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Relative Intelligence · Airlines

How Delta Air Lines (DAL) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on DAL alone. It places DAL (Delta Air Lines, Inc.) against 17 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where DAL stands in the market, and of the alternatives worth a closer look.

Period covered: DAL's full trading record, from April 2007 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against DAL →Chart DAL vs. 17 alternatives →
On this page12 sections

Key findings

How much would $10,000 in DAL have grown?

This chart tracks a hypothetical $10,000 investment in DAL over the past 19 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of DAL over the same span and DAL's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: DAL began trading on April 26, 2007, so the chart cannot reach back to the dot-com bust. It covers the most recent 19 years of DAL's record, starting at the end of September 2007.

Choose a period

From the end of September 2007 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 669 of the 1,798 stocks and funds worth at least $500 million that traded the whole period ended ahead of DAL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,0002007201020132016201920222025$1,000$10,000$100,0002007201220172022
  • BKNG$469,495+4,595% total · +22.5% a year
  • ALK$74,571+646% total · +11.2% a year
  • SPY (S&P 500)$70,725+607% total · +10.8% a year
  • RTX$62,030+520% total · +10.1% a year
  • AER$59,161+492% total · +9.8% a year
  • CPA$56,084+461% total · +9.5% a year
  • DAL$54,227+442% total · +9.3% a year
  • SKYW$43,893+339% total · +8.1% a year
  • UAL$27,511+175% total · +5.5% a year
  • GE$24,313+143% total · +4.8% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 763 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of DAL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • GE$49,841+398% total · +37.9% a year
  • ESLT$49,131+391% total · +37.5% a year
  • TSM$43,622+336% total · +34.3% a year
  • AER$25,474+155% total · +20.6% a year
  • RTX$24,048+140% total · +19.2% a year
  • UAL$23,324+133% total · +18.5% a year
  • DAL$20,290+103% total · +15.2% a year
  • CPA$19,765+97.6% total · +14.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • BKNG$17,565+75.6% total · +11.9% a year
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DAL at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: DAL began trading on April 26, 2007, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The company

Market value
$50B
Industry
Airlines, Airports & Air Services
Price history from
April 2007

Returns

Past 1 year
+25.5%total return
Past 3 years
+146%+35.0% a year
Past 5 years
+97.6%+14.6% a year
Past 10 years
+109%+7.6% a year
Best calendar year
+133%2013
Worst calendar year
−35.7%2011
Losing years
8 of 18full calendar years

Risk

Volatility
40.8%typical yearly swing, 5 years
Sharpe ratio
0.54return per unit of risk, 5 years
Worst decline ever
−82.8%Apr 2007 to Mar 2009
From its all-time high
−17.7%below the peak

DAL against the whole market

Where DAL ranks among every stock and fund, and what across the market has done better.

How does DAL rank among all stocks?

This section ranks DAL on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how DAL stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureDALRankStanding
1-year return+25.5%1,093 of 3,287top 33%
3-year return+146%622 of 3,017top 21%
5-year return+97.6%698 of 2,893top 24%
10-year return+109%1,299 of 2,202bottom 42%
Volatility, 5 years40.8%1,494 of 2,893bottom 49%
Sharpe ratio, 5 years0.54838 of 2,893top 29%
Worst decline, past 10 years−69.2%1,265 of 2,187bottom 43%

