JBLU vs LUV: Correlation
Measured on weekly returns over the past three years, JetBlue Airways Corporation (JBLU) and Southwest Airlines (LUV) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBLU and LUV?
Over the past 3 years, JBLU and LUV moved with a correlation of 0.59, which is moderate. The past 12 months show a tighter link (0.72) than the 3-year average (0.59). Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 1526.2 %².
Within JBLU's tracked universe of 10 assets, LUV comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months LUV outperformed by 29.6 percentage points (-7.6% for JBLU against +22.0% for LUV). One caveat on sizing: JBLU 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.
JBLU vs LUV: side by side
| JBLU (JetBlue Airways Corporation) | LUV (Southwest Airlines) | |
|---|---|---|
| 1-year return | -7.6% | +22.0% |
| 5-year return | -67.2% | -12.3% |
| Volatility (ann.) | 63.3% | 40.5% |
| Beta vs S&P 500 | 1.35 | 1.11 |
| Max drawdown (3Y) | -57.6% | -33.5% |
| Market cap | $1.8B | $19.5B |
| P/E (trailing) | – | 25.5 |
| Dividend yield | 0.00% | 1.77% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | JBLU | LUV |
|---|---|---|
| 2022 | -54.5% | -21.4% |
| 2023 | -14.4% | -11.8% |
| 2024 | +41.6% | +19.1% |
| 2025 | -42.1% | +25.6% |
| 2026 | +7.5% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JBLU and LUV good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between JBLU and LUV?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.72 over the last year and 0.64 over 5 years.
Is LUV a good diversifier for JBLU?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 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/jblu-vs-luv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jblu-vs-luv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: JBLU correlations · LUV correlations
