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

Information Technology21.1%+2.55 pp Health Care19.3%+2.41 pp Communication Services5.2%+1.68 pp Materials3.1%+0.58 pp Consumer Staples9.2%+0.20 pp Real Estate3.6%-0.03 pp Utilities3.7%-0.06 pp Consumer Discretionary6.5%-0.72 pp Energy2.5%-1.60 pp Industrials11.5%-2.34 pp Financials14.1%-2.68 pp

2 · Industry

Inside Industrials

Aerospace & Defense4.00%-1.54 pp Passenger Airlines0.22%-0.28 pp Rail Transportation0.95%-0.17 pp Air Freight & Logistics0.65%-0.13 pp Building Products0.37%-0.09 pp Diversified Support Services0.14%+0.08 pp Construction Machinery & Heavy Transportation Equipment0.64%-0.08 pp Human Resource & Employment Services0.49%-0.08 pp Electrical Components & Equipment0.61%-0.06 pp Agricultural & Farm Machinery0.25%-0.04 pp Cargo Ground Transportation0.09%+0.04 pp Environmental & Facilities Services0.43%-0.02 pp Research & Consulting Services0.23%+0.02 pp Trading Companies & Distributors0.11%+0.02 pp Industrial Conglomerates1.21%+0.01 pp Industrial Machinery & Supplies & Components0.98%-0.00 pp Construction & Engineering0.08%-0.00 pp Data Processing & Outsourced Services0.07%-0.00 pp Heavy Electrical Equipment0.00%+0.00 pp Passenger Ground Transportation0.00%+0.00 pp

3 · Sub-industry

Inside Passenger Airlines

Passenger Airlines0.22%-0.285 pp

Concentrated

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

View all contributions →

Passenger Airlines · weight

0.22%

Industry change · 12M

-0.28 pp

Passenger Airlines · contribution

-0.285 pp

Company participation

33%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Apr 2020 · 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	$16.5bn	0.092%	-0.085 pp	-0.120 pp	-54.3%	No
United Airlines Holdings → UAL	United States	$7.3bn	0.041%	-0.052 pp	-0.089 pp	-66.7%	No
Southwest Airlines → LUV	United States	$15.9bn	0.089%	-0.054 pp	-0.075 pp	-41.5%	Yes

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.