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.59 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2005 | 0.50 |
The correlation between ALK and CPA has been stable across timeframes, ranging from 0.50 to 0.60 - a consistent structural relationship.
Fundamentals
ALK:
$5.29B
CPA:
$5.82B
ALK:
-$1.50
CPA:
$17.17
ALK:
0.37
CPA:
1.54
ALK:
1.46
CPA:
2.02
ALK:
$14.76B
CPA:
$3.77B
ALK:
$13.97B
CPA:
$1.23B
ALK:
$338.00M
CPA:
$1.20B
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Return for Risk
ALK vs. CPA — Risk / Return Rank
ALK
CPA
ALK vs. CPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alaska Air Group, Inc. (ALK) and Copa Holdings, S.A. (CPA). 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.
| ALK | CPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.19 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 1.18 | -1.40 |
| Martin ratioReturn relative to average drawdown | -0.39 | 2.98 | -3.36 |
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Drawdowns
ALK vs. CPA - Drawdown Comparison
The maximum ALK drawdown since its inception was -75.76%, roughly equal to the maximum CPA drawdown of -78.99%. Use the drawdown chart below to compare losses from any high point for ALK and CPA.
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Drawdown Indicators
| ALK | CPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.76% | -78.99% | +3.23% |
Max Drawdown (1Y)Largest decline over 1 year | -46.46% | -29.22% | -17.24% |
Max Drawdown (3Y)Largest decline over 3 years | -55.37% | -29.22% | -26.15% |
Max Drawdown (5Y)Largest decline over 5 years | -55.37% | -42.52% | -12.85% |
Max Drawdown (10Y)Largest decline over 10 years | -75.06% | -78.94% | +3.88% |
Current DrawdownCurrent decline from peak | -49.77% | -10.16% | -39.61% |
Average DrawdownAverage peak-to-trough decline | -27.95% | -27.63% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.03% | 11.53% | +15.50% |
Volatility
ALK vs. CPA - Volatility Comparison
Alaska Air Group, Inc. (ALK) has a higher volatility of 13.70% compared to Copa Holdings, S.A. (CPA) at 10.17%. This indicates that ALK's price experiences larger fluctuations and is considered to be riskier than CPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ALK | CPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.70% | 10.17% | +3.53% |
Volatility (6M)Calculated over the trailing 6-month period | 42.20% | 35.42% | +6.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.02% | 41.76% | +10.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.06% | 36.35% | +6.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.77% | 44.83% | -1.06% |
Dividends
ALK vs. CPA - Dividend Comparison
ALK has not paid dividends to shareholders, while CPA's dividend yield for the trailing twelve months is around 4.70%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ALK Alaska Air Group, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.72% | 2.07% | 2.10% | 1.63% | 1.24% | 0.99% |
CPA Copa Holdings, S.A. | 4.70% | 5.34% | 7.33% | 3.09% | 0.00% | 0.00% | 1.04% | 2.41% | 4.42% | 1.88% | 2.25% | 6.96% |
Financials
ALK vs. CPA - Financials Comparison
This section allows you to compare key financial metrics between Alaska Air Group, Inc. and Copa Holdings, S.A.. 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
ALK vs. CPA - Profitability Comparison
ALK - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Alaska Air Group, Inc. reported a gross profit of 3.63B and revenue of 4.07B. Therefore, the gross margin over that period was 89.3%.
CPA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Copa Holdings, S.A. reported a gross profit of 377.63M and revenue of 1.05B. Therefore, the gross margin over that period was 35.9%.
ALK - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Alaska Air Group, Inc. reported an operating income of -168.00M and revenue of 4.07B, resulting in an operating margin of -4.1%.
CPA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Copa Holdings, S.A. reported an operating income of 258.64M and revenue of 1.05B, resulting in an operating margin of 24.6%.
ALK - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Alaska Air Group, Inc. reported a net income of -76.00M and revenue of 4.07B, resulting in a net margin of -1.9%.
CPA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Copa Holdings, S.A. reported a net income of 212.47M and revenue of 1.05B, resulting in a net margin of 20.2%.
Frequently Asked Questions
ALK and CPA have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ALK has higher volatility (13.70%) compared to CPA (10.17%). In terms of maximum drawdown, ALK dropped -75.76% vs CPA's -78.99%.
CPA currently has the higher Sharpe Ratio (0.82 vs -0.20), 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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