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 Technology38.1%+4.07 pp Utilities2.8%-0.02 pp Consumer Discretionary12.0%-0.02 pp Energy2.3%-0.32 pp Materials2.1%-0.33 pp Real Estate2.1%-0.38 pp Industrials9.4%-0.40 pp Communication Services2.2%-0.48 pp Health Care11.5%-0.58 pp Consumer Staples6.2%-0.72 pp Financials11.4%-0.82 pp

2 · Industry

Inside Industrials

Aerospace & Defense2.46%+0.32 pp Industrial Machinery & Supplies & Components0.91%-0.20 pp Diversified Support Services0.27%-0.12 pp Human Resource & Employment Services0.28%-0.11 pp Heavy Electrical Equipment0.34%+0.11 pp Air Freight & Logistics0.31%-0.10 pp Rail Transportation0.53%-0.09 pp Construction Machinery & Heavy Transportation Equipment0.84%+0.09 pp Electrical Components & Equipment0.59%-0.08 pp Construction & Engineering0.22%+0.07 pp Cargo Ground Transportation0.09%-0.06 pp Industrial Conglomerates0.53%-0.06 pp Environmental & Facilities Services0.41%-0.05 pp Research & Consulting Services0.11%-0.05 pp Building Products0.51%-0.05 pp Agricultural & Farm Machinery0.25%-0.03 pp Passenger Ground Transportation0.36%+0.02 pp Passenger Airlines0.18%-0.02 pp Trading Companies & Distributors0.19%+0.01 pp Data Processing & Outsourced Services0.05%-0.01 pp

3 · Sub-industry

Inside Passenger Airlines

Passenger Airlines0.18%-0.022 pp

Concentrated

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

View all contributions →

Passenger Airlines · weight

0.18%

Industry change · 12M

-0.02 pp

Passenger Airlines · contribution

-0.022 pp

Company participation

100%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Nov 2025 · 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	$41.9bn	0.082%	-0.001 pp	-0.009 pp	+1.6%	Yes
Southwest Airlines → LUV	United States	$18.0bn	0.035%	-0.000 pp	-0.007 pp	+10.0%	Yes
United Airlines Holdings → UAL	United States	$33.0bn	0.065%	-0.006 pp	-0.005 pp	+5.3%	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.