RLX vs. SKYW

Last updated Jun 4, 2026

RLX (RLX Technology Inc.) and SKYW (SkyWest, Inc.) are both stocks. RLX operates in Tobacco (Consumer Defensive), while SKYW operates in Airlines (Industrials). Over the past 5 years, RLX returned -26.33%/yr vs 11.07%/yr for SKYW. At a 0.20 correlation, their price movements are largely independent.

Performance

RLX vs. SKYW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RLX Technology Inc. (RLX) and SkyWest, Inc. (SKYW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RLX achieves a -9.07% return, which is significantly higher than SKYW's -19.14% return.

RLX

• 1D: -1.93%
• 1M: -5.58%
• YTD: -9.07%
• 6M: -11.35%
• 1Y: 2.73%
• 3Y*: 6.27%
• 5Y*: -26.33%
• 10Y*: —

SKYW

• 1D: -0.77%
• 1M: -0.22%
• YTD: -19.14%
• 6M: -21.36%
• 1Y: -21.55%
• 3Y*: 35.88%
• 5Y*: 11.07%
• 10Y*: 13.45%

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

RLX vs. SKYW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RLX RLX Technology Inc.	-9.07%	8.27%	8.60%	-12.65%	-41.03%	-86.78%
SKYW SkyWest, Inc.	-19.14%	0.28%	91.82%	216.17%	-57.99%	-7.49%

Correlation

The correlation between RLX and SKYW is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jan 25, 2021	0.20

Fundamentals

Market Cap RLX : $2.67B SKYW : $3.30B
EPS RLX : $0.76 SKYW : $10.42
PE Ratio RLX : 2.67 SKYW : 7.79
PS Ratio RLX : 0.60 SKYW : 0.81
Total Revenue (TTM) RLX : $4.35B SKYW : $4.12B
Gross Profit (TTM) RLX : $1.44B SKYW : $1.73B
EBITDA (TTM) RLX : $513.06M SKYW : $970.77M

Return for Risk

RLX vs. SKYW — Risk / Return Rank

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

RLX

RLX Risk / Return Rank: 41
RLX Sharpe Ratio Rank: 44
RLX Sortino Ratio Rank: 39
RLX Omega Ratio Rank: 38
RLX Calmar Ratio Rank: 43
RLX Martin Ratio Rank: 43

SKYW

SKYW Risk / Return Rank: 17
SKYW Sharpe Ratio Rank: 15
SKYW Sortino Ratio Rank: 16
SKYW Omega Ratio Rank: 17
SKYW Calmar Ratio Rank: 19
SKYW Martin Ratio Rank: 16

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.

RLX vs. SKYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RLX Technology Inc. (RLX) and SkyWest, Inc. (SKYW). 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.

	RLX	SKYW	Difference
Sharpe ratio Return per unit of total volatility	0.09	-0.60	+0.68
Sortino ratio Return per unit of downside risk	0.38	-0.69	+1.07
Omega ratio Gain probability vs. loss probability	1.04	0.92	+0.12
Calmar ratio Return relative to maximum drawdown	0.11	-0.59	+0.70
Martin ratio Return relative to average drawdown	0.23	-1.12	+1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RLX vs. SKYW - Sharpe Ratio Comparison

The current RLX Sharpe Ratio is 0.09, which is higher than the SKYW Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of RLX and SKYW, 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

	RLX	SKYW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	-0.60	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	0.26	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	0.24	-0.73

Drawdowns

RLX vs. SKYW - Drawdown Comparison

The maximum RLX drawdown since its inception was -96.80%, which is greater than SKYW's maximum drawdown of -81.77%. Use the drawdown chart below to compare losses from any high point for RLX and SKYW.

Drawdown Indicators

	RLX	SKYW	Difference
Max Drawdown Largest peak-to-trough decline	-96.80%	-81.77%	-15.03%
Max Drawdown (1Y) Largest decline over 1 year	-24.02%	-36.63%	+12.61%
Max Drawdown (3Y) Largest decline over 3 years	-32.89%	-36.63%	+3.74%
Max Drawdown (5Y) Largest decline over 5 years	-90.47%	-71.50%	-18.97%
Max Drawdown (10Y) Largest decline over 10 years	—	-81.77%	—
Current Drawdown Current decline from peak	-92.72%	-34.38%	-58.34%
Average Drawdown Average peak-to-trough decline	-88.72%	-35.43%	-53.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.06%	19.21%	-7.15%

Volatility

RLX vs. SKYW - Volatility Comparison

The current volatility for RLX Technology Inc. (RLX) is 9.65%, while SkyWest, Inc. (SKYW) has a volatility of 12.01%. This indicates that RLX experiences smaller price fluctuations and is considered to be less risky than SKYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RLX	SKYW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.65%	12.01%	-2.36%
Volatility (6M) Calculated over the trailing 6-month period	21.22%	26.97%	-5.75%
Volatility (1Y) Calculated over the trailing 1-year period	31.14%	36.32%	-5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.30%	43.54%	+30.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.91%	51.45%	+28.46%

Dividends

RLX vs. SKYW - Dividend Comparison

RLX's dividend yield for the trailing twelve months is around 5.42%, while SKYW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RLX RLX Technology Inc.	5.42%	0.43%	0.46%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SKYW SkyWest, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.35%	0.74%	0.90%	0.60%	0.52%	0.84%

Financials

RLX vs. SKYW - Profitability Comparison

The chart below illustrates the profitability comparison between RLX Technology Inc. and SkyWest, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

RLX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, RLX Technology Inc. reported a gross profit of 490.84M and revenue of 1.46B. Therefore, the gross margin over that period was 33.6%.

SKYW - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, SkyWest, Inc. reported a gross profit of 591.07M and revenue of 1.01B. Therefore, the gross margin over that period was 58.3%.

RLX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, RLX Technology Inc. reported an operating income of 243.16M and revenue of 1.46B, resulting in an operating margin of 16.7%.

SKYW - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, SkyWest, Inc. reported an operating income of 123.69M and revenue of 1.01B, resulting in an operating margin of 12.2%.

RLX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, RLX Technology Inc. reported a net income of 282.42M and revenue of 1.46B, resulting in a net margin of 19.3%.

SKYW - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, SkyWest, Inc. reported a net income of 101.69M and revenue of 1.01B, resulting in a net margin of 10.0%.

Frequently Asked Questions

Can I hold both RLX and SKYW in my portfolio?

RLX and SKYW have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RLX or SKYW?

SKYW has higher volatility (12.01%) compared to RLX (9.65%). In terms of maximum drawdown, RLX dropped -96.80% vs SKYW's -81.77%.

Which has better risk-adjusted returns?

RLX currently has the higher Sharpe Ratio (0.09 vs -0.60), 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.