ALK vs. UAL

Last updated Apr 1, 2026

Compare and contrast key facts about Alaska Air Group, Inc. (ALK) and United Airlines Holdings, Inc. (UAL).

Performance

ALK vs. UAL - Performance Comparison

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

ALK vs. UAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALK Alaska Air Group, Inc.	-26.88%	-22.32%	65.73%	-9.01%	-17.58%	0.19%	-22.81%	13.78%	-15.55%	-15.90%
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 ALK : $4.32B UAL : $30.11B
EPS ALK : $0.83 UAL : $10.25
PE Ratio ALK : 44.35 UAL : 8.98
PEG Ratio ALK : 0.85 UAL : 0.18
PS Ratio ALK : 0.31 UAL : 0.51
Total Revenue (TTM) ALK : $14.24B UAL : $59.07B
Gross Profit (TTM) ALK : $8.50B UAL : $37.88B
EBITDA (TTM) ALK : $1.15B UAL : $7.54B

Returns By Period

In the year-to-date period, ALK achieves a -26.88% return, which is significantly lower than UAL's -17.66% return. Over the past 10 years, ALK has underperformed UAL with an annualized return of -7.02%, while UAL has yielded a comparatively higher 4.96% annualized return.

ALK

• 1D: 7.58%
• 1M: -28.72%
• YTD: -26.88%
• 6M: -26.11%
• 1Y: -25.27%
• 3Y*: -4.30%
• 5Y*: -11.95%
• 10Y*: -7.02%

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

ALK vs. UAL — Risk / Return Rank

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

ALK

ALK Risk / Return Rank: 21
ALK Sharpe Ratio Rank: 21
ALK Sortino Ratio Rank: 22
ALK Omega Ratio Rank: 23
ALK Calmar Ratio Rank: 23
ALK Martin Ratio Rank: 15

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.

ALK vs. UAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alaska Air Group, Inc. (ALK) 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.

	ALK	UAL	Difference
Sharpe ratio Return per unit of total volatility	-0.46	0.58	-1.05
Sortino ratio Return per unit of downside risk	-0.39	1.25	-1.64
Omega ratio Gain probability vs. loss probability	0.95	1.16	-0.20
Calmar ratio Return relative to maximum drawdown	-0.58	1.13	-1.71
Martin ratio Return relative to average drawdown	-1.32	3.29	-4.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALK vs. UAL - Sharpe Ratio Comparison

The current ALK Sharpe Ratio is -0.46, which is lower than the UAL Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of ALK 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

	ALK	UAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.46	0.58	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	0.20	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	0.10	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.09	+0.07

Correlation

The correlation between ALK and UAL is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ALK vs. UAL - Dividend Comparison

Neither ALK nor UAL has paid dividends to shareholders.

	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%
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

ALK vs. UAL - Drawdown Comparison

The maximum ALK drawdown since its inception was -75.76%, smaller than the maximum UAL drawdown of -93.50%. Use the drawdown chart below to compare losses from any high point for ALK and UAL.

Drawdown Indicators

	ALK	UAL	Difference
Max Drawdown Largest peak-to-trough decline	-75.76%	-93.50%	+17.74%
Max Drawdown (1Y) Largest decline over 1 year	-46.46%	-27.50%	-18.96%
Max Drawdown (5Y) Largest decline over 5 years	-57.85%	-49.19%	-8.66%
Max Drawdown (10Y) Largest decline over 10 years	-75.06%	-79.40%	+4.34%
Current Drawdown Current decline from peak	-61.07%	-21.66%	-39.41%
Average Drawdown Average peak-to-trough decline	-27.61%	-37.44%	+9.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.47%	9.46%	+11.01%

Volatility

ALK vs. UAL - Volatility Comparison

Alaska Air Group, Inc. (ALK) has a higher volatility of 18.32% compared to United Airlines Holdings, Inc. (UAL) at 16.13%. This indicates that ALK'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

	ALK	UAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.32%	16.13%	+2.19%
Volatility (6M) Calculated over the trailing 6-month period	35.19%	34.59%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	54.62%	57.42%	-2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.12%	48.00%	-6.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.73%	51.49%	-8.76%

Financials

ALK vs. UAL - Profitability Comparison

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

ALK - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Alaska Air Group, Inc. reported a gross profit of 3.42B and revenue of 3.63B. Therefore, the gross margin over that period was 94.3%.

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%.

ALK - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Alaska Air Group, Inc. reported an operating income of 75.00M and revenue of 3.63B, resulting in an operating margin of 2.1%.

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%.

ALK - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Alaska Air Group, Inc. reported a net income of 21.00M and revenue of 3.63B, 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%.