CPA vs. ALK

Last updated Apr 1, 2026

Compare and contrast key facts about Copa Holdings, S.A. (CPA) and Alaska Air Group, Inc. (ALK).

Performance

CPA vs. ALK - Performance Comparison

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

CPA vs. ALK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPA Copa Holdings, S.A.	-4.70%	45.60%	-11.54%	32.38%	0.62%	7.03%	-27.90%	41.09%	-39.17%	50.74%
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%

Fundamentals

Market Cap CPA : $4.69B ALK : $4.32B
EPS CPA : $16.29 ALK : $0.83
PE Ratio CPA : 6.97 ALK : 44.35
PEG Ratio CPA : 0.03 ALK : 0.85
PS Ratio CPA : 1.29 ALK : 0.31
Total Revenue (TTM) CPA : $3.62B ALK : $14.24B
Gross Profit (TTM) CPA : $1.16B ALK : $8.50B
EBITDA (TTM) CPA : $1.23B ALK : $1.15B

Returns By Period

In the year-to-date period, CPA achieves a -4.70% return, which is significantly higher than ALK's -26.88% return. Over the past 10 years, CPA has outperformed ALK with an annualized return of 8.54%, while ALK has yielded a comparatively lower -7.02% annualized return.

CPA

• 1D: 5.38%
• 1M: -18.04%
• YTD: -4.70%
• 6M: -1.97%
• 1Y: 29.59%
• 3Y*: 13.53%
• 5Y*: 10.80%
• 10Y*: 8.54%

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%

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

Return for Risk

CPA vs. ALK — Risk / Return Rank

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

CPA

CPA Risk / Return Rank: 67
CPA Sharpe Ratio Rank: 72
CPA Sortino Ratio Rank: 65
CPA Omega Ratio Rank: 65
CPA Calmar Ratio Rank: 63
CPA Martin Ratio Rank: 72

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

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.

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.

	CPA	ALK	Difference
Sharpe ratio Return per unit of total volatility	0.89	-0.46	+1.35
Sortino ratio Return per unit of downside risk	1.33	-0.39	+1.72
Omega ratio Gain probability vs. loss probability	1.18	0.95	+0.23
Calmar ratio Return relative to maximum drawdown	0.93	-0.58	+1.51
Martin ratio Return relative to average drawdown	3.55	-1.32	+4.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPA vs. ALK - Sharpe Ratio Comparison

The current CPA Sharpe Ratio is 0.89, which is higher than the ALK Sharpe Ratio of -0.46. The chart below compares the historical Sharpe Ratios of CPA and ALK, 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

	CPA	ALK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	-0.46	+1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	-0.29	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	-0.16	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.16	+0.09

Correlation

The correlation between CPA and ALK is 0.50, 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

CPA vs. ALK - Dividend Comparison

CPA's dividend yield for the trailing twelve months is around 5.76%, while ALK has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPA Copa Holdings, S.A.	5.76%	5.34%	7.33%	3.09%	0.00%	0.00%	1.04%	2.41%	4.42%	1.88%	2.25%	6.96%
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%

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.

Drawdown Indicators

	CPA	ALK	Difference
Max Drawdown Largest 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 (5Y) Largest decline over 5 years	-42.52%	-57.85%	+15.33%
Max Drawdown (10Y) Largest decline over 10 years	-78.94%	-75.06%	-3.88%
Current Drawdown Current decline from peak	-25.41%	-61.07%	+35.66%
Average Drawdown Average peak-to-trough decline	-27.88%	-27.61%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.68%	20.47%	-12.79%

Volatility

CPA vs. ALK - Volatility Comparison

The current volatility for Copa Holdings, S.A. (CPA) is 14.40%, while Alaska Air Group, Inc. (ALK) has a volatility of 18.32%. 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.

Volatility by Period

	CPA	ALK	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.40%	18.32%	-3.92%
Volatility (6M) Calculated over the trailing 6-month period	26.89%	35.19%	-8.30%
Volatility (1Y) Calculated over the trailing 1-year period	33.45%	54.62%	-21.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.73%	41.12%	-6.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.45%	42.73%	+1.72%

Financials

CPA vs. ALK - Profitability Comparison

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

CPA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Copa Holdings, S.A. reported a gross profit of 297.41M and revenue of 962.89M. Therefore, the gross margin over that period was 30.9%.

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%.

CPA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Copa Holdings, S.A. reported an operating income of 209.59M and revenue of 962.89M, resulting in an operating margin of 21.8%.

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%.

CPA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Copa Holdings, S.A. reported a net income of 172.62M and revenue of 962.89M, resulting in a net margin of 17.9%.

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%.