ALK vs. UAL
ALK (Alaska Air 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, ALK returned -1.90%/yr vs 10.62%/yr for UAL. A 0.70 correlation means they provide meaningful diversification when combined.
Performance
ALK vs. UAL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ALK achieves a -5.92% return, which is significantly lower than UAL's 3.31% return. Over the past 10 years, ALK has underperformed UAL with an annualized return of -1.90%, while UAL has yielded a comparatively higher 10.62% annualized return.
ALK
- 1D
- 1.41%
- 1M
- 28.10%
- YTD
- -5.92%
- 6M
- -7.94%
- 1Y
- -0.29%
- 3Y*
- -2.35%
- 5Y*
- -6.29%
- 10Y*
- -1.90%
UAL
- 1D
- 2.58%
- 1M
- 24.42%
- YTD
- 3.31%
- 6M
- 8.12%
- 1Y
- 56.11%
- 3Y*
- 29.50%
- 5Y*
- 15.37%
- 10Y*
- 10.62%
ALK vs. UAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ALK Alaska Air Group, Inc. | -5.92% | -22.32% | 65.73% | -9.01% | -17.58% | 0.19% | -22.81% | 13.78% | -15.55% | -15.90% |
UAL United Airlines Holdings, Inc. | 3.31% | 15.16% | 135.34% | 9.44% | -13.89% | 1.23% | -50.90% | 5.21% | 24.23% | -7.52% |
Correlation
The correlation between ALK and UAL is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006 | 0.70 |
The correlation between ALK and UAL has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.
Fundamentals
ALK:
$5.41B
UAL:
$37.75B
ALK:
$0.61
UAL:
$11.21
ALK:
77.14
UAL:
10.31
ALK:
1.47
UAL:
0.21
ALK:
0.39
UAL:
0.62
ALK:
1.45
UAL:
2.38
ALK:
$14.40B
UAL:
$60.47B
ALK:
$11.07B
UAL:
$38.71B
ALK:
$1.02B
UAL:
$7.99B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ALK vs. UAL — Risk / Return Rank
ALK
UAL
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.
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 | UAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.19 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | 1.80 | -1.90 |
| Martin ratioReturn relative to average drawdown | -0.18 | 4.25 | -4.43 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| ALK | UAL | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (3Y)Largest decline over 3 years | -55.37% | -49.19% | -6.18% |
Max Drawdown (5Y)Largest decline over 5 years | -55.37% | -49.19% | -6.18% |
Max Drawdown (10Y)Largest decline over 10 years | -75.06% | -79.40% | +4.34% |
Current DrawdownCurrent decline from peak | -49.91% | -1.71% | -48.20% |
Average DrawdownAverage peak-to-trough decline | -27.84% | -37.22% | +9.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.60% | 11.62% | +13.98% |
Volatility
ALK vs. UAL - Volatility Comparison
Alaska Air Group, Inc. (ALK) has a higher volatility of 21.54% compared to United Airlines Holdings, Inc. (UAL) at 19.24%. 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.
Loading charts...
Volatility by Period
| ALK | UAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.54% | 19.24% | +2.30% |
Volatility (6M)Calculated over the trailing 6-month period | 41.28% | 37.96% | +3.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.90% | 50.25% | +1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.83% | 48.85% | -6.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.60% | 51.86% | -8.26% |
Dividends
ALK vs. UAL - Dividend Comparison
Neither ALK nor UAL has paid dividends to shareholders.
| 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% |
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
ALK vs. UAL - Financials Comparison
This section allows you to compare key financial metrics between Alaska Air 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
ALK vs. UAL - Profitability Comparison
ALK - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Alaska Air Group, Inc. reported a gross profit of 3.09B and revenue of 3.30B. Therefore, the gross margin over that period was 93.6%.
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%.
ALK - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Alaska Air Group, Inc. reported an operating income of -279.00M and revenue of 3.30B, resulting in an operating margin of -8.5%.
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%.
ALK - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Alaska Air Group, Inc. reported a net income of -193.00M and revenue of 3.30B, resulting in a net margin of -5.9%.
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
ALK and UAL have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ALK has higher volatility (21.54%) compared to UAL (19.24%). In terms of maximum drawdown, ALK dropped -75.76% vs UAL's -93.50%.
UAL currently has the higher Sharpe Ratio (0.98 vs -0.09), 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.
Find the right allocation for ALK and UAL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer