UAL vs. DAL
UAL (United Airlines Holdings, Inc.) and DAL (Delta Air Lines, Inc.) are both stocks. Both operate in the Airlines industry within the Industrials sector. Over the past 10 years, UAL returned 10.58%/yr vs 10.53%/yr for DAL. Their correlation of 0.81 means they have usually moved in the same direction.
Performance
UAL vs. DAL - Performance Comparison
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Returns By Period
In the year-to-date period, UAL achieves a 8.50% return, which is significantly lower than DAL's 26.98% return. Both investments have delivered pretty close results over the past 10 years, with UAL having a 10.58% annualized return and DAL not far behind at 10.53%.
UAL
- 1D
- -1.80%
- 1M
- -8.99%
- 6M
- 18.58%
- YTD
- 8.50%
- 1Y
- 43.47%
- 3Y*
- 31.58%
- 5Y*
- 21.03%
- 10Y*
- 10.58%
- ALL TIME*
- 6.63%
DAL
- 1D
- -1.30%
- 1M
- -5.49%
- 6M
- 33.75%
- YTD
- 26.98%
- 1Y
- 72.81%
- 3Y*
- 25.80%
- 5Y*
- 17.82%
- 10Y*
- 10.53%
- ALL TIME*
- 8.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $513.87M | $597.15M | $617.50M | |
| $484.86M | $546.58M | $611.26M |
UAL vs. DAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UAL United Airlines Holdings, Inc. | 8.50% | 15.16% | 135.34% | 9.44% | -13.89% | 1.23% | -50.90% | 5.21% | 24.23% | -7.52% |
DAL Delta Air Lines, Inc. | 26.98% | 16.09% | 52.00% | 23.03% | -15.92% | -2.81% | -30.77% | 20.38% | -8.66% | 16.23% |
Correlation
The correlation between UAL and DAL is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.85 |
Correlation (All Time) Calculated using the full available price history since May 3, 2007 | 0.81 |
The correlation between UAL and DAL has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.
Fundamentals
UAL:
$39.38B
DAL:
$57.50B
UAL:
$10.70
DAL:
$6.04
UAL:
11.34
DAL:
14.48
UAL:
0.23
DAL:
0.09
UAL:
0.63
DAL:
0.84
UAL:
2.37
DAL:
2.63
UAL:
$62.90B
DAL:
$68.29B
UAL:
$40.92B
DAL:
$18.66B
UAL:
$8.06B
DAL:
$8.42B
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Return for Risk
UAL vs. DAL — Risk / Return Rank
UAL
DAL
UAL vs. DAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for United Airlines Holdings, Inc. (UAL) and Delta Air Lines, Inc. (DAL). 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.
| UAL | DAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.28 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 2.90 | -1.54 |
| Martin ratioReturn relative to average drawdown | 3.13 | 9.15 | -6.01 |
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Drawdowns
UAL vs. DAL - Drawdown Comparison
The maximum UAL drawdown since its inception was -93.50%, which is greater than DAL's maximum drawdown of -81.93%. Use the drawdown chart below to compare losses from any high point for UAL and DAL.
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Drawdown Indicators
| UAL | DAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.50% | -81.93% | -11.57% |
Max Drawdown (1Y)Largest decline over 1 year | -27.50% | -22.90% | -4.60% |
Max Drawdown (3Y)Largest decline over 3 years | -49.19% | -47.92% | -1.27% |
Max Drawdown (5Y)Largest decline over 5 years | -49.19% | -47.92% | -1.27% |
Max Drawdown (10Y)Largest decline over 10 years | -79.40% | -69.18% | -10.22% |
Current DrawdownCurrent decline from peak | -10.86% | -6.41% | -4.45% |
Average DrawdownAverage peak-to-trough decline | -37.03% | -28.95% | -8.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.97% | 7.26% | +4.71% |
Volatility
UAL vs. DAL - Volatility Comparison
United Airlines Holdings, Inc. (UAL) has a higher volatility of 10.19% compared to Delta Air Lines, Inc. (DAL) at 9.59%. This indicates that UAL's price experiences larger fluctuations and is considered to be riskier than DAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UAL | DAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.19% | 9.59% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 38.64% | 30.38% | +8.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.22% | 40.13% | +8.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.85% | 40.93% | +7.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.69% | 42.08% | +9.61% |
Dividends
UAL vs. DAL - Dividend Comparison
UAL has not paid dividends to shareholders, while DAL's dividend yield for the trailing twelve months is around 0.89%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DAL Delta Air Lines, Inc. | 0.89% | 0.97% | 0.83% | 0.50% | 0.00% | 0.00% | 1.00% | 2.57% | 2.63% | 1.81% | 1.37% | 0.89% |
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
UAL vs. DAL - Financials Comparison
This section allows you to compare key financial metrics between United Airlines Holdings, Inc. and Delta Air Lines, 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
UAL vs. DAL - Profitability Comparison
UAL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, United Airlines Holdings, Inc. reported a gross profit of 11.97B and revenue of 17.67B. Therefore, the gross margin over that period was 67.7%.
DAL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Delta Air Lines, Inc. reported a gross profit of 6.63B and revenue of 19.76B. Therefore, the gross margin over that period was 33.6%.
UAL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, United Airlines Holdings, Inc. reported an operating income of 1.10B and revenue of 17.67B, resulting in an operating margin of 6.2%.
DAL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Delta Air Lines, Inc. reported an operating income of 1.86B and revenue of 19.76B, resulting in an operating margin of 9.4%.
UAL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, United Airlines Holdings, Inc. reported a net income of 805.00M and revenue of 17.67B, resulting in a net margin of 4.6%.
DAL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Delta Air Lines, Inc. reported a net income of 1.60B and revenue of 19.76B, resulting in a net margin of 8.1%.
Frequently Asked Questions
UAL and DAL have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UAL has higher volatility (10.19%) compared to DAL (9.59%). In terms of maximum drawdown, UAL dropped -93.50% vs DAL's -81.93%.
DAL currently has the higher Sharpe Ratio (1.66 vs 0.78), 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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