What has beaten DAL on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). DAL sits where the dashed lines cross. Anything in the green box above and to the left earned more than DAL with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to DAL; faint dots are 89 more of the 352 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DALCB: +15.7% a year, volatility 20.4%TRV: +22.4% a year, volatility 22.3%RY: +17.3% a year, volatility 18.2%CCEP: +19.7% a year, volatility 23.2%FAST: +15.8% a year, volatility 24.6%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%AAPL: +18.5% a year, volatility 28.0%KOF: +22.3% a year, volatility 24.7%WRB: +18.9% a year, volatility 22.9%IHG: +21.4% a year, volatility 26.6%RS: +24.8% a year, volatility 28.1%RNR: +20.1% a year, volatility 27.8%XOM: +27.1% a year, volatility 26.5%NHC: +32.0% a year, volatility 28.5%ABBV: +26.1% a year, volatility 23.4%HSBC: +33.1% a year, volatility 25.9%HRB: +18.3% a year, volatility 34.9%LVHI: +17.0% a year, volatility 11.1%NIC: +19.0% a year, volatility 30.1%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%WELL: +26.0% a year, volatility 23.8%CHCO: +15.9% a year, volatility 22.8%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%TD: +15.8% a year, volatility 20.0%MFG: +33.6% a year, volatility 30.6%TTE: +18.0% a year, volatility 25.8%VGT: +18.4% a year, volatility 26.0%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%BHP: +16.6% a year, volatility 31.4%PGR: +21.3% a year, volatility 25.6%PWR: +39.3% a year, volatility 37.2%VRTX: +22.6% a year, volatility 29.1%MO: +17.8% a year, volatility 21.4%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%NPK: +16.3% a year, volatility 27.3%ITUB: +26.3% a year, volatility 33.8%MAR: +22.0% a year, volatility 28.6%E: +23.0% a year, volatility 25.6%EPD: +16.4% a year, volatility 17.1%BP: +16.0% a year, volatility 28.7%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%HLT: +21.0% a year, volatility 26.8%MNST: +17.2% a year, volatility 24.9%NXTG: +16.2% a year, volatility 19.1%KMI: +18.7% a year, volatility 22.5%CTAS: +16.5% a year, volatility 23.1%ACNB: +22.1% a year, volatility 34.4%JCI: +17.4% a year, volatility 29.1%WAB: +25.6% a year, volatility 26.2%ROST: +18.1% a year, volatility 29.5%LNG: +23.4% a year, volatility 30.2%ALL: +17.0% a year, volatility 26.2%NUE: +21.7% a year, volatility 37.4%BAP: +30.8% a year, volatility 30.3%KB: +25.3% a year, volatility 34.4%NTAP: +20.9% a year, volatility 35.3%SBS: +39.1% a year, volatility 37.1%SHG: +21.0% a year, volatility 31.1%SPMO: +18.7% a year, volatility 20.8%COKE: +41.2% a year, volatility 38.0%UTHR: +23.6% a year, volatility 35.1%NMR: +17.1% a year, volatility 29.9%FFIV: +17.1% a year, volatility 30.8%SNX: +20.3% a year, volatility 30.4%AIT: +28.5% a year, volatility 30.3%EXEL: +24.4% a year, volatility 35.8%MPC: +51.2% a year, volatility 33.4%EWT: +20.4% a year, volatility 24.2%ALSN: +27.3% a year, volatility 29.9%PAG: +18.3% a year, volatility 31.9%EHC: +18.4% a year, volatility 26.8%CACI: +16.6% a year, volatility 29.9%SMH: +33.4% a year, volatility 36.9%VLUE: +15.9% a year, volatility 18.4%PSO: +18.5% a year, volatility 27.9%MSGS: +18.4% a year, volatility 25.6%FCFS: +20.6% a year, volatility 30.5%NEU: +21.0% a year, volatility 26.8%BPOP: +17.7% a year, volatility 29.7%VCTR: +28.1% a year, volatility 35.0%DAL: +14.6% a year, volatility 40.8%SPY (S&P 500): +12.7% a year, volatility 17.1%RTX: +18.6% a year, volatility 24.3%GE: +36.0% a year, volatility 31.0%AER: +18.4% a year, volatility 31.5%ESLT: +39.8% a year, volatility 34.6%TSM: +31.5% a year, volatility 38.5%ADI: +19.5% a year, volatility 34.1%ASX: +48.8% a year, volatility 43.0%ITA: +14.6% a year, volatility 20.4%TXN: +9.9% a year, volatility 33.7%GOOG: +19.0% a year, volatility 32.0%LLY: +40.7% a year, volatility 32.8%CVX: +19.5% a year, volatility 25.2%MRK: +16.3% a year, volatility 24.8%IOO: +15.7% a year, volatility 17.2%DXJ: +26.6% a year, volatility 19.1%INSW: +56.5% a year, volatility 40.5%RCBC: +14.6% a year, volatility 27.2%CAH: +42.1% a year, volatility 24.7%PBR-A: +51.8% a year, volatility 37.5%DALSPY (S&P 500)RTXGEAERESLTTSMADIASXTXNGOOGLLYCVXMRKIOODXJINSWRCBCCAHPBR-A0.0%10.0%20.0%30.0%40.0%50.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DALCB: +15.7% a year, volatility 20.4%TRV: +22.4% a year, volatility 22.3%RY: +17.3% a year, volatility 18.2%CCEP: +19.7% a year, volatility 23.2%FAST: +15.8% a year, volatility 24.6%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%AAPL: +18.5% a year, volatility 28.0%KOF: +22.3% a year, volatility 24.7%WRB: +18.9% a year, volatility 22.9%IHG: +21.4% a year, volatility 26.6%RS: +24.8% a year, volatility 28.1%RNR: +20.1% a year, volatility 27.8%XOM: +27.1% a year, volatility 26.5%NHC: +32.0% a year, volatility 28.5%ABBV: +26.1% a year, volatility 23.4%HSBC: +33.1% a year, volatility 25.9%HRB: +18.3% a year, volatility 34.9%LVHI: +17.0% a year, volatility 11.1%NIC: +19.0% a year, volatility 30.1%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%WELL: +26.0% a year, volatility 23.8%CHCO: +15.9% a year, volatility 22.8%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%TD: +15.8% a year, volatility 20.0%MFG: +33.6% a year, volatility 30.6%TTE: +18.0% a year, volatility 25.8%VGT: +18.4% a year, volatility 26.0%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%BHP: +16.6% a year, volatility 31.4%PGR: +21.3% a year, volatility 25.6%PWR: +39.3% a year, volatility 37.2%VRTX: +22.6% a year, volatility 29.1%MO: +17.8% a year, volatility 21.4%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%NPK: +16.3% a year, volatility 27.3%ITUB: +26.3% a year, volatility 33.8%MAR: +22.0% a year, volatility 28.6%E: +23.0% a year, volatility 25.6%EPD: +16.4% a year, volatility 17.1%BP: +16.0% a year, volatility 28.7%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%HLT: +21.0% a year, volatility 26.8%MNST: +17.2% a year, volatility 24.9%NXTG: +16.2% a year, volatility 19.1%KMI: +18.7% a year, volatility 22.5%CTAS: +16.5% a year, volatility 23.1%ACNB: +22.1% a year, volatility 34.4%JCI: +17.4% a year, volatility 29.1%WAB: +25.6% a year, volatility 26.2%ROST: +18.1% a year, volatility 29.5%LNG: +23.4% a year, volatility 30.2%ALL: +17.0% a year, volatility 26.2%NUE: +21.7% a year, volatility 37.4%BAP: +30.8% a year, volatility 30.3%KB: +25.3% a year, volatility 34.4%NTAP: +20.9% a year, volatility 35.3%SBS: +39.1% a year, volatility 37.1%SHG: +21.0% a year, volatility 31.1%SPMO: +18.7% a year, volatility 20.8%COKE: +41.2% a year, volatility 38.0%UTHR: +23.6% a year, volatility 35.1%NMR: +17.1% a year, volatility 29.9%FFIV: +17.1% a year, volatility 30.8%SNX: +20.3% a year, volatility 30.4%AIT: +28.5% a year, volatility 30.3%EXEL: +24.4% a year, volatility 35.8%MPC: +51.2% a year, volatility 33.4%EWT: +20.4% a year, volatility 24.2%ALSN: +27.3% a year, volatility 29.9%PAG: +18.3% a year, volatility 31.9%EHC: +18.4% a year, volatility 26.8%CACI: +16.6% a year, volatility 29.9%SMH: +33.4% a year, volatility 36.9%VLUE: +15.9% a year, volatility 18.4%PSO: +18.5% a year, volatility 27.9%MSGS: +18.4% a year, volatility 25.6%FCFS: +20.6% a year, volatility 30.5%NEU: +21.0% a year, volatility 26.8%BPOP: +17.7% a year, volatility 29.7%VCTR: +28.1% a year, volatility 35.0%DAL: +14.6% a year, volatility 40.8%SPY (S&P 500): +12.7% a year, volatility 17.1%RTX: +18.6% a year, volatility 24.3%GE: +36.0% a year, volatility 31.0%AER: +18.4% a year, volatility 31.5%ESLT: +39.8% a year, volatility 34.6%TSM: +31.5% a year, volatility 38.5%ADI: +19.5% a year, volatility 34.1%ASX: +48.8% a year, volatility 43.0%ITA: +14.6% a year, volatility 20.4%TXN: +9.9% a year, volatility 33.7%GOOG: +19.0% a year, volatility 32.0%LLY: +40.7% a year, volatility 32.8%CVX: +19.5% a year, volatility 25.2%MRK: +16.3% a year, volatility 24.8%IOO: +15.7% a year, volatility 17.2%DXJ: +26.6% a year, volatility 19.1%INSW: +56.5% a year, volatility 40.5%RCBC: +14.6% a year, volatility 27.2%CAH: +42.1% a year, volatility 24.7%PBR-A: +51.8% a year, volatility 37.5%DALSPY (S&P 500)RTXGEAERESLTTSMASXTXNLLYCVXMRKIOODXJINSWCAHPBR-A
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than DAL?

