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 Technology40.9%+4.04 pp Energy3.9%+1.55 pp Health Care10.6%+0.01 pp Communication Services2.3%-0.19 pp Materials2.0%-0.23 pp Real Estate1.9%-0.31 pp Industrials9.3%-0.48 pp Utilities2.2%-0.48 pp Consumer Staples5.5%-0.92 pp Consumer Discretionary10.8%-1.27 pp Financials10.5%-1.72 pp

2 · Industry

Inside Industrials

Industrial Conglomerates0.29%-0.25 pp Construction Machinery & Heavy Transportation Equipment0.93%+0.23 pp Aerospace & Defense2.39%-0.19 pp Construction & Engineering0.33%+0.17 pp Passenger Ground Transportation0.26%-0.15 pp Electrical Components & Equipment0.74%+0.13 pp Industrial Machinery & Supplies & Components0.82%-0.12 pp Environmental & Facilities Services0.33%-0.12 pp Diversified Support Services0.21%-0.11 pp Building Products0.46%-0.11 pp Human Resource & Employment Services0.26%-0.09 pp Research & Consulting Services0.08%-0.06 pp Rail Transportation0.58%+0.05 pp Cargo Ground Transportation0.14%+0.05 pp Heavy Electrical Equipment0.42%+0.05 pp Air Freight & Logistics0.32%+0.04 pp Trading Companies & Distributors0.27%+0.03 pp Data Processing & Outsourced Services0.03%-0.03 pp Agricultural & Farm Machinery0.29%+0.03 pp Passenger Airlines0.18%-0.01 pp

3 · Sub-industry

Inside Passenger Airlines

Passenger Airlines0.18%-0.015 pp

Concentrated

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

View all contributions →

Passenger Airlines · weight

0.18%

Industry change · 12M

-0.01 pp

Passenger Airlines · contribution

-0.015 pp

Company participation

33%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Aug 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
United Airlines Holdings → UAL	United States	$35.1bn	0.058%	-0.006 pp	-0.012 pp	+2.8%	No
Southwest Airlines → LUV	United States	$18.8bn	0.031%	-0.005 pp	-0.004 pp	+19.3%	No
Delta Air Lines → DAL	United States	$51.3bn	0.085%	-0.008 pp	+0.002 pp	+27.6%	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.