JETS vs SPY: Correlation
How closely do US Global Jets ETF (JETS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JETS and SPY?
Across a 3-year window, the weekly returns of JETS and SPY correlate at 0.57, moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. Stretching to 5 years gives 0.60, with an annualized covariance of 242.0 %².
Among the 54 assets we track against JETS, SPY ranks #22 by 3-year correlation. The trailing year gives SPY the advantage: +13.2% versus +20.6%, a 7.4-point spread. The rolling one-year correlation moved between 0.29 and 0.77 over the past three years, a moderate range. Risk is not evenly split, since JETS carries 2.0 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.
JETS vs SPY: side by side
| JETS (US Global Jets ETF) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.2% | +20.6% |
| 5-year return | +30.9% | +82.4% |
| Volatility (ann.) | 29.2% | 14.5% |
| Beta vs S&P 500 | 1.16 | 1.00 |
| Max drawdown (3Y) | -35.2% | -18.8% |
| Dividend yield | – | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | ETF · Thematic | 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 | JETS | SPY |
|---|---|---|
| 2022 | -19.0% | -18.2% |
| 2023 | +11.4% | +26.2% |
| 2024 | +33.2% | +24.9% |
| 2025 | +11.6% | +17.7% |
| 2026 | +4.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JETS and SPY good diversifiers for each other?
To a limited degree. At 0.57 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 JETS and SPY?
The JETS/SPY correlation stands at 0.57 on a 3-year window (1 year: 0.49, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for JETS?
To a limited degree. At 0.57 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 0.57 mean?
On the −1 to +1 scale, 0.57 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/jets-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/jets-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: JETS correlations · SPY correlations
