JETS vs UAL: Correlation
How closely do US Global Jets ETF (JETS) and United Airlines Holdings (UAL) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JETS and UAL?
On 3 years of weekly data the JETS/UAL correlation comes out at 0.87, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.93 lands near the 3-year figure. The 5-year figure is 0.90, and annualized covariance runs at 1187.1 %².
Few assets follow JETS as closely as UAL, which ranks #2 of 54 tracked partners. The trailing year gives JETS the advantage: +13.2% versus +7.8%, a 5.4-point spread. The rolling one-year correlation stayed in a tight band between 0.76 and 0.93 over the past three years, which points to a structural rather than episodic relationship. One caveat on sizing: UAL 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.
JETS vs UAL: side by side
| JETS (US Global Jets ETF) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | +13.2% | +7.8% |
| 5-year return | +30.9% | +144.8% |
| Volatility (ann.) | 29.2% | 46.6% |
| Beta vs S&P 500 | 1.16 | 1.33 |
| Max drawdown (3Y) | -35.2% | -49.2% |
| Market cap | – | $36.5B |
| P/E (trailing) | – | 10.8 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | Industrials |
Year-by-year returns
| Year | JETS | UAL |
|---|---|---|
| 2022 | -19.0% | -13.9% |
| 2023 | +11.4% | +9.4% |
| 2024 | +33.2% | +135.3% |
| 2025 | +11.6% | +15.2% |
| 2026 | +4.6% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JETS and UAL good diversifiers for each other?
No: a correlation of 0.87 means JETS and UAL tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between JETS and UAL?
The JETS/UAL correlation stands at 0.87 on a 3-year window (1 year: 0.93, 5 years: 0.90), computed from weekly returns as of 2026-08-27.
Is UAL a good diversifier for JETS?
No: a correlation of 0.87 means JETS and UAL tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.87 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/jets-vs-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jets-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: JETS correlations · UAL correlations
