UAL vs SPY

Comparison between United Airlines Holdings Inc (UAL, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed UAL, delivering a return of +13.3% compared to +12.7%

UAL vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	UAL(COMPANY)	SPY(ETF)
Market Cap / Net Assets	$32B	$652B
Expense Ratio	N/A	0.09%
Max Drawdown	93.92%	56.47%
Sharpe Ratio	0.74	2.07
5Y Beta	1.99	1.00
Industry	Airlines	N/A
P/E Ratio	8.84	28.24
Forward P/E	9.60	21.85
PEG Ratio	5.67	N/A
5Y Dividends CAGR	N/A	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	0.00%	22.35%
Free Cash Flow Yield	29.32%	N/A
P/S Ratio	0.54	3.55
P/B Ratio	1.84	5.29

Market Cap / Net Assets

UAL

$32B

Winner

SPY

$652B

Expense Ratio

UAL

N/A

SPY

0.09%

Max Drawdown

UAL

93.92%

Winner

SPY

56.47%

Sharpe Ratio

UAL

0.74

Winner

SPY

2.07

5Y Beta

UAL

1.99

Winner

SPY

1.00

Industry

UAL

Airlines

SPY

N/A

P/E Ratio

Winner

UAL

8.84

SPY

28.24

Forward P/E

Winner

UAL

9.60

SPY

21.85

PEG Ratio

UAL

5.67

SPY

N/A

5Y Dividends CAGR

UAL

N/A

SPY

5.43%

5Y EPS CAGR

UAL

N/A

SPY

25.79%

Debt to Equity

Winner

UAL

0.00%

SPY

22.35%

Free Cash Flow Yield

UAL

29.32%

SPY

N/A

P/S Ratio

Winner

UAL

0.54

SPY

3.55

P/B Ratio

Winner

UAL

1.84

SPY

5.29

UAL vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	UAL	SPY
1 month	+3.41%	+9.11%
3 months	-14.30%	+6.59%
6 months	+2.21%	+10.56%
1 year	+25.40%	+32.04%
5 years(CAGR)	+12.71%	+13.35%
10 years(CAGR)	+8.10%	+15.49%
Max(CAGR)	+5.84%	+8.50%

UAL

+3.41%

Winner

SPY

+9.11%

UAL

-14.30%

Winner

SPY

+6.59%

UAL

+2.21%

Winner

SPY

+10.56%

UAL

+25.40%

Winner

SPY

+32.04%

5Y(CAGR)

UAL

+12.71%

Winner

SPY

+13.35%

10Y(CAGR)

UAL

+8.10%

Winner

SPY

+15.49%

Max(CAGR)

UAL

+5.84%

Winner

SPY

+8.50%

UAL vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	UAL	SPY
2026	-11.88%	+8.27%
2025	+17.17%	+18.00%
2024	+138.46%	+25.59%
2023	+10.88%	+26.72%
2022	-17.12%	-18.64%
2021	+5.16%	+30.52%
2020	-51.81%	+17.28%
2019	+4.64%	+31.09%
2018	+21.45%	-5.24%
2017	-7.30%	+20.78%
2016	+31.06%	+13.59%
2015	-13.63%	+1.31%
2014	+77.29%	+14.56%
2013	+56.39%	+29.00%
2012	+23.70%	+14.17%
2011	-24.91%	+0.85%
2010	+86.09%	+13.14%
2009	+8.76%	+22.67%
2008	-63.01%	-36.25%
2007	-23.08%	+5.32%
2006	+29.79%	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

UAL vs SPY Drawdown Comparison

The maximum drawdown for UAL was -93.47%, occurring on Jul 15, 2008. Recovery took 1572 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current UAL drawdown is -15.27%.

Rank	UAL	SPY
#1	-93.47% Oct 23, 2007 - Jan 22, 2014	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-79.40% Nov 30, 2018 - Nov 25, 2024	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-49.19% Jan 21, 2025 - Dec 16, 2025	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-48.72% Jan 26, 2015 - Dec 9, 2016	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-47.63% Mar 22, 2006 - Nov 22, 2006	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-35.17% Jan 16, 2007 - Oct 23, 2007	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-30.27% Jun 2, 2017 - Aug 7, 2018	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-27.50% Jan 6, 2026 - Mar 30, 2026	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-21.63% Sep 10, 2014 - Oct 28, 2014	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-21.47% Jan 22, 2014 - Aug 20, 2014	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-14.16% Dec 20, 2016 - May 9, 2017	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-12.62% Sep 14, 2018 - Nov 7, 2018	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-10.71% Dec 5, 2024 - Jan 8, 2025	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-8.93% Nov 24, 2006 - Dec 11, 2006	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-6.34% Dec 11, 2014 - Dec 30, 2014	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between UAL and SPY is 0.65 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.65

-101

Dividend Comparison (1999 - 2026)

UAL vs SPY dividend yield comparison.

Year	UAL	SPY
2026	0.00%	0.24%
2025	0.00%	1.07%
2024	0.00%	1.21%
2023	0.00%	1.40%
2022	0.00%	1.65%
2021	0.00%	1.20%
2020	0.00%	1.52%
2019	0.00%	1.75%
2018	0.00%	2.04%
2017	0.00%	1.80%
2016	0.00%	2.03%
2015	0.00%	2.06%
2014	0.00%	1.87%
2013	0.00%	1.81%
2012	0.00%	2.18%
2011	0.00%	2.05%
2010	0.00%	1.80%
2009	0.00%	1.95%
2008	19.51%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%