AAL vs JETS: Correlation
How closely do American Airlines Group, Inc. (AAL) and US Global Jets ETF (JETS) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAL and JETS?
Over the past 3 years, AAL and JETS moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.91 over 1 year against 0.85 over 3. Over 5 years the correlation is 0.89, and the annualized covariance of weekly returns is 1127.9 %².
JETS is one of the assets that tracks AAL most closely: it ranks #1 out of the 22 assets we track against AAL. Over the last 12 months JETS came out ahead by 8.7 percentage points (+4.5% against +13.2%). One caveat on sizing: AAL is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AAL vs JETS: side by side
| AAL (American Airlines Group, Inc.) | JETS (US Global Jets ETF) | |
|---|---|---|
| 1-year return | +4.5% | +13.2% |
| 5-year return | -29.7% | +30.9% |
| Volatility (ann.) | 45.3% | 29.2% |
| Beta vs S&P 500 | 1.29 | 1.16 |
| Max drawdown (3Y) | -51.4% | -35.2% |
| Market cap | $9.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | AAL | JETS |
|---|---|---|
| 2022 | -29.2% | -19.0% |
| 2023 | +8.0% | +11.4% |
| 2024 | +26.9% | +33.2% |
| 2025 | -12.0% | +11.6% |
| 2026 | -10.5% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAL and JETS good diversifiers for each other?
No. With a correlation of 0.85, AAL and JETS move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AAL and JETS?
As of 2026-08-27, the correlation of weekly returns between AAL and JETS is 0.85 over 3 years, 0.91 over 1 year and 0.89 over 5 years.
Is JETS a good diversifier for AAL?
No. With a correlation of 0.85, AAL and JETS move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aal-vs-jets.json
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Related comparisons
Hubs: AAL correlations · JETS correlations
