Airlines tend to be susceptible to risk eventslike crashes and also fierce competition for prices. Poor oil hedging is another common issue. In view of this, perhaps better optionsout there?
True that the upside has been dominated bythe big names and rally is not broad market. But a negative historical 0.3% return is a very small downside. Selling to raise cash in this current interest rate environment may not work out very well. Perhaps just manage risk and dollar cost average slowly during dips.
EM has unfortunately underperformed for the past decades... although in terms of traditional valuation metric it is cheap but these dont take into account the future growth of US tech and regulatory issues in EM etc