JBLU vs SPY: Correlation
JetBlue Airways Corporation (JBLU) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBLU and SPY?
Across a 3-year window, the weekly returns of JBLU and SPY correlate at 0.31, moderate. The past 12 months show a tighter link (0.43) than the 3-year average (0.31). Stretching to 5 years gives 0.40, with an annualized covariance of 282.1 %².
SPY is close to the least connected end of JBLU's tracked universe, ranking #6 of 10. The last year tells two different stories: SPY led by 28.2 percentage points, -7.6% for JBLU against +20.6% for SPY. Risk is not evenly split, since JBLU carries 4.4 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.
JBLU vs SPY: side by side
| JBLU (JetBlue Airways Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.6% | +20.6% |
| 5-year return | -67.2% | +82.4% |
| Volatility (ann.) | 63.3% | 14.5% |
| Beta vs S&P 500 | 1.35 | 1.00 |
| Max drawdown (3Y) | -57.6% | -18.8% |
| Market cap | $1.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | JBLU | SPY |
|---|---|---|
| 2022 | -54.5% | -18.2% |
| 2023 | -14.4% | +26.2% |
| 2024 | +41.6% | +24.9% |
| 2025 | -42.1% | +17.7% |
| 2026 | +7.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JBLU and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between JBLU and SPY?
The JBLU/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.43, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for JBLU?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 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.
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Hubs: JBLU correlations · SPY correlations
