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 Technology36.6%+3.08 pp Industrials10.0%+0.39 pp Communication Services2.7%+0.26 pp Materials2.4%+0.12 pp Energy2.5%+0.04 pp Utilities2.6%-0.06 pp Real Estate2.1%-0.26 pp Consumer Staples6.3%-0.46 pp Consumer Discretionary12.3%-0.81 pp Financials11.4%-1.15 pp Health Care11.0%-1.15 pp

2 · Industry

Inside Industrials

Aerospace & Defense2.70%+0.50 pp Construction Machinery & Heavy Transportation Equipment0.94%+0.22 pp Construction & Engineering0.30%+0.17 pp Heavy Electrical Equipment0.39%+0.15 pp Human Resource & Employment Services0.26%-0.13 pp Industrial Machinery & Supplies & Components0.95%-0.11 pp Diversified Support Services0.27%-0.08 pp Rail Transportation0.53%-0.08 pp Research & Consulting Services0.11%-0.06 pp Environmental & Facilities Services0.40%-0.05 pp Industrial Conglomerates0.55%-0.04 pp Building Products0.51%-0.04 pp Trading Companies & Distributors0.19%+0.03 pp Passenger Airlines0.19%-0.02 pp Cargo Ground Transportation0.11%-0.02 pp Data Processing & Outsourced Services0.04%-0.02 pp Agricultural & Farm Machinery0.27%-0.01 pp Air Freight & Logistics0.35%-0.01 pp Electrical Components & Equipment0.61%-0.01 pp Passenger Ground Transportation0.32%+0.01 pp

3 · Sub-industry

Inside Passenger Airlines

Passenger Airlines0.19%-0.022 pp

Concentrated

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

View all contributions →

Passenger Airlines · weight

0.19%

Industry change · 12M

-0.02 pp

Passenger Airlines · contribution

-0.022 pp

Company participation

67%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Jan 2026 · 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	$43.0bn	0.082%	+0.009 pp	-0.014 pp	-0.9%	Yes
United Airlines Holdings → UAL	United States	$33.1bn	0.063%	+0.004 pp	-0.014 pp	-3.3%	No
Southwest Airlines → LUV	United States	$24.6bn	0.047%	+0.016 pp	+0.006 pp	+58.1%	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.