NurPhoto via Getty Images Firstly, let us look at United Airlines' stock performance. UAL stock has witnessed gains of 15% from levels of $45 in early January 2021 to around $53 now, vs. an increase of about 40% for the S&P 500 over this roughly three-year period. However, the increase in UAL stock has been far from consistent. Returns for the stock were 1% in 2021, -14% in 2022, and 9% in 2023. In comparison, returns for the S&P 500 have been 27% in 2021, -19% in 2022, and 24% in 2023 — indicating that UAL ...