ULCC vs. ALK
ULCC (Frontier Group Holdings, Inc.) and ALK (Alaska Air Group, Inc.) are both stocks. Both operate in the Airlines industry within the Industrials sector. Over the past 5 years, ULCC returned -16.31%/yr vs -4.99%/yr for ALK. A 0.62 correlation means they provide meaningful diversification when combined.
Performance
ULCC vs. ALK - Performance Comparison
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Returns By Period
In the year-to-date period, ULCC achieves a 53.93% return, which is significantly higher than ALK's -2.17% return.
ULCC
- 1D
- 1.54%
- 1M
- 46.46%
- YTD
- 53.93%
- 6M
- 49.79%
- 1Y
- 106.85%
- 3Y*
- -7.33%
- 5Y*
- -16.31%
- 10Y*
- —
ALK
- 1D
- 0.84%
- 1M
- 19.04%
- YTD
- -2.17%
- 6M
- -3.85%
- 1Y
- 3.10%
- 3Y*
- -0.03%
- 5Y*
- -4.99%
- 10Y*
- -0.67%
ULCC vs. ALK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ULCC Frontier Group Holdings, Inc. | 53.93% | -33.76% | 30.22% | -46.84% | -24.32% | -27.08% |
ALK Alaska Air Group, Inc. | -2.17% | -22.32% | 65.73% | -9.01% | -17.58% | -24.72% |
Correlation
The correlation between ULCC and ALK is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | 0.62 |
The correlation between ULCC and ALK has been stable across timeframes, ranging from 0.58 to 0.63 - a consistent structural relationship.
Fundamentals
ULCC:
-$2.13
ALK:
$0.61
ULCC:
0.33
ALK:
0.41
ULCC:
$3.80B
ALK:
$14.40B
ULCC:
$1.19B
ALK:
$11.07B
ULCC:
-$240.00M
ALK:
$1.02B
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Return for Risk
ULCC vs. ALK — Risk / Return Rank
ULCC
ALK
ULCC vs. ALK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Frontier Group Holdings, Inc. (ULCC) 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.
| ULCC | ALK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.05 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 0.07 | +1.98 |
| Martin ratioReturn relative to average drawdown | 4.41 | 0.12 | +4.29 |
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Drawdowns
ULCC vs. ALK - Drawdown Comparison
The maximum ULCC drawdown since its inception was -87.04%, which is greater than ALK's maximum drawdown of -75.76%. Use the drawdown chart below to compare losses from any high point for ULCC and ALK.
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Drawdown Indicators
| ULCC | ALK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.04% | -75.76% | -11.28% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -46.46% | -5.99% |
Max Drawdown (3Y)Largest decline over 3 years | -72.90% | -55.37% | -17.53% |
Max Drawdown (5Y)Largest decline over 5 years | -84.04% | -55.37% | -28.67% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.06% | — |
Current DrawdownCurrent decline from peak | -66.91% | -47.91% | -19.00% |
Average DrawdownAverage peak-to-trough decline | -60.38% | -27.86% | -32.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.33% | 25.84% | -1.51% |
Volatility
ULCC vs. ALK - Volatility Comparison
Frontier Group Holdings, Inc. (ULCC) has a higher volatility of 23.29% compared to Alaska Air Group, Inc. (ALK) at 19.02%. This indicates that ULCC's price experiences larger fluctuations and is considered to be riskier 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
| ULCC | ALK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.29% | 19.02% | +4.27% |
Volatility (6M)Calculated over the trailing 6-month period | 58.36% | 41.36% | +17.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 83.94% | 51.66% | +32.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.20% | 42.87% | +27.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.14% | 43.59% | +25.55% |
Dividends
ULCC vs. ALK - Dividend Comparison
Neither ULCC nor ALK has 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% |
ULCC Frontier Group 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
ULCC vs. ALK - Financials Comparison
This section allows you to compare key financial metrics between Frontier Group Holdings, Inc. 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
ULCC vs. ALK - Profitability Comparison
ULCC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Frontier Group Holdings, Inc. reported a gross profit of 314.00M and revenue of 992.00M. Therefore, the gross margin over that period was 31.7%.
ALK - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Alaska Air Group, Inc. reported a gross profit of 3.09B and revenue of 3.30B. Therefore, the gross margin over that period was 93.6%.
ULCC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Frontier Group Holdings, Inc. reported an operating income of -283.00M and revenue of 992.00M, resulting in an operating margin of -28.5%.
ALK - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Alaska Air Group, Inc. reported an operating income of -279.00M and revenue of 3.30B, resulting in an operating margin of -8.5%.
ULCC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Frontier Group Holdings, Inc. reported a net income of -272.00M and revenue of 992.00M, resulting in a net margin of -27.4%.
ALK - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Alaska Air Group, Inc. reported a net income of -193.00M and revenue of 3.30B, resulting in a net margin of -5.9%.
Frequently Asked Questions
ULCC and ALK have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ULCC has higher volatility (23.29%) compared to ALK (19.02%). In terms of maximum drawdown, ULCC dropped -87.04% vs ALK's -75.76%.
ULCC currently has the higher Sharpe Ratio (1.28 vs 0.06), 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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