CPA vs. ALK
CPA (Copa Holdings, S.A.) and ALK (Alaska Air Group, Inc.) are both stocks. Both operate in the Airlines industry within the Industrials sector. Over the past 10 years, CPA returned 11.29%/yr vs -2.40%/yr for ALK. Their 0.50 correlation means they have sometimes moved together and sometimes differently.
Performance
CPA vs. ALK - Performance Comparison
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Returns By Period
In the year-to-date period, CPA achieves a 19.90% return, which is significantly higher than ALK's -5.67% return. Over the past 10 years, CPA has outperformed ALK with an annualized return of 11.29%, while ALK has yielded a comparatively lower -2.40% annualized return.
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%
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%
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 |
CPA vs. ALK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between CPA and ALK 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 CPA and ALK has been stable across timeframes, ranging from 0.50 to 0.60 - a consistent structural relationship.
Fundamentals
CPA:
$5.82B
ALK:
$5.29B
CPA:
$17.17
ALK:
-$1.50
CPA:
1.54
ALK:
0.37
CPA:
2.02
ALK:
1.46
CPA:
$3.77B
ALK:
$14.76B
CPA:
$1.23B
ALK:
$13.97B
CPA:
$1.20B
ALK:
$338.00M
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Return for Risk
CPA vs. ALK — Risk / Return Rank
CPA
ALK
CPA vs. ALK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Copa Holdings, S.A. (CPA) and Alaska Air Group, Inc. (ALK). 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.
| CPA | ALK | 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 | 1.19 | 1.01 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | -0.22 | +1.40 |
| Martin ratioReturn relative to average drawdown | 2.98 | -0.39 | +3.36 |
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Drawdowns
CPA vs. ALK - Drawdown Comparison
The maximum CPA drawdown since its inception was -78.99%, roughly equal to the maximum ALK drawdown of -75.76%. Use the drawdown chart below to compare losses from any high point for CPA and ALK.
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Drawdown Indicators
| CPA | ALK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.99% | -75.76% | -3.23% |
Max Drawdown (1Y)Largest decline over 1 year | -29.22% | -46.46% | +17.24% |
Max Drawdown (3Y)Largest decline over 3 years | -29.22% | -55.37% | +26.15% |
Max Drawdown (5Y)Largest decline over 5 years | -42.52% | -55.37% | +12.85% |
Max Drawdown (10Y)Largest decline over 10 years | -78.94% | -75.06% | -3.88% |
Current DrawdownCurrent decline from peak | -10.16% | -49.77% | +39.61% |
Average DrawdownAverage peak-to-trough decline | -27.63% | -27.95% | +0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.53% | 27.03% | -15.50% |
Volatility
CPA vs. ALK - Volatility Comparison
The current volatility for Copa Holdings, S.A. (CPA) is 10.17%, while Alaska Air Group, Inc. (ALK) has a volatility of 13.70%. This indicates that CPA experiences smaller price fluctuations and is considered to be less risky than ALK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPA | ALK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.17% | 13.70% | -3.53% |
Volatility (6M)Calculated over the trailing 6-month period | 35.42% | 42.20% | -6.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.76% | 52.02% | -10.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.35% | 43.06% | -6.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.83% | 43.77% | +1.06% |
Dividends
CPA vs. ALK - Dividend Comparison
CPA's dividend yield for the trailing twelve months is around 4.70%, while ALK has not 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% |
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
CPA vs. ALK - Financials Comparison
This section allows you to compare key financial metrics between Copa Holdings, S.A. and Alaska Air Group, 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
CPA vs. ALK - Profitability Comparison
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 - 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 - 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 - 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 - 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%.
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%.
Frequently Asked Questions
CPA and ALK 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, CPA dropped -78.99% vs ALK's -75.76%.
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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