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 Discretionary10.2%+2.34 pp Energy4.0%+1.71 pp Health Care18.2%+1.50 pp Consumer Staples7.9%+0.78 pp Utilities3.6%+0.55 pp Industrials10.4%+0.39 pp Materials3.2%-0.09 pp Real Estate3.2%-0.18 pp Communication Services3.2%-0.49 pp Financials12.4%-0.57 pp Information Technology23.8%-5.95 pp

2 · Industry

Inside Industrials

Aerospace & Defense2.57%+0.51 pp Construction Machinery & Heavy Transportation Equipment0.72%+0.14 pp Agricultural & Farm Machinery0.46%+0.12 pp Rail Transportation0.90%-0.12 pp Air Freight & Logistics0.67%-0.11 pp Building Products0.51%-0.09 pp Heavy Electrical Equipment0.02%-0.05 pp Research & Consulting Services0.19%-0.05 pp Diversified Support Services0.15%+0.04 pp Industrial Conglomerates0.87%-0.03 pp Environmental & Facilities Services0.44%+0.03 pp Construction & Engineering0.12%+0.02 pp Human Resource & Employment Services0.51%+0.02 pp Electrical Components & Equipment0.65%+0.02 pp Industrial Machinery & Supplies & Components1.10%-0.02 pp Passenger Airlines0.19%-0.01 pp Cargo Ground Transportation0.12%-0.01 pp Data Processing & Outsourced Services0.06%-0.01 pp Trading Companies & Distributors0.14%+0.00 pp Passenger Ground Transportation0.00%+0.00 pp

3 · Sub-industry

Inside Passenger Airlines

Passenger Airlines0.19%-0.014 pp

Concentrated

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

View all contributions →

Passenger Airlines · weight

0.19%

Industry change · 12M

-0.01 pp

Passenger Airlines · contribution

-0.014 pp

Company participation

33%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Dec 2022 · 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
Southwest Airlines → LUV	United States	$20.0bn	0.072%	+0.000 pp	-0.009 pp	-21.4%	No
Delta Air Lines → DAL	United States	$21.1bn	0.076%	+0.005 pp	-0.004 pp	-15.9%	Yes
United Airlines Holdings → UAL	United States	$12.3bn	0.044%	+0.003 pp	-0.001 pp	-13.9%	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.