LUV·Southwest Airlines Co.

Realized volatility (21d)

23.2% 22nd pct

Below its peak

-38.8%

vs 200-day average

-6.6%

Up days (1y)

51%

Southwest Airlines Co. is currently running 23.2% annualised volatility over the last 21 sessions. Measured against LUV's own 13 years of daily returns rather than a market-wide average, that is the 22nd percentile — unusually subdued by its own history, against a typical reading of 29.8%. The distinction matters because a number that looks calm for one stock is turbulent for another, and the absolute figure on its own tells you neither.

LUV is trading -38.8% below its running peak. Across 12 full years on file, its median worst-drawdown-in-a-year was -31.1%, and the deepest was -59.1% in 2020. The current drawdown is already deeper than this stock's typical annual low point, which puts it in the part of its range where past recoveries began — and where past declines also continued.

Price sits -6.6% from its 200-day moving average. Against every other day in its history, that gap ranks at the 29th percentile — a narrower gap than it typically runs. Over the past year LUV closed higher on 51% of sessions, and it is currently 2 sessions into a falling streak.

On October specifically: over 13 years of records, LUV finished the month higher 8 of 13 times, with a median return of +2.8% and an average of +0.6%. Its strongest month historically has been November at +9.2% on average, its weakest March at -3.5%. Seasonality is a weak signal on its own — a decade is a small sample and regimes change — but it is a real distribution rather than a rule of thumb.

Overnight risk is measurable too: LUV has opened more than 2% away from the prior close in 125 of 3,267 sessions (3.8% of the time), with the largest gaps running +8.2% and -10.3%. For anyone holding through an event, that rate is a better guide to overnight exposure than the intraday range.

All figures computed from 3,268 daily closes between 2013-10-15 and 2026-10-13, split-adjusted, recomputed daily. Percentiles are against LUV's own 13-year history, not a peer group or index.