Investments that beat DAL over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat DAL over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks DAL's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than DAL follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than DAL's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× DAL's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than DAL's.

Screen the whole market against DAL for any period in BetterThanSPYOpen these 18 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with DAL?lower diversifies moreExpenseper year
DALDelta Air Lines, Inc. · this page
+14.6%40.8%0.54−69.2%+109%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.520.09%
Popular alternativesbest 3 shownThe investments people most often weigh against DAL. 3 of 16 passed at least one test.
RTXRTX Corporation · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst decline+18.6%24.3%0.83−52.0%+317%0.16—
GEGE Aerospace · Aerospace & Defense
Higher return, lower volatility+36.0%31.0%1.15−80.9%+139%0.53—
AERAerCap Holdings N.V. · Aerospace & Defense
Higher return, lower volatility+18.4%31.5%0.70−75.9%+263%0.51—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Airlines and the categories next to it (Aerospace & Defense, Infrastructure, Travel Services, Semiconductors), plus DAL's specific themes. 39 of 90 passed at least one test.
ESLTElbit Systems Ltd. · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+39.8%34.6%1.15−35.4%+765%0.01—
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+31.5%38.5%0.91−56.6%+1,505%0.34—
ADIAnalog Devices, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.5%34.1%0.69−33.6%+652%0.38—
ASXASE Technology Holding Co., Ltd. · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+48.8%43.0%1.15−52.5%+967%0.36—
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense
Similar return, lower volatilityHigher Sharpe, smaller worst decline+14.6%20.4%0.78−51.0%+258%0.420.37%
TXNTexas Instruments Incorporated · Semiconductors
Smaller losses in recent crashes+9.9%33.7%0.45−33.4%+424%0.34—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 937 of 3,527 passed at least one test.
GOOGAlphabet Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.0%32.0%0.71−44.6%+752%0.23—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.06—
CVXChevron Corporation · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.5%25.2%0.84−55.8%+238%0.18—
MRKMerck & Co., Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+16.3%24.8%0.74−43.4%+241%0.17—
IOOiShares Global 100 ETF · Global Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+15.7%17.2%0.94−31.4%+361%0.440.40%
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.420.48%
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+56.5%40.5%1.31−57.4%—0.11—
RCBCRiver City Bank · Banks - Regional
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+14.6%27.2%0.64−45.5%+345%0.11—
What these numbers mean for DAL
Annual return
DAL returned 14.6% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $19,800. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
DAL's volatility over the past 5 years was 40.8%, 2.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DAL's return lands within 40.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
DAL's Sharpe ratio over the past 5 years was 0.54, against 0.79 for the S&P 500, so DAL earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
DAL's worst fall from a peak to a low over the past 10 years was 69.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 69.2% fall takes a 224% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, DAL's monthly returns had a correlation of 0.52 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against DAL instead: the lower it is, the more that option would diversify a DAL holding. Guide: Correlation and diversification →
Show all 352 stocks and funds worth at least $500 million that earned more than DAL with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with DALExpense
1
GOOGAlphabet Inc. · Internet Services
Whole market+19.0%32.0%0.71−44.6%+752%0.23—
2
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.06—
3
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+238%0.18—
4
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.17—
5
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.17—
6
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.27—
7
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.52—
8
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.15—
9
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.25—
10
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.28—
11
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%-0.10—
12
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.32—
13
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.33—
14
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.23—
15
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.04—
16
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.69—
17
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.43—
18
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%-0.09—
19
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.440.40%
20
ESLTElbit Systems Ltd. · Aerospace & Defense
Same or nearby category+39.8%34.6%1.15−35.4%+765%0.01—
21
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%0.14—
22
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.14—
23
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%-0.04—
24
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.22—
25
HRBH&R Block, Inc. · Tax Preparation
Whole market+18.3%34.9%0.65−57.7%+206%-0.01—
26
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.420.48%
27
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.410.40%
28
NICNicolet Bankshares, Inc. · Banks - Regional
Whole market+19.0%30.1%0.73−44.3%+344%0.28—
29
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.24—
30
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.27—
31
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.38—
32
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%-0.02—
33
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.28—
34
CHCOCity Holding Company · Banks - Regional
Whole market+15.9%22.8%0.77−32.3%+286%0.30—
35
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.07—
36
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.06—
37
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.40—
38
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.28—
39
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.0%25.8%0.78−59.6%+234%0.04—
40
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.440.09%
41
UBSUBS Group AG · Banks
Whole market+25.4%30.4%0.90−59.8%+374%0.40—
42
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.23—
43
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+789%0.62—
44
BHPBHP Group Limited · Metals & Mining
Whole market+16.6%31.4%0.65−44.3%+398%0.20—
45
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.06—
46
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+2,045%0.31—
47
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+521%0.01—
48
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.35—
49
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.45—
50
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.48—
51
NPKNational Presto Industries, Inc. · Aerospace & Defense
Whole market+16.3%27.3%0.69−45.5%+181%0.04—
52
ITUBItaú Unibanco Holding S.A. · Banks
Whole market+26.3%33.8%0.86−62.1%+190%0.23—
53
MARMarriott International, Inc. · Hotels & Resorts
Whole market+22.0%28.6%0.84−61.3%+544%0.69—
54
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%0.18—
55
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.32—
56
BPBP p.l.c. · Integrated Oil & Gas
Whole market+16.0%28.7%0.66−63.9%+141%0.13—
57
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.39—
58
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.45—
59
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.63—
60
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.24—
61
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.370.70%
62
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.34—
63
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.18—
64
ACNBACNB Corporation · Banks - Regional
Whole market+22.1%34.4%0.75−49.7%+237%0.39—
65
JCIJohnson Controls International plc · Building Products
Whole market+17.4%29.1%0.70−46.4%+426%0.50—
66
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+264%0.53—
67
ROSTRoss Stores, Inc. · Specialty Retail
Whole market+18.1%29.5%0.71−51.4%+312%0.39—
68
LNGCheniere Energy, Inc. · Oil & Gas
Whole market+23.4%30.2%0.85−57.5%+616%-0.01—
69
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.04—
70
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Same or nearby category+31.5%38.5%0.91−56.6%+1,505%0.34—
71
NUENucor Corporation · Metals & Mining
Whole market+21.7%37.4%0.72−57.2%+569%0.46—
72
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.38—
73
KBKB Financial Group Inc. · Banks
Whole market+25.3%34.4%0.83−64.1%+390%0.33—
74
NTAPNetApp, Inc. · Computer Hardware
Whole market+20.9%35.3%0.71−58.1%+691%0.51—
75
SBSCompanhia de Saneamento Básico do Estado de São Paulo - SABESP · Water Utilities
Whole market+39.1%37.1%1.08−62.0%+293%0.26—
76
SHGShinhan Financial Group Co., Ltd. · Banks
Whole market+21.0%31.1%0.77−64.1%+175%0.26—
77
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.470.13%
78
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Whole market+41.2%38.0%1.10−51.7%+1,569%0.00—
79
UTHRUnited Therapeutics Corporation · Biotechnology
Whole market+23.6%35.1%0.78−55.6%+390%0.07—
80
NMRNomura Holdings, Inc. · Capital Markets
Whole market+17.1%29.9%0.68−54.0%+179%0.31—
81
FFIVF5, Inc. · Cybersecurity
Whole market+17.1%30.8%0.67−54.6%+287%0.31—
82
SNXTD Synnex Corp · Technology Distribution
Whole market+20.3%30.4%0.76−55.8%+430%0.52—
83
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+28.5%30.3%0.98−59.3%+742%0.49—
84
EXELExelixis, Inc. · Biotechnology
Whole market+24.4%35.8%0.79−57.2%+448%0.21—
85
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.15—
86
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.340.59%
87
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%0.16—
88
ALSNAllison Transmission Holdings, Inc. · Auto Parts
Whole market+27.3%29.9%0.96−48.7%+367%0.39—
89
ADIAnalog Devices, Inc. · Semiconductors
Same or nearby category+19.5%34.1%0.69−33.6%+652%0.38—
90
PAGPenske Automotive Group, Inc. · Specialty Retail
Whole market+18.3%31.9%0.69−60.0%+528%0.45—
91
EHCEncompass Health Corporation · Health Care Facilities
Whole market+18.4%26.8%0.77−39.5%+340%0.37—
92
CACICACI International Inc · Business Services
Whole market+16.6%29.9%0.66−42.9%+499%-0.03—
93
SMHVanEck Semiconductor ETF · Semiconductors
Same or nearby category+33.4%36.9%0.97−45.3%+1,665%0.400.35%
94
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.550.15%
95
PSOPearson plc · Education Services
Whole market+18.5%27.9%0.75−58.4%+155%0.26—
96
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.28—
97
FCFSFirstCash Holdings, Inc · Consumer Finance
Whole market+20.6%30.5%0.77−50.2%+422%0.11—
98
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.14—
99
BPOPPopular, Inc. · Regional Banks
Whole market+17.7%29.7%0.70−59.0%+448%0.31—
100
VCTRVictory Capital Holdings, Inc. · Asset Management
Whole market+28.1%35.0%0.89−45.2%—0.45—

DAL against its popular alternatives

The investments people most often weigh against DAL, compared period by period and year by year.

How do DAL's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at DAL, which divides the map into what did better or worse on each measure.

Green points earned more than DAL with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityDAL: 14.6% a year, volatility 40.8%SPY (S&P 500): 12.7% a year, volatility 17.1%RTX: 18.6% a year, volatility 24.3%AER: 18.4% a year, volatility 31.5%GE: 36.0% a year, volatility 31.0%CPA: 15.1% a year, volatility 36.1%SKYW: 14.5% a year, volatility 43.0%ALGT: −17.5% a year, volatility 55.9%ALK: −9.7% a year, volatility 43.4%AAL: −9.1% a year, volatility 48.4%VLRS: −22.3% a year, volatility 52.9%JBLU: −27.9% a year, volatility 61.4%RJET: −32.0% a year, volatility 86.1%ULCC: −21.1% a year, volatility 71.4%UAL: 16.3% a year, volatility 49.0%BKNG: 12.0% a year, volatility 33.2%BA: −2.5% a year, volatility 36.8%LUV: −2.7% a year, volatility 38.6%DALSPY (S&P 500)RTXAERGECPAALGTALKAALVLRSJBLURJETULCCUALBKNGBALUV0.0%20.0%40.0%60.0%80.0%100%−40.0%−20.0%0.0%20.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityDAL: 14.6% a year, volatility 40.8%SPY (S&P 500): 12.7% a year, volatility 17.1%RTX: 18.6% a year, volatility 24.3%AER: 18.4% a year, volatility 31.5%GE: 36.0% a year, volatility 31.0%CPA: 15.1% a year, volatility 36.1%SKYW: 14.5% a year, volatility 43.0%ALGT: −17.5% a year, volatility 55.9%ALK: −9.7% a year, volatility 43.4%AAL: −9.1% a year, volatility 48.4%VLRS: −22.3% a year, volatility 52.9%JBLU: −27.9% a year, volatility 61.4%RJET: −32.0% a year, volatility 86.1%ULCC: −21.1% a year, volatility 71.4%UAL: 16.3% a year, volatility 49.0%BKNG: 12.0% a year, volatility 33.2%BA: −2.5% a year, volatility 36.8%LUV: −2.7% a year, volatility 38.6%DALSPY (S&P 500)RTXGEALGTALKVLRSJBLURJETULCCUALBALUV
All figures
InvestmentAnnual returnVolatility
GE GE Aerospace+36.0%31.0%
RTX RTX Corporation+18.6%24.3%
AER AerCap Holdings N.V.+18.4%31.5%
UAL United Airlines Holdings, Inc.+16.3%49.0%
CPA Copa Holdings, S.A.+15.1%36.1%
DAL This pageDelta Air Lines, Inc.+14.6%40.8%
SKYW SkyWest, Inc.+14.5%43.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
BKNG Booking Holdings Inc.+12.0%33.2%
BA The Boeing Company−2.5%36.8%
LUV Southwest Airlines Co.−2.7%38.6%
AAL American Airlines Group Inc.−9.1%48.4%
ALK Alaska Air Group, Inc.−9.7%43.4%
ALGT Allegiant Travel Company−17.5%55.9%
ULCC Frontier Group Holdings, Inc.−21.1%71.4%
VLRS Controladora Vuela Compañía de Aviación, S.A.B. de C.V.−22.3%52.9%
JBLU JetBlue Airways Corporation−27.9%61.4%
RJET Republic Airways Holdings Inc.−32.0%86.1%
Open these 18 in EasyCompare

Has DAL consistently beaten its popular alternatives?

This section compares DAL with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than DAL helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than DAL over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
DAL Delta Air Lines, Inc. (this page)—−6.8%−9.1%+8.5%+12.2%+25.5%+146%+97.6%+109%40.8%0.54−69.2%—$50B—
RTX Aerospace & DefenseRTX Corporation2/5 short3/3 long−0.5%−0.2%−0.5%+4.4%+22.1%+183%+135%+317%24.3%0.83−52.0%—$261B—
AER Rental & Leasing ServicesAerCap Holdings N.V.2/5 short3/3 long+1.0%−2.4%−0.8%+0.7%+20.6%+155%+133%+263%31.5%0.70−75.9%—$23B—
GE Aerospace & DefenseGE Aerospace1/5 short3/3 long−5.9%−12.0%−1.0%−6.1%−0.4%+261%+366%+139%31.0%1.15−80.9%—$311B—
UAL Airlines, Airports & Air ServicesUnited Airlines Holdings, Inc.0/5 short2/3 long−14.5%−16.8%−1.2%−13.5%−3.5%+179%+113%+72.8%49.0%0.55−79.4%—$32B—
CPA Airlines, Airports & Air ServicesCopa Holdings, S.A.4/5 short1/3 long−1.4%−1.5%+10.7%+15.2%+11.8%+98.5%+102%+94.5%36.1%0.57−78.9%—$5.6B—
BKNG Travel ServicesBooking Holdings Inc.2/5 short1/3 long−2.7%−8.4%−14.2%−22.5%−19.6%+52.2%+75.9%+186%33.2%0.51−47.8%—$123B—
SKYW Airlines, Airports & Air ServicesSkyWest, Inc.1/5 short1/3 long−7.8%−7.0%−3.7%−8.7%−8.8%+148%+96.8%+215%43.0%0.53−81.8%—$3.6B—
BA Aerospace & DefenseThe Boeing Company1/5 short0/3 long−5.3%−9.1%−15.4%−16.4%−12.2%+5.8%−11.9%+52.4%36.8%0.12−77.9%—$151B—
LUV Airlines, Airports & Air ServicesSouthwest Airlines Co.1/5 short0/3 long−5.1%−17.6%−4.3%−2.7%+17.2%+74.7%−12.6%+6.2%38.6%0.12−64.8%—$19B—
LTM Airlines, Airports & Air ServicesLATAM Airlines Group S.A.1/5 short0/3 long−10.4%−7.7%−13.0%−12.3%+9.1%—————−33.8%—$14B—
ALGT Airlines, Airports & Air ServicesAllegiant Travel Company0/5 short0/3 long−14.2%−32.4%−23.6%−21.6%+4.7%−3.1%−61.8%−50.9%55.9%-0.07−86.0%—$1.9B—
ALK Airlines, Airports & Air ServicesAlaska Air Group, Inc.0/5 short0/3 long−18.0%−25.4%−21.1%−33.3%−29.2%+7.3%−40.0%−51.2%43.4%-0.02−75.1%—$3.8B—
AAL Airlines, Airports & Air ServicesAmerican Airlines Group Inc.0/5 short0/3 long−10.8%−20.0%−1.1%−21.8%−0.5%+9.3%−38.0%−69.0%48.4%0.04−84.1%—$8.0B—
VLRS Airlines, Airports & Air ServicesControladora Vuela Compañía de Aviación, S.A.B. de C.V.0/5 short0/3 long−17.5%−27.2%−29.5%−38.1%−16.8%−4.2%−71.6%−71.2%52.9%-0.21−84.8%—$651M—
JBLU Airlines, Airports & Air ServicesJetBlue Airways Corporation0/5 short0/3 long−36.3%−46.6%−49.4%−36.6%−37.7%−35.0%−80.5%−84.4%61.4%-0.23−87.8%—$1.1B—
RJET Airlines, Airports & Air ServicesRepublic Airways Holdings Inc.0/5 short0/3 long−10.2%−9.1%−26.2%−17.3%−24.9%+59.1%−85.5%—86.1%-0.04−97.4%—$760M—
ULCC Airlines, Airports & Air ServicesFrontier Group Holdings, Inc.0/5 short0/3 long−19.9%−21.1%+1.9%+7.2%+12.6%+15.8%−69.4%—71.4%0.02−87.0%—$1.1B—
Open these 18 in EasyCompare

How did DAL do year by year?

This table shows each investment's total return in every full calendar year since 2008, along with where DAL ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with DAL and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: DAL began trading on April 26, 2007, so the table starts with 2008, its first full calendar year, and cannot show how it fared during the dot-com bust.

Newest year first. Green marks a year in which the fund came out ahead of DAL; gray means the two finished within a fraction of a point. The rank row places DAL among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of DAL202520242023202220212020201920182017201620152014201320122011201020092008
DAL This pageDelta Air Lines, Inc.—+16.1%+52.0%+23.0%−15.9%−2.8%−30.8%+20.4%−8.7%+16.2%−1.4%+4.1%+80.5%+133%+46.7%−35.8%+10.7%−0.7%−23.0%
Rank among alternativesTop quarter in 5 of 189 of 185 of 178 of 177 of 1713 of 1612 of 168 of 164 of 158 of 1513 of 1510 of 154 of 152 of 143 of 1413 of 1411 of 149 of 145 of 14
SPY S&P 500State Street SPDR S&P 500 ETF11 of 18+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%
RTX RTX Corporation10 of 18+61.4%+40.8%−14.4%+20.0%+23.3%−16.7%+44.1%−14.5%+19.3%+17.3%−14.3%+3.4%+42.0%+15.3%−4.8%+16.4%+33.4%−28.4%
AER AerCap Holdings N.V.12 of 18+51.7%+29.8%+27.4%−10.9%+43.5%−25.8%+55.2%−24.7%+26.4%−3.6%+11.2%+1.2%+180%+21.6%−20.1%+55.8%+201%−85.6%
GE GE Aerospace11 of 18+85.7%+64.9%+95.8%−10.9%+9.7%−2.7%+54.0%−55.4%−42.9%+4.6%+27.5%−6.7%+37.9%+21.3%+1.3%+24.3%−1.9%−53.9%
UAL United Airlines Holdings, Inc.8 of 18+15.2%+135%+9.4%−13.9%+1.2%−50.9%+5.2%+24.2%−7.5%+27.2%−14.3%+76.8%+61.8%+23.9%−20.8%+84.5%+17.2%−64.3%
CPA Copa Holdings, S.A.12 of 18+45.6%−11.6%+32.4%+0.6%+7.0%−27.9%+41.1%−39.2%+50.7%+93.9%−51.1%−33.3%+62.7%+78.1%+2.4%+10.5%+81.6%−18.3%
BKNG Booking Holdings Inc.10 of 18+8.6%+41.3%+76.0%−16.0%+7.7%+8.5%+19.2%−0.9%+18.5%+15.0%+11.8%−1.9%+87.3%+32.7%+17.1%+82.8%+197%−35.7%
SKYW SkyWest, Inc.7 of 18+0.3%+91.8%+216%−58.0%−2.5%−37.3%+46.5%−15.6%+46.8%+93.1%+44.6%−8.9%+20.3%+0.4%−18.5%−6.6%−8.0%−30.2%
BA The Boeing Company10 of 18+22.7%−32.1%+36.8%−5.4%−5.9%−33.9%+3.3%+11.5%+94.7%+11.3%+14.1%−2.5%+84.7%+5.2%+15.2%+23.6%+31.8%−50.1%
LUV Southwest Airlines Co.8 of 18+25.7%+19.1%−11.8%−21.4%−8.1%−13.3%+17.7%−28.2%+32.4%+16.8%+2.4%+126%+85.5%+20.0%−34.0%+13.9%+33.1%−29.3%
LTM LATAM Airlines Group S.A.1 of 1+108%—————————————————
ALGT Allegiant Travel Company7 of 18−9.4%+16.0%+23.4%−63.6%−1.2%+9.3%+77.0%−34.0%−5.2%+0.8%+13.3%+45.2%+46.7%+41.5%+8.3%+5.9%−2.9%+51.1%
ALK Alaska Air Group, Inc.9 of 18−22.3%+65.7%−9.0%−17.6%+0.2%−22.8%+13.8%−15.6%−15.9%+12.0%+36.2%+64.7%+71.3%+14.8%+32.5%+64.0%+18.1%+17.1%
AAL American Airlines Group Inc.5 of 18−12.0%+26.9%+8.0%−29.2%+13.9%−44.8%−9.6%−37.7%+12.4%+11.5%−20.3%+113%+87.0%+166%−49.4%+107%−37.5%−47.4%
VLRS Controladora Vuela Compañía de Aviación, S.A.B. de C.V.5 of 12+19.4%−20.7%+12.2%−53.5%+44.7%+19.2%+94.8%−33.3%−46.7%−12.4%+90.2%−33.4%——————
JBLU JetBlue Airways Corporation7 of 18−42.1%+41.6%−14.3%−54.5%−2.1%−22.3%+16.6%−28.1%−0.4%−1.0%+42.8%+85.7%+49.3%+10.0%−21.3%+21.3%−23.2%+20.3%
RJET Republic Airways Holdings Inc.1 of 7+5.6%+14.8%−34.0%−72.7%−16.3%−25.2%+16.0%———————————
ULCC Frontier Group Holdings, Inc.0 of 4−33.8%+30.2%−46.8%−24.3%——————————————
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Risk and diversification

How DAL has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were DAL's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents DAL's five deepest drawdowns since it began trading in 2007, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: DAL began trading on April 26, 2007, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means DAL fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringDAL fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−82.8%−52.3%Apr 2007Mar 200923 monthsSep 20134.5 years
Covid crash−69.2%−3.5%Jul 2019May 202010 monthsNov 20244.5 years
No named crash−47.9%−17.3%Feb 2025Apr 20252 monthsDec 20258 months
2015 China and oil sell-off−35.8%−1.9%Dec 2015Jun 20166 monthsDec 20166 months
No named crash−26.6%−3.2%Jun 2014Oct 20144 monthsNov 20141 month

How did DAL do in stock market crashes?

This section measures how far DAL, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: DAL began trading on April 26, 2007, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than DAL.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
DAL This pageDelta Air Lines, Inc.—−10.2%−37.4%−63.5%−21.0%−7.6%−22.0%−21.3%−0.2%−81.1%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF8 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
RTX RTX Corporation5 of 9−1.5%−21.9%−50.5%−27.7%−7.1%−15.4%−23.1%−2.5%−52.0%−52.1%
AER AerCap Holdings N.V.2 of 9−8.3%−44.6%−75.9%−36.0%−4.0%−47.3%−30.0%−3.3%−93.6%—
GE GE Aerospace3 of 9−2.8%−40.7%−51.5%−50.7%−7.6%−12.3%−22.1%−2.5%−82.7%−61.9%
UAL United Airlines Holdings, Inc.3 of 9−10.0%−38.5%−73.4%−18.2%−4.1%−26.7%−20.2%−0.4%−93.0%—
CPA Copa Holdings, S.A.5 of 9−7.3%−42.5%−74.4%−18.8%−5.3%−46.4%−17.5%−0.4%−57.0%—
BKNG Booking Holdings Inc.6 of 9−5.6%−39.5%−41.5%−19.1%−6.3%−33.7%−17.8%−3.2%−66.3%−98.9%
SKYW SkyWest, Inc.3 of 9−10.0%−62.2%−78.8%−27.5%−3.7%−33.1%−20.7%−3.0%−71.5%−66.8%
BA The Boeing Company4 of 9−2.9%−48.7%−71.9%−24.7%−5.7%−26.8%−20.5%−1.8%−70.0%−57.1%
LUV Southwest Airlines Co.5 of 9−8.4%−36.3%−45.8%−30.2%−5.5%−29.9%−29.5%−1.5%−69.5%−50.1%
ALGT Allegiant Travel Company4 of 9−12.5%−66.1%−58.0%−22.7%−4.0%−36.1%−8.6%−1.5%−55.4%—
ALK Alaska Air Group, Inc.4 of 9−10.4%−35.9%−64.0%−22.9%−2.8%−27.0%−20.2%0.0%−61.7%−58.5%
AAL American Airlines Group Inc.1 of 9−10.5%−41.3%−64.0%−31.6%−7.0%−23.3%−32.0%−0.2%−94.4%—
VLRS Controladora Vuela Compañía de Aviación, S.A.B. de C.V.1 of 6−15.3%−66.5%−75.9%−35.9%−7.7%−16.7%————
JBLU JetBlue Airways Corporation2 of 9−12.0%−60.6%−67.1%−23.6%−2.8%−28.4%−35.6%−2.7%−70.0%—
RJET Republic Airways Holdings Inc.0 of 4−23.2%−75.9%−65.3%−55.1%——————
ULCC Frontier Group Holdings, Inc.0 of 2−11.5%−41.9%————————
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How closely does DAL move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares DAL with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than DAL's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
DAL This pageDelta Air Lines, Inc.107%149%0.721.34
RTX RTX Corporation94%91%1.020.89
BKNG Booking Holdings Inc.99%123%0.811.17
AER AerCap Holdings N.V.132%164%0.801.63
GE GE Aerospace85%106%0.801.21
SKYW SkyWest, Inc.142%183%0.781.70
CPA Copa Holdings, S.A.84%117%0.721.29
UAL United Airlines Holdings, Inc.107%158%0.681.41
BA The Boeing Company93%152%0.611.42
LUV Southwest Airlines Co.81%145%0.561.18
ALGT Allegiant Travel Company96%214%0.451.63
ALK Alaska Air Group, Inc.80%186%0.431.51
VLRS Controladora Vuela Compañía de Aviación, S.A.B. de C.V.113%278%0.412.26
AAL American Airlines Group Inc.70%199%0.351.53
JBLU JetBlue Airways Corporation75%236%0.321.68
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What diversifies DAL?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with DAL's. Because such investments tend not to fall at the same time, pairing DAL with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which DAL lost money. The last two columns show a portfolio that is 80% DAL and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2022202120202018201620112009200880/20 mix volatility80/20 mix annual return
DAL Delta Air Lines, Inc. (this page)1.00+97.6%0.54−15.9%−2.8%−30.8%−8.7%−1.4%−35.8%−0.7%−23.0%40.2%+15.2%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.41+119%1.48+3.8%+17.8%−9.0%−5.2%————32.9%+16.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.42+225%1.34+6.0%+18.0%+3.9%−19.8%+1.1%−16.1%+2.0%−20.8%33.3%+18.8%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.34+101%1.04+10.4%+23.1%−13.4%−8.7%+29.8%———33.2%+16.6%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.44+62.9%0.99−5.6%+19.7%+2.6%−4.8%+6.5%———32.9%+15.6%
SMH TechnologyVanEck Semiconductor ETF0.40+323%0.97−33.5%+42.1%+55.5%−9.1%+35.6%+6.8%+60.5%−44.7%35.5%+20.9%
GLD CommoditiesSPDR Gold Shares-0.15+126%0.96−0.8%−4.2%+24.8%−1.9%+8.0%+9.6%+24.0%+4.9%31.8%+17.8%
IOO InternationaliShares Global 100 ETF0.44+107%0.94−16.3%+26.0%+18.6%−6.3%+8.3%−4.1%+24.0%−36.1%33.6%+16.7%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.47+136%0.93−10.4%+22.7%+28.2%−0.9%+7.4%———34.3%+17.6%

Stocks

InvestmentCorrelation5Y returnSharpe2022202120202018201620112009200880/20 mix volatility80/20 mix annual return
DAL Delta Air Lines, Inc. (this page)1.00+97.6%0.54−15.9%−2.8%−30.8%−8.7%−1.4%−35.8%−0.7%−23.0%40.2%+15.2%
CAH Medical - DistributionCardinal Health, Inc.0.28+479%1.55+54.1%−0.4%+10.1%−24.5%−17.5%+8.1%−4.4%−39.6%34.0%+21.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.39+3,143%1.47+1.3%+37.9%−2.4%−16.3%+7.4%−24.4%+105%−20.5%38.2%+33.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.31+1,636%1.46+17.0%+89.0%+6.7%+0.8%+18.3%−17.0%+17.8%−15.2%36.0%+29.6%
MCK Medical - DistributionMcKesson Corporation-0.02+413%1.44+51.8%+44.2%+27.1%−28.4%−28.3%+11.8%+62.9%−40.4%32.4%+21.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.15+690%1.41+86.6%+61.0%−27.4%−8.2%+0.7%———33.7%+23.3%
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Common questions

What was DAL's worst drawdown?

DAL's deepest decline since it began trading in 2007 was 82.8%, from April 2007 to March 2009. It took about four years from the low to climb back to its old high. Because DAL launched in April 2007, that record does not include the dot-com bust.

What were DAL's best and worst years?

Over 18 full calendar years, DAL's best year was 2013, when it returned 133%. Its worst was 2011, with a return of -35.7%.

Is there a better investment than DAL?

Among DAL's popular alternatives, RTX, GE and AER earned more than DAL with less volatility over the past 5 years. RTX returned 18.6% a year at 24.3% volatility, against 14.6% a year at 40.8%. Looking beyond its popular alternatives, ESLT (aerospace & defense) and TSM (semiconductors) earned more than DAL with less volatility over the past 5 years. ESLT returned 39.8% a year at 34.6% volatility, against 14.6% a year at 40.8%.

Is DAL more volatile than the S&P 500?

Yes. DAL's volatility over the past 5 years was 40.8%, 2.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DAL's return lands within 40.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is DAL's Sharpe ratio?

DAL's Sharpe ratio over the past 5 years was 0.54, against 0.79 for the S&P 500, so DAL earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is DAL with the S&P 500?

Over the past 5 years, DAL's monthly returns had a correlation of 0.52 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against DAL instead: the lower it is, the more that option would diversify a DAL holding.

What are the best alternatives to DAL?

None of the 17 popular alternatives we compared outperformed DAL in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about DAL's strength than about its alternatives.

Did DAL outperform the S&P 500?

DAL finished ahead of the S&P 500 (SPY) in seven of 18 full calendar years. In 2025, it returned +16.1%, against +17.7% for the index.

How did DAL do in stock market crashes?

DAL fell less than the S&P 500 (SPY) in one of the nine major crashes it has traded through, and further in eight. The clearest case was the Covid crash, when DAL fell 63.5% and the S&P 500 fell 33.7%.

What diversifies DAL?

These had a low correlation with DAL over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.41), DXJ (correlation 0.42) and EMLP (correlation 0.34); among large stocks, CAH (correlation 0.28), CLS (correlation 0.39) and FIX (correlation 0.31). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to DAL

Other stocks and ETFs