DAL vs. AAL

Last updated Jun 3, 2026

DAL (Delta Air Lines, Inc.) and AAL (American Airlines Group Inc.) are both stocks. Both operate in the Airlines industry within the Industrials sector. Over the past 10 years, DAL returned 8.08%/yr vs -7.26%/yr for AAL. A 0.77 correlation means they provide meaningful diversification when combined.

Performance

DAL vs. AAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delta Air Lines, Inc. (DAL) and American Airlines Group Inc. (AAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DAL achieves a 15.92% return, which is significantly higher than AAL's -9.13% return. Over the past 10 years, DAL has outperformed AAL with an annualized return of 8.08%, while AAL has yielded a comparatively lower -7.26% annualized return.

DAL

• 1D: -1.78%
• 1M: 16.31%
• YTD: 15.92%
• 6M: 23.50%
• 1Y: 66.96%
• 3Y*: 30.73%
• 5Y*: 12.38%
• 10Y*: 8.08%

AAL

• 1D: -2.86%
• 1M: 17.65%
• YTD: -9.13%
• 6M: -2.18%
• 1Y: 22.41%
• 3Y*: -2.15%
• 5Y*: -10.99%
• 10Y*: -7.26%

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

DAL vs. AAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DAL Delta Air Lines, Inc.	15.92%	16.09%	52.00%	23.03%	-15.92%	-2.81%	-30.77%	20.38%	-8.66%	16.23%
AAL American Airlines Group Inc.	-9.13%	-12.05%	26.86%	8.02%	-29.18%	13.89%	-44.81%	-9.57%	-37.69%	12.40%

Correlation

The correlation between DAL and AAL is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 4, 2007	0.77

The correlation between DAL and AAL has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Fundamentals

Market Cap DAL : $52.17B AAL : $9.21B
EPS DAL : $6.85 AAL : $0.31
PE Ratio DAL : 11.68 AAL : 45.58
PEG Ratio DAL : 0.07 AAL : 0.52
PS Ratio DAL : 0.80 AAL : 0.16
Total Revenue (TTM) DAL : $65.18B AAL : $55.99B
Gross Profit (TTM) DAL : $17.07B AAL : $12.21B
EBITDA (TTM) DAL : $9.66B AAL : $4.16B

Return for Risk

DAL vs. AAL — Risk / Return Rank

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

DAL

DAL Risk / Return Rank: 82
DAL Sharpe Ratio Rank: 83
DAL Sortino Ratio Rank: 82
DAL Omega Ratio Rank: 77
DAL Calmar Ratio Rank: 81
DAL Martin Ratio Rank: 85

AAL

AAL Risk / Return Rank: 54
AAL Sharpe Ratio Rank: 56
AAL Sortino Ratio Rank: 53
AAL Omega Ratio Rank: 51
AAL Calmar Ratio Rank: 54
AAL Martin Ratio Rank: 55

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.

DAL vs. AAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delta Air Lines, Inc. (DAL) and American Airlines Group Inc. (AAL). 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.

	DAL	AAL	Difference
Sharpe ratio Return per unit of total volatility	1.63	0.46	+1.17
Sortino ratio Return per unit of downside risk	2.48	1.02	+1.46
Omega ratio Gain probability vs. loss probability	1.28	1.12	+0.16
Calmar ratio Return relative to maximum drawdown	2.94	0.59	+2.35
Martin ratio Return relative to average drawdown	9.25	1.39	+7.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DAL vs. AAL - Sharpe Ratio Comparison

The current DAL Sharpe Ratio is 1.63, which is higher than the AAL Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of DAL and AAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DAL	AAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	0.46	+1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	-0.23	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	-0.14	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	-0.02	+0.18

Drawdowns

DAL vs. AAL - Drawdown Comparison

The maximum DAL drawdown since its inception was -81.73%, smaller than the maximum AAL drawdown of -97.20%. Use the drawdown chart below to compare losses from any high point for DAL and AAL.

Drawdown Indicators

	DAL	AAL	Difference
Max Drawdown Largest peak-to-trough decline	-81.73%	-97.20%	+15.47%
Max Drawdown (1Y) Largest decline over 1 year	-22.90%	-37.39%	+14.49%
Max Drawdown (3Y) Largest decline over 3 years	-47.92%	-51.76%	+3.84%
Max Drawdown (5Y) Largest decline over 5 years	-47.92%	-62.67%	+14.75%
Max Drawdown (10Y) Largest decline over 10 years	-69.18%	-84.14%	+14.96%
Current Drawdown Current decline from peak	-2.99%	-76.53%	+73.54%
Average Drawdown Average peak-to-trough decline	-28.96%	-60.42%	+31.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.28%	15.84%	-8.56%

Volatility

DAL vs. AAL - Volatility Comparison

The current volatility for Delta Air Lines, Inc. (DAL) is 12.83%, while American Airlines Group Inc. (AAL) has a volatility of 14.89%. This indicates that DAL experiences smaller price fluctuations and is considered to be less risky than AAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAL	AAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.83%	14.89%	-2.06%
Volatility (6M) Calculated over the trailing 6-month period	28.72%	33.78%	-5.06%
Volatility (1Y) Calculated over the trailing 1-year period	41.24%	48.80%	-7.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.77%	48.05%	-7.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.15%	53.00%	-10.85%

Dividends

DAL vs. AAL - Dividend Comparison

DAL's dividend yield for the trailing twelve months is around 0.94%, while AAL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAL American Airlines Group Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.63%	1.39%	1.25%	0.77%	0.86%	0.94%
DAL Delta Air Lines, Inc.	0.94%	0.97%	0.83%	0.50%	0.00%	0.00%	1.00%	2.57%	2.63%	1.81%	1.37%	0.89%

Financials

DAL vs. AAL - Profitability Comparison

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

DAL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Delta Air Lines, Inc. reported a gross profit of 4.54B and revenue of 15.85B. Therefore, the gross margin over that period was 28.6%.

AAL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, American Airlines Group Inc. reported a gross profit of 3.62B and revenue of 13.91B. Therefore, the gross margin over that period was 26.0%.

DAL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Delta Air Lines, Inc. reported an operating income of 501.00M and revenue of 15.85B, resulting in an operating margin of 3.2%.

AAL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, American Airlines Group Inc. reported an operating income of -41.00M and revenue of 13.91B, resulting in an operating margin of -0.3%.

DAL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Delta Air Lines, Inc. reported a net income of -289.00M and revenue of 15.85B, resulting in a net margin of -1.8%.

AAL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, American Airlines Group Inc. reported a net income of -382.00M and revenue of 13.91B, resulting in a net margin of -2.8%.

Frequently Asked Questions

Can I hold both DAL and AAL in my portfolio?

DAL and AAL have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAL or AAL?

AAL has higher volatility (14.89%) compared to DAL (12.83%). In terms of maximum drawdown, DAL dropped -81.73% vs AAL's -97.20%.

Which has better risk-adjusted returns?

DAL currently has the higher Sharpe Ratio (1.63 vs 0.46), 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.