DJP vs LUV: Correlation
How closely do iPath Bloomberg Commodity Index Total Return ETN (DJP) and Southwest Airlines (LUV) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DJP and LUV?
Over the past 3 years, DJP and LUV moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.52 versus -0.22 over 3 years. Over 5 years the correlation is -0.06, and the annualized covariance of weekly returns is -148.2 %².
Among the 42 assets we track against DJP, LUV ranks #17 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DJP ahead by 27.2 points (+49.2% versus +22.0%). Risk is not evenly split, since LUV carries 2.5 times the volatility of the other side.
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.
DJP vs LUV: side by side
| DJP (iPath Bloomberg Commodity Index Total Return ETN) | LUV (Southwest Airlines) | |
|---|---|---|
| 1-year return | +49.2% | +22.0% |
| 5-year return | +82.1% | -12.3% |
| Volatility (ann.) | 16.3% | 40.5% |
| Beta vs S&P 500 | 0.11 | 1.11 |
| Max drawdown (3Y) | -16.4% | -33.5% |
| Market cap | – | $19.5B |
| P/E (trailing) | – | 25.5 |
| Dividend yield | – | 1.77% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | DJP | LUV |
|---|---|---|
| 2022 | +17.5% | -21.4% |
| 2023 | -9.8% | -11.8% |
| 2024 | +5.6% | +19.1% |
| 2025 | +17.2% | +25.6% |
| 2026 | +34.7% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJP and LUV good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DJP and LUV?
The DJP/LUV correlation stands at -0.22 on a 3-year window (1 year: -0.52, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is LUV a good diversifier for DJP?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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/djp-vs-luv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/djp-vs-luv/)
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Related comparisons
Hubs: DJP correlations · LUV correlations
