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

Materials30.1%+27.83 pp Energy2.0%-0.58 pp Communication Services2.1%-0.59 pp Utilities2.1%-0.66 pp Real Estate1.6%-0.88 pp Industrials7.7%-1.89 pp Consumer Staples4.9%-2.28 pp Consumer Discretionary8.4%-3.45 pp Health Care8.2%-4.24 pp Financials7.7%-4.88 pp Information Technology25.3%-8.39 pp

2 · Industry

Inside Industrials

Industrial Machinery & Supplies & Components0.72%-0.30 pp Human Resource & Employment Services0.16%-0.24 pp Aerospace & Defense2.04%-0.20 pp Environmental & Facilities Services0.30%-0.18 pp Rail Transportation0.42%-0.17 pp Industrial Conglomerates0.43%-0.16 pp Diversified Support Services0.19%-0.15 pp Passenger Ground Transportation0.21%-0.14 pp Building Products0.41%-0.14 pp Construction & Engineering0.25%+0.13 pp Electrical Components & Equipment0.45%-0.13 pp Heavy Electrical Equipment0.34%+0.12 pp Air Freight & Logistics0.27%-0.10 pp Research & Consulting Services0.07%-0.09 pp Construction Machinery & Heavy Transportation Equipment0.74%+0.06 pp Agricultural & Farm Machinery0.23%-0.06 pp Passenger Airlines0.14%-0.06 pp Data Processing & Outsourced Services0.03%-0.03 pp Cargo Ground Transportation0.09%-0.03 pp Trading Companies & Distributors0.15%+0.00 pp

3 · Sub-industry

Inside Passenger Airlines

Passenger Airlines0.14%-0.057 pp

Concentrated

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

View all contributions →

Passenger Airlines · weight

0.14%

Industry change · 12M

-0.06 pp

Passenger Airlines · contribution

-0.057 pp

Company participation

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Feb 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	$42.9bn	0.059%	-0.023 pp	-0.028 pp	+10.6%	No
United Airlines Holdings → UAL	United States	$34.4bn	0.047%	-0.018 pp	-0.021 pp	+13.3%	No
Southwest Airlines → LUV	United States	$24.2bn	0.033%	-0.002 pp	-0.008 pp	+62.1%	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.