DHX vs ULCC: Correlation
How closely do DHI Group, Inc. (DHX) and Frontier Group Holdings, Inc. (ULCC) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHX and ULCC?
On 3 years of weekly data the DHX/ULCC correlation comes out at 0.35, moderate. The relationship has been stable: the 1-year correlation (0.34) sits close to the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 1917.7 %².
By 3-year correlation, ULCC places #5 of the 10 assets tracked against DHX. The last year tells two different stories: DHX led by 28.5 percentage points, +51.9% for DHX against +23.4% for ULCC.
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.
DHX vs ULCC: side by side
| DHX (DHI Group, Inc.) | ULCC (Frontier Group Holdings, Inc.) | |
|---|---|---|
| 1-year return | +51.9% | +23.4% |
| 5-year return | -1.7% | -61.9% |
| Volatility (ann.) | 67.6% | 81.0% |
| Beta vs S&P 500 | 0.82 | 2.06 |
| Max drawdown (3Y) | -68.6% | -70.4% |
| Market cap | $0.2B | $1.4B |
| P/E (trailing) | 136.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DHX | ULCC |
|---|---|---|
| 2022 | -15.2% | -24.3% |
| 2023 | -51.0% | -46.8% |
| 2024 | -31.7% | +30.2% |
| 2025 | -12.4% | -33.8% |
| 2026 | +164.5% | +25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHX and ULCC good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DHX and ULCC?
The DHX/ULCC correlation stands at 0.35 on a 3-year window (1 year: 0.34, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is ULCC a good diversifier for DHX?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
A reading of 0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dhx-vs-ulcc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dhx-vs-ulcc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DHX correlations · ULCC correlations
