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 Technology37.8%+2.39 pp Industrials9.6%+0.25 pp Materials2.2%+0.06 pp Utilities2.6%-0.01 pp Financials11.9%-0.11 pp Energy2.3%-0.17 pp Real Estate2.1%-0.28 pp Communication Services2.2%-0.31 pp Health Care11.3%-0.33 pp Consumer Staples6.0%-0.70 pp Consumer Discretionary12.0%-0.78 pp

2 · Industry

Inside Industrials

Aerospace & Defense2.56%+0.47 pp Construction Machinery & Heavy Transportation Equipment0.85%+0.14 pp Heavy Electrical Equipment0.36%+0.14 pp Construction & Engineering0.27%+0.13 pp Industrial Machinery & Supplies & Components0.92%-0.10 pp Human Resource & Employment Services0.28%-0.10 pp Building Products0.50%-0.07 pp Diversified Support Services0.27%-0.07 pp Air Freight & Logistics0.32%-0.07 pp Industrial Conglomerates0.52%-0.06 pp Electrical Components & Equipment0.57%-0.06 pp Rail Transportation0.53%-0.05 pp Research & Consulting Services0.11%-0.05 pp Passenger Ground Transportation0.33%+0.04 pp Trading Companies & Distributors0.19%+0.04 pp Environmental & Facilities Services0.41%-0.03 pp Cargo Ground Transportation0.10%-0.02 pp Agricultural & Farm Machinery0.25%-0.01 pp Data Processing & Outsourced Services0.05%-0.01 pp Passenger Airlines0.20%-0.01 pp

3 · Sub-industry

Inside Passenger Airlines

Passenger Airlines0.20%-0.005 pp

Concentrated

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

View all contributions →

Passenger Airlines · weight

0.20%

Industry change · 12M

-0.01 pp

Passenger Airlines · contribution

-0.005 pp

Company participation

100%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Dec 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
Southwest Airlines → LUV	United States	$21.4bn	0.042%	+0.008 pp	-0.004 pp	+25.6%	Yes
United Airlines Holdings → UAL	United States	$36.2bn	0.071%	+0.008 pp	-0.002 pp	+15.2%	Yes
Delta Air Lines → DAL	United States	$45.3bn	0.089%	+0.015 pp	+0.000 pp	+16.1%	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.