Observatory · observe first

Follow the allocation change

Matched S&P 500 members → sector → industry → sub-industry → company. Each step uses the same percentage points.

Historical time machine

Historical observation

20182026

Universe›Industrials›Passenger Airlines›Passenger Airlines

1 · Sector

Weight and 12M allocation change

Consumer Discretionary49.1%+41.99 pp Materials1.4%-0.75 pp Utilities2.0%-1.14 pp Real Estate2.0%-1.19 pp Communication Services2.0%-1.50 pp Energy2.4%-2.25 pp Consumer Staples5.0%-4.42 pp Information Technology9.4%-6.70 pp Health Care9.9%-6.83 pp Industrials7.6%-7.95 pp Financials9.2%-9.26 pp

2 · Industry

Inside Industrials

Aerospace & Defense3.11%-3.97 pp Industrial Conglomerates0.67%-0.70 pp Industrial Machinery & Supplies & Components0.53%-0.55 pp Air Freight & Logistics0.45%-0.53 pp Construction Machinery & Heavy Transportation Equipment0.39%-0.44 pp Electrical Components & Equipment0.37%-0.35 pp Rail Transportation0.60%-0.34 pp Passenger Airlines0.30%-0.26 pp Building Products0.24%-0.23 pp Human Resource & Employment Services0.28%-0.17 pp Agricultural & Farm Machinery0.17%-0.13 pp Environmental & Facilities Services0.23%-0.12 pp Research & Consulting Services0.11%-0.07 pp Trading Companies & Distributors0.05%-0.06 pp Data Processing & Outsourced Services0.04%+0.04 pp Cargo Ground Transportation0.04%-0.04 pp Construction & Engineering0.04%-0.03 pp Diversified Support Services0.03%+0.00 pp Heavy Electrical Equipment0.00%+0.00 pp Passenger Ground Transportation0.00%+0.00 pp

3 · Sub-industry

Inside Passenger Airlines

Passenger Airlines0.30%-0.256 pp

Concentrated

Most of this industry's losses came from a few companies.

View all contributions →

Passenger Airlines · weight

0.30%

Industry change · 12M

-0.26 pp

Passenger Airlines · contribution

-0.256 pp

Company participation

33%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Jan 2019 · sorted by absolute contribution to 12-month change

Company	Country	Market cap	Universe weight	3M contribution	12M contribution	12M price return	Above 6M weight average
Delta Air Lines → DAL	United States	$33.9bn	0.112%	-0.015 pp	-0.119 pp	-10.7%	No
Southwest Airlines → LUV	United States	$31.9bn	0.105%	+0.012 pp	-0.101 pp	-5.6%	Yes
United Airlines Holdings → UAL	United States	$23.8bn	0.078%	-0.001 pp	-0.036 pp	+28.7%	No

Company contributions use weights among matched S&P 500 members and add through each level without rescaling. Companies without matched shares and prices are omitted. These observations do not establish official index weights or actual fund flows.