ALK vs JETS: Correlation
Measured on weekly returns over the past three years, Alaska Air Group, Inc. (ALK) and US Global Jets ETF (JETS) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALK and JETS?
On 3 years of weekly data the ALK/JETS correlation comes out at 0.76, strong. Lately the two have moved closer together, with the 1-year correlation at 0.87 versus 0.76 over 3 years. The 5-year figure is 0.81, and annualized covariance runs at 1011.5 %².
Few assets follow ALK as closely as JETS, which ranks #1 of 13 tracked partners. The last year tells two different stories: JETS led by 45.0 percentage points, -31.8% for ALK against +13.2% for JETS. One caveat on sizing: ALK 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.
ALK vs JETS: side by side
| ALK (Alaska Air Group, Inc.) | JETS (US Global Jets ETF) | |
|---|---|---|
| 1-year return | -31.8% | +13.2% |
| 5-year return | -25.6% | +30.9% |
| Volatility (ann.) | 45.5% | 29.2% |
| Beta vs S&P 500 | 1.01 | 1.16 |
| Max drawdown (3Y) | -55.4% | -35.2% |
| Market cap | $4.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | ALK | JETS |
|---|---|---|
| 2022 | -17.6% | -19.0% |
| 2023 | -9.0% | +11.4% |
| 2024 | +65.7% | +33.2% |
| 2025 | -22.3% | +11.6% |
| 2026 | -16.1% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALK and JETS good diversifiers for each other?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ALK and JETS?
The ALK/JETS correlation stands at 0.76 on a 3-year window (1 year: 0.87, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is JETS a good diversifier for ALK?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.76 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/alk-vs-jets.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/alk-vs-jets/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALK correlations · JETS correlations
