JBLU vs ULCC: Correlation
How closely do JetBlue Airways Corporation (JBLU) and Frontier Group Holdings, Inc. (ULCC) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBLU and ULCC?
On 3 years of weekly data the JBLU/ULCC correlation comes out at 0.70, strong. The link has tightened recently: the 1-year correlation (0.84) runs above the 3-year figure (0.70). The 5-year figure is 0.70, and annualized covariance runs at 3609.8 %².
In JBLU's tracked universe of 10 assets, ULCC sits right near the top at #2. The last year tells two different stories: ULCC led by 31.0 percentage points, -7.6% for JBLU 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.
JBLU vs ULCC: side by side
| JBLU (JetBlue Airways Corporation) | ULCC (Frontier Group Holdings, Inc.) | |
|---|---|---|
| 1-year return | -7.6% | +23.4% |
| 5-year return | -67.2% | -61.9% |
| Volatility (ann.) | 63.3% | 81.0% |
| Beta vs S&P 500 | 1.35 | 2.06 |
| Max drawdown (3Y) | -57.6% | -70.4% |
| Market cap | $1.8B | $1.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JBLU | ULCC |
|---|---|---|
| 2022 | -54.5% | -24.3% |
| 2023 | -14.4% | -46.8% |
| 2024 | +41.6% | +30.2% |
| 2025 | -42.1% | -33.8% |
| 2026 | +7.5% | +25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JBLU and ULCC good diversifiers for each other?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between JBLU and ULCC?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.84 over the last year and 0.70 over 5 years.
Is ULCC a good diversifier for JBLU?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.70 mean?
On the −1 to +1 scale, 0.70 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/jblu-vs-ulcc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/jblu-vs-ulcc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JBLU correlations · ULCC correlations
