Pair

Ticker

Company Name

Exchange

Mean Market Caps

Strategy

1

AAL

American Airlines

Nasdaq

17.61

No Hedge

LUV

Southwest Airlines

NYSE

23.56

Financial Derivatives

2

FDX

FedEx

NYSE

45.18

Surcharge Program

DAL

Delta Air Lines

NYSE

34.52

Financial Derivatives

3

ALGT

Allegiant Travel

Nasdaq

2.67

Fixed Fee Agreement

SAVE

Spirit Airlines

Nasdaq

4.48

Financial Derivatives