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

Materials29.2%+26.88 pp Energy2.3%-0.54 pp Communication Services2.2%-0.64 pp Utilities2.1%-0.78 pp Real Estate1.6%-0.97 pp Industrials7.6%-2.18 pp Consumer Staples4.9%-2.47 pp Consumer Discretionary8.4%-3.06 pp Financials7.9%-4.65 pp Health Care8.0%-4.97 pp Information Technology25.9%-6.63 pp

2 · Industry

Inside Industrials

Aerospace & Defense1.93%-0.45 pp Industrial Machinery & Supplies & Components0.69%-0.33 pp Human Resource & Employment Services0.17%-0.26 pp Environmental & Facilities Services0.30%-0.22 pp Diversified Support Services0.17%-0.20 pp Industrial Conglomerates0.41%-0.19 pp Rail Transportation0.41%-0.18 pp Building Products0.39%-0.17 pp Passenger Ground Transportation0.22%-0.15 pp Heavy Electrical Equipment0.36%+0.14 pp Construction & Engineering0.26%+0.14 pp Air Freight & Logistics0.26%-0.11 pp Research & Consulting Services0.07%-0.10 pp Agricultural & Farm Machinery0.22%-0.08 pp Construction Machinery & Heavy Transportation Equipment0.74%+0.07 pp Data Processing & Outsourced Services0.03%-0.04 pp Passenger Airlines0.13%-0.03 pp Cargo Ground Transportation0.09%-0.03 pp Electrical Components & Equipment0.58%+0.02 pp Trading Companies & Distributors0.14%-0.01 pp

3 · Sub-industry

Inside Passenger Airlines

Passenger Airlines0.13%-0.034 pp

Concentrated

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

View all contributions →

Passenger Airlines · weight

0.13%

Industry change · 12M

-0.03 pp

Passenger Airlines · contribution

-0.034 pp

Company participation

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Mar 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
Southwest Airlines → LUV	United States	$18.5bn	0.027%	-0.015 pp	-0.020 pp	+14.1%	No
United Airlines Holdings → UAL	United States	$29.8bn	0.043%	-0.028 pp	-0.010 pp	+33.3%	No
Delta Air Lines → DAL	United States	$43.4bn	0.063%	-0.026 pp	-0.004 pp	+54.4%	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.