JETS vs LUV: Correlation
Measured on weekly returns over the past three years, US Global Jets ETF (JETS) and Southwest Airlines (LUV) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JETS and LUV?
On 3 years of weekly data the JETS/LUV correlation comes out at 0.75, strong. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. The 5-year figure is 0.78, and annualized covariance runs at 882.4 %².
By 3-year correlation, LUV places #6 of the 54 assets tracked against JETS. Over the last 12 months LUV came out ahead by 8.8 percentage points (+13.2% against +22.0%). On a rolling one-year basis the correlation drifted between 0.42 and 0.86, a moderate band.
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.
JETS vs LUV: side by side
| JETS (US Global Jets ETF) | LUV (Southwest Airlines) | |
|---|---|---|
| 1-year return | +13.2% | +22.0% |
| 5-year return | +30.9% | -12.3% |
| Volatility (ann.) | 29.2% | 40.5% |
| Beta vs S&P 500 | 1.16 | 1.11 |
| Max drawdown (3Y) | -35.2% | -33.5% |
| Market cap | – | $19.5B |
| P/E (trailing) | – | 25.5 |
| Dividend yield | – | 1.77% |
| Sector / category | ETF · Thematic | Industrials |
Year-by-year returns
| Year | JETS | LUV |
|---|---|---|
| 2022 | -19.0% | -21.4% |
| 2023 | +11.4% | -11.8% |
| 2024 | +33.2% | +19.1% |
| 2025 | +11.6% | +25.6% |
| 2026 | +4.6% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JETS and LUV good diversifiers for each other?
Only partially. A correlation of 0.75 means JETS and LUV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between JETS and LUV?
As of 2026-08-27, the correlation of weekly returns between JETS and LUV is 0.75 over 3 years, 0.82 over 1 year and 0.78 over 5 years.
Is LUV a good diversifier for JETS?
Only partially. A correlation of 0.75 means JETS and LUV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 mean?
A reading of 0.75 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/jets-vs-luv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jets-vs-luv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: JETS correlations · LUV correlations
