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

> Source: EasyCompare research, https://easycompare.io/research/dal
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** DAL has gone against the market, falling 9.1% over the past 3 months while the S&P 500 rose 3.9%. Its airline peers were far apart over the past 3 months, from CPA (Copa, down 1.5%) to AAL (American Airlines Group, down 20.0%).
- **Stock or market?:** Not a move of its own: the airlines ETF JETS (U.S. Global Jets ETF) fell 14.4% over the past 3 months, with UAL (United Airlines, down 16.8%) and LUV (Southwest Airlines, down 17.6%), while the S&P 500 rose 3.9%. Its airline peers did not move as one over the past 3 months: CPA (Copa) fell 1.5%, while AAL (American Airlines Group) fell 20.0%.
- **Past 1 to 3 years:** The past 3 years (ahead of 79% of the stocks worth at least $300 million) have been far stronger than the record over 10 years (behind 59% of them). Over the past year, DAL rose 25.5% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (146% against 89.3%).
- **Long term:** DAL turned $10,000 into $20,900 over the past decade, against $42,100 in the S&P 500. That said, the past 5 years have been the better stretch: DAL rose 97.6% against 81.7% for the S&P 500, after trailing over the decade.
- **In a crash:** Across six sell-offs, DAL has typically fallen 1.5 times as far as the S&P 500. The Covid crash took 63.5% off DAL, against 33.7% for the S&P 500. That was more than LUV (Southwest Airlines, 45.8%) but less than UAL (United Airlines, 73.4%).
- **Diversification:** DAL is some diversification, but not a hedge: a correlation of 0.52 with the S&P 500 over 5 years and 0.54 with the total US market, more closely than 77% of stocks worth at least $300 million.
- **Better options**
  - **Popular alternatives:** RTX, GE (GE Aerospace) and AER (AerCap) 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%.
  - **Nearby categories and themes:** ESLT (Elbit Systems, aerospace & defense) and TSM (Taiwan Semiconductor Manufacturing, 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%.
  - **Whole market:** 352 of the 3,633 stocks and funds worth at least $500 million earned more than DAL with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and TSM (Taiwan Semiconductor Manufacturing).

## 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.

- $10,000 invested in DAL at the end of September 2007 would have grown to $54,227 by September 2026, less than the $70,725 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of DAL, and BKNG finished highest, at $469,495.

## 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.

- 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.
- Over 18 full calendar years, DAL's best was 2013, when it returned 133%, and its worst was 2011, when it lost 35.7%. It lost money in eight of those years.
- DAL is 17.7% below its all-time high.

- Type: Stock, Industrials (Airlines, Airports & Air Services)
- Trading since: April 26, 2007
- Market value: $50B
- Volatility (5 years): 40.8%; Sharpe ratio: 0.54
- Worst decline ever: −82.8%, from April 26, 2007 to March 5, 2009; back at its high by September 16, 2013

| Period | DAL total return |
| --- | --- |
| 1 month | −6.8% |
| 3 months | −9.1% |
| 6 months | +8.5% |
| year to date | +12.2% |
| 1 year | +25.5% |
| 3 years | +146% |
| 5 years | +97.6% |
| 10 years | +109% |

## 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.

- DAL's 3-year return ranks in the top 21% of the 3,017 stocks worth at least $300 million with 3 years of history.

| Measure | DAL | Rank |
| --- | --- | --- |
| 1-year return | +25.5% | 1,093 of 3,287 (top 34%) |
| 3-year return | +146% | 622 of 3,017 (top 21%) |
| 5-year return | +97.6% | 698 of 2,893 (top 25%) |
| 10-year return | +109% | 1,299 of 2,202 (top 59%) |
| Volatility, 5 years | 40.8% | 1,494 of 2,893 (top 52%) |
| Sharpe ratio, 5 years | 0.54 | 838 of 2,893 (top 29%) |
| Worst decline, past 10 years | −69.2% | 1,265 of 2,187 (top 58%) |

### 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).

- 279 stocks and 73 ETFs worth at least $500 million sit in the green region: each earned more than DAL over the past 5 years with smaller price swings. That is 10% of the 3,633 screened.
- Among those with at least half DAL's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 39% less than DAL's 40.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.54 for DAL. PBR-A earned the most, 51.8% a year, while still swinging less than DAL (37.5% against 40.8%).
- Among DAL's popular alternatives, GE, RTX and AER are in the region. GE earned 36.0% a year against 14.6% a year for DAL, at 31.0% volatility, 24% less than DAL's 40.8%.

### Is there a better investment than DAL?

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.

- 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%.
- Across the whole market, 352 of the 3,633 stocks and funds worth at least $500 million earned more than DAL with less volatility over the past 5 years, among them AAPL, GOOG and TSM.

The 15 strongest of 352 investments that beat DAL over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with DAL | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DAL: Delta Air Lines, Inc. (this page) |  | +14.6% | 40.8% | 0.54 | −69.2% | +109% |  |  |
| [GOOG](https://easycompare.io/research/goog): Alphabet Inc. | Internet Services | +19.0% | 32.0% | 0.71 | −44.6% | +752% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.06 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CVX](https://easycompare.io/research/cvx): Chevron Corporation | Integrated Oil & Gas | +19.5% | 25.2% | 0.84 | −55.8% | +238% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | Pharmaceuticals | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CB](https://easycompare.io/research/cb): Chubb Limited | Property & Casualty Insurance | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.52 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CCEP](https://easycompare.io/research/ccep): Coca-Cola Europacific Partners PLC | Food & Beverages | +19.7% | 23.2% | 0.90 | −48.8% | +292% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [FAST](https://easycompare.io/research/fast): Fastenal Company | Industrial Distribution | +15.8% | 24.6% | 0.72 | −30.7% | +576% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| CBOE: Cboe Global Markets, Inc. | Capital Markets | +21.5% | 25.1% | 0.91 | −43.2% | +463% | -0.10 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [IX](https://easycompare.io/research/ix): ORIX Corporation | Diversified Financials | +17.9% | 25.4% | 0.78 | −42.5% | +284% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AAPL](https://easycompare.io/research/aapl): Apple Inc. | Computer Hardware | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| KOF: Coca-Cola FEMSA, S.A.B. de C.V. | Food & Beverages | +22.3% | 24.7% | 0.94 | −55.1% | +119% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| WRB: W. R. Berkley Corporation | Property & Casualty Insurance | +18.9% | 22.9% | 0.87 | −45.3% | +443% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |

## 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.

- Eight of the 16 popular alternatives earned less than DAL over the past 5 years while swinging more, the weaker corner of the map.
- Four of the 16 popular alternatives, led by GE, RTX and AER, were both more rewarding and calmer than DAL over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, DAL returned 14.6% a year, more than the S&P 500's 12.7%, with higher volatility (40.8% against 17.1%).

### 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.

- None of the 17 popular alternatives outperformed DAL in at least 3 of 5 short-term and 2 of 3 long-term timeframes. The closest was RTX.
- RTX earned more for the risk it took than DAL (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.
- GE outperformed DAL over all three long-term periods but in only one of the five short-term ones, so DAL has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of DAL | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DAL: Delta Air Lines, Inc. (this page) | +25.5% | +146% | +97.6% | +109% |  |  | 0.54 |
| [RTX](https://easycompare.io/research/rtx): RTX Corporation | +22.1% | +183% | +135% | +317% | 2/5 short-term, 3/3 long-term |  | 0.83 |
| AER: AerCap Holdings N.V. | +20.6% | +155% | +133% | +263% | 2/5 short-term, 3/3 long-term |  | 0.70 |
| [GE](https://easycompare.io/research/ge): GE Aerospace | −0.4% | +261% | +366% | +139% | 1/5 short-term, 3/3 long-term |  | 1.15 |
| UAL: United Airlines Holdings, Inc. | −3.5% | +179% | +113% | +72.8% | 0/5 short-term, 2/3 long-term |  | 0.55 |
| CPA: Copa Holdings, S.A. | +11.8% | +98.5% | +102% | +94.5% | 4/5 short-term, 1/3 long-term |  | 0.57 |
| [BKNG](https://easycompare.io/research/bkng): Booking Holdings Inc. | −19.6% | +52.2% | +75.9% | +186% | 2/5 short-term, 1/3 long-term |  | 0.51 |
| SKYW: SkyWest, Inc. | −8.8% | +148% | +96.8% | +215% | 1/5 short-term, 1/3 long-term |  | 0.53 |
| [BA](https://easycompare.io/research/ba): The Boeing Company | −12.2% | +5.8% | −11.9% | +52.4% | 1/5 short-term, 0/3 long-term |  | 0.12 |
| LUV: Southwest Airlines Co. | +17.2% | +74.7% | −12.6% | +6.2% | 1/5 short-term, 0/3 long-term |  | 0.12 |
| LTM: LATAM Airlines Group S.A. | +9.1% | — | — | — | 1/5 short-term, 0/3 long-term |  | — |
| ALGT: Allegiant Travel Company | +4.7% | −3.1% | −61.8% | −50.9% | 0/5 short-term, 0/3 long-term |  | -0.07 |
| ALK: Alaska Air Group, Inc. | −29.2% | +7.3% | −40.0% | −51.2% | 0/5 short-term, 0/3 long-term |  | -0.02 |
| AAL: American Airlines Group Inc. | −0.5% | +9.3% | −38.0% | −69.0% | 0/5 short-term, 0/3 long-term |  | 0.04 |
| VLRS: Controladora Vuela Compañía de Aviación, S.A.B. de C.V. | −16.8% | −4.2% | −71.6% | −71.2% | 0/5 short-term, 0/3 long-term |  | -0.21 |
| JBLU: JetBlue Airways Corporation | −37.7% | −35.0% | −80.5% | −84.4% | 0/5 short-term, 0/3 long-term |  | -0.23 |
| RJET: Republic Airways Holdings Inc. | −24.9% | +59.1% | −85.5% | — | 0/5 short-term, 0/3 long-term |  | -0.04 |
| ULCC: Frontier Group Holdings, Inc. | +12.6% | +15.8% | −69.4% | — | 0/5 short-term, 0/3 long-term |  | 0.02 |

### 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.

- DAL finished ahead of the S&P 500 in seven of its 18 full calendar years.
- Among its popular alternatives, AER came out ahead of DAL most often, in 12 of the 18 years both traded.
- Ranked against its popular alternatives each year, DAL finished in the top quarter in five of 18 years and in the bottom quarter in three. In 2025, it ranked 9 of 18.

| Year | DAL | SPY |
| --- | --- | --- |
| 2025 | +16.1% | +17.7% |
| 2024 | +52.0% | +24.9% |
| 2023 | +23.0% | +26.2% |
| 2022 | −15.9% | −18.2% |
| 2021 | −2.8% | +28.7% |
| 2020 | −30.8% | +18.3% |
| 2019 | +20.4% | +31.2% |
| 2018 | −8.7% | −4.6% |
| 2017 | +16.2% | +21.7% |
| 2016 | −1.4% | +12.0% |

## 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.

- In all five of DAL's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: DAL fell 69.2% from July 2019 to May 2020, while the S&P 500 slipped only 3.5%.
- The slowest recovery came after DAL fell 82.8% from April 2007 to March 2009; it did not regain that peak until September 2013, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −82.8% | April 26, 2007 | March 5, 2009 | September 16, 2013 | −52.3% | 2008 financial crisis |
| −69.2% | July 24, 2019 | May 15, 2020 | November 6, 2024 | −3.5% | Covid crash |
| −47.9% | February 4, 2025 | April 8, 2025 | December 10, 2025 | −17.3% |  |
| −35.8% | December 24, 2015 | June 27, 2016 | December 9, 2016 | −1.9% | 2015 China and oil sell-off |
| −26.6% | June 6, 2014 | October 13, 2014 | November 4, 2014 | −3.2% |  |

