JBLU vs. UAL

Last updated Jun 3, 2026

JBLU (JetBlue Airways Corporation) and UAL (United Airlines Holdings, Inc.) are both stocks. Both operate in the Airlines industry within the Industrials sector. Over the past 10 years, JBLU returned -12.01%/yr vs 9.40%/yr for UAL. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

JBLU vs. UAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JetBlue Airways Corporation (JBLU) and United Airlines Holdings, Inc. (UAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JBLU achieves a 8.35% return, which is significantly higher than UAL's -2.68% return. Over the past 10 years, JBLU has underperformed UAL with an annualized return of -12.01%, while UAL has yielded a comparatively higher 9.40% annualized return.

JBLU

• 1D: -4.27%
• 1M: 1.44%
• YTD: 8.35%
• 6M: 8.11%
• 1Y: -6.63%
• 3Y*: -11.78%
• 5Y*: -23.68%
• 10Y*: -12.01%

UAL

• 1D: -2.63%
• 1M: 17.62%
• YTD: -2.68%
• 6M: 4.25%
• 1Y: 33.97%
• 3Y*: 30.91%
• 5Y*: 13.52%
• 10Y*: 9.40%

*Multi-year figures are annualized to reflect compound growth (CAGR)

JBLU vs. UAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JBLU JetBlue Airways Corporation	8.35%	-42.11%	41.62%	-14.35%	-54.49%	-2.06%	-22.33%	16.56%	-28.11%	-0.36%
UAL United Airlines Holdings, Inc.	-2.68%	15.16%	135.34%	9.44%	-13.89%	1.23%	-50.90%	5.21%	24.23%	-7.52%

Correlation

The correlation between JBLU and UAL is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 7, 2006	0.65

The correlation between JBLU and UAL shifts across timeframes, from 0.55 (3 years) to 0.66 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS JBLU : -$2.61 UAL : $11.21
PS Ratio JBLU : 0.15 UAL : 0.59
Total Revenue (TTM) JBLU : $9.16B UAL : $60.47B
Gross Profit (TTM) JBLU : $3.64B UAL : $38.71B
EBITDA (TTM) JBLU : $151.00M UAL : $7.99B

Return for Risk

JBLU vs. UAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JBLU

JBLU Risk / Return Rank: 36
JBLU Sharpe Ratio Rank: 35
JBLU Sortino Ratio Rank: 36
JBLU Omega Ratio Rank: 35
JBLU Calmar Ratio Rank: 37
JBLU Martin Ratio Rank: 37

UAL

UAL Risk / Return Rank: 63
UAL Sharpe Ratio Rank: 63
UAL Sortino Ratio Rank: 61
UAL Omega Ratio Rank: 57
UAL Calmar Ratio Rank: 66
UAL Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

JBLU vs. UAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JetBlue Airways Corporation (JBLU) and United Airlines Holdings, Inc. (UAL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	JBLU	UAL	Difference
Sharpe ratio Return per unit of total volatility	-0.11	0.69	-0.80
Sortino ratio Return per unit of downside risk	0.29	1.35	-1.07
Omega ratio Gain probability vs. loss probability	1.03	1.15	-0.12
Calmar ratio Return relative to maximum drawdown	-0.06	1.34	-1.41
Martin ratio Return relative to average drawdown	-0.13	3.17	-3.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JBLU vs. UAL - Sharpe Ratio Comparison

The current JBLU Sharpe Ratio is -0.11, which is lower than the UAL Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of JBLU and UAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JBLU	UAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	0.69	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.40	0.28	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.22	0.18	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.10	-0.18

Drawdowns

JBLU vs. UAL - Drawdown Comparison

The maximum JBLU drawdown since its inception was -90.91%, roughly equal to the maximum UAL drawdown of -93.50%. Use the drawdown chart below to compare losses from any high point for JBLU and UAL.

Drawdown Indicators

	JBLU	UAL	Difference
Max Drawdown Largest peak-to-trough decline	-90.91%	-93.50%	+2.59%
Max Drawdown (1Y) Largest decline over 1 year	-37.62%	-27.50%	-10.12%
Max Drawdown (3Y) Largest decline over 3 years	-63.29%	-49.19%	-14.10%
Max Drawdown (5Y) Largest decline over 5 years	-82.28%	-49.19%	-33.09%
Max Drawdown (10Y) Largest decline over 10 years	-85.58%	-79.40%	-6.18%
Current Drawdown Current decline from peak	-84.21%	-7.41%	-76.80%
Average Drawdown Average peak-to-trough decline	-60.42%	-37.27%	-23.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.11%	11.68%	+6.43%

Volatility

JBLU vs. UAL - Volatility Comparison

JetBlue Airways Corporation (JBLU) has a higher volatility of 17.89% compared to United Airlines Holdings, Inc. (UAL) at 16.91%. This indicates that JBLU's price experiences larger fluctuations and is considered to be riskier than UAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JBLU	UAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.89%	16.91%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	48.34%	36.37%	+11.97%
Volatility (1Y) Calculated over the trailing 1-year period	60.77%	49.23%	+11.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.03%	48.58%	+11.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.37%	51.75%	+2.62%

Dividends

JBLU vs. UAL - Dividend Comparison

Neither JBLU