JETS vs ULCC: Correlation
How closely do US Global Jets ETF (JETS) and Frontier Group Holdings, Inc. (ULCC) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JETS and ULCC?
Over the past 3 years, JETS and ULCC moved with a correlation of 0.75, which is strong. The past 12 months show a tighter link (0.86) than the 3-year average (0.75). Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 1770.9 %².
Within JETS's tracked universe of 54 assets, ULCC comes in at #7 by 3-year correlation. Over the last 12 months ULCC came out ahead by 10.2 percentage points (+13.2% against +23.4%). One caveat on sizing: ULCC is 2.8 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 ULCC: side by side
| JETS (US Global Jets ETF) | ULCC (Frontier Group Holdings, Inc.) | |
|---|---|---|
| 1-year return | +13.2% | +23.4% |
| 5-year return | +30.9% | -61.9% |
| Volatility (ann.) | 29.2% | 81.0% |
| Beta vs S&P 500 | 1.16 | 2.06 |
| Max drawdown (3Y) | -35.2% | -70.4% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | JETS | ULCC |
|---|---|---|
| 2022 | -19.0% | -24.3% |
| 2023 | +11.4% | -46.8% |
| 2024 | +33.2% | +30.2% |
| 2025 | +11.6% | -33.8% |
| 2026 | +4.6% | +25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JETS and ULCC good diversifiers for each other?
To a limited degree. At 0.75 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 ULCC?
As of 2026-08-27, the correlation of weekly returns between JETS and ULCC is 0.75 over 3 years, 0.86 over 1 year and 0.72 over 5 years.
Is ULCC a good diversifier for JETS?
To a limited degree. At 0.75 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 0.75 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-ulcc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/jets-vs-ulcc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JETS correlations · ULCC correlations
