CPA vs JBLU: Correlation
How closely do Copa Holdings, S.A. (CPA) and JetBlue Airways Corporation (JBLU) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPA and JBLU?
On 3 years of weekly data the CPA/JBLU correlation comes out at 0.58, moderate. The link has tightened recently: the 1-year correlation (0.72) runs above the 3-year figure (0.58). The 5-year figure is 0.56, and annualized covariance runs at 1081.1 %².
JBLU is one of the assets that tracks CPA most closely: it ranks #2 out of the 12 assets we track against CPA. Correlation aside, the last 12 months split them widely, with CPA ahead by 25.4 points (+17.8% versus -7.6%). One caveat on sizing: JBLU is 2.2 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.
CPA vs JBLU: side by side
| CPA (Copa Holdings, S.A.) | JBLU (JetBlue Airways Corporation) | |
|---|---|---|
| 1-year return | +17.8% | -7.6% |
| 5-year return | +112.6% | -67.2% |
| Volatility (ann.) | 29.3% | 63.3% |
| Beta vs S&P 500 | 0.83 | 1.35 |
| Max drawdown (3Y) | -29.2% | -57.6% |
| Market cap | $5.4B | $1.8B |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 5.01% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPA | JBLU |
|---|---|---|
| 2022 | +0.6% | -54.5% |
| 2023 | +32.4% | -14.4% |
| 2024 | -11.5% | +41.6% |
| 2025 | +45.6% | -42.1% |
| 2026 | +11.5% | +7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPA and JBLU good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CPA and JBLU?
As of 2026-08-27, the correlation of weekly returns between CPA and JBLU is 0.58 over 3 years, 0.72 over 1 year and 0.56 over 5 years.
Is JBLU a good diversifier for CPA?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CPA correlations · JBLU correlations