### 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.

- DAL fell further than the S&P 500 in eight of the nine crashes it has traded through. The clearest case was the Covid crash, when DAL fell 63.5% and the S&P 500 fell 33.7%.
- Among its popular alternatives, BKNG held up best, falling less than DAL in six of the nine crashes they both traded through.
- DAL began trading after the dot-com bust, but seven of its popular alternatives lived through it. The mildest fall among them was LUV's 50.1%, against 47.5% for the S&P 500.

| Crash | Dates | DAL fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −81.1% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.2% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −21.3% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −22.0% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.6% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −21.0% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −63.5% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −37.4% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −10.2% | −3.4% |

### 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.

- RTX took just 91% of the S&P 500's losses, against 149% for DAL, while still keeping 94% of its gains.
- Over the past 10 years, DAL captured 107% of the S&P 500's gains in rising months and 149% of its losses in falling months, with a beta of 1.34. It amplified the market's moves in both directions.
- Five of the 14 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than DAL's 0.72, led by RTX, BKNG and AER.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| DAL: Delta Air Lines, Inc. (this page) | 107% | 149% | 1.34 |
| [RTX](https://easycompare.io/research/rtx): RTX Corporation | 94.0% | 91.0% | 0.89 |
| AER: AerCap Holdings N.V. | 132% | 164% | 1.63 |
| [GE](https://easycompare.io/research/ge): GE Aerospace | 85.0% | 106% | 1.21 |
| UAL: United Airlines Holdings, Inc. | 107% | 158% | 1.41 |
| CPA: Copa Holdings, S.A. | 84.0% | 117% | 1.29 |
| [BKNG](https://easycompare.io/research/bkng): Booking Holdings Inc. | 99.0% | 123% | 1.17 |
| SKYW: SkyWest, Inc. | 142% | 183% | 1.70 |
| [BA](https://easycompare.io/research/ba): The Boeing Company | 93.0% | 152% | 1.42 |
| LUV: Southwest Airlines Co. | 81.0% | 145% | 1.18 |
| ALGT: Allegiant Travel Company | 96.0% | 214% | 1.63 |
| ALK: Alaska Air Group, Inc. | 80.0% | 186% | 1.51 |
| AAL: American Airlines Group Inc. | 70.0% | 199% | 1.53 |
| VLRS: Controladora Vuela Compañía de Aviación, S.A.B. de C.V. | 113% | 278% | 2.26 |
| JBLU: JetBlue Airways Corporation | 75.0% | 236% | 1.68 |

### 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).

- Moving a fifth of the money in DAL into GLD would have cut the portfolio's volatility by 21% over the past 5 years and raised its annual return (+15.2% for DAL alone, +17.8% for the mix).
- FIX made money in six of the eight calendar years in which DAL lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of DAL over the past 5 years, with correlations of 0.42 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with DAL | 5Y return | Volatility | Sharpe | Rose in DAL's 8 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.41 | +119% | 11.1% | 1.48 | 2 of 8 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.42 | +225% | 19.1% | 1.34 | 5 of 8 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.34 | +101% | 14.5% | 1.04 | 3 of 8 |
| FTLS: First Trust Long/Short Equity ETF | 0.44 | +62.9% | 10.4% | 0.99 | 3 of 8 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.40 | +323% | 36.9% | 0.97 | 5 of 8 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | -0.15 | +126% | 18.9% | 0.96 | 5 of 8 |
| IOO: iShares Global 100 ETF | 0.44 | +107% | 17.2% | 0.94 | 4 of 8 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.47 | +136% | 20.8% | 0.93 | 3 of 8 |

## 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.

## More research

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- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/amzn)
- [Vanguard Morningstar Total Stock Market ETF (VTI) Performance, Alternatives and Market Rank](https://easycompare.io/research/vti)
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## Explore further

- Full page with charts: https://easycompare.io/research/dal
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against DAL live: https://betterthanspy.com/?b=DAL&utm_source=easycompare&utm_medium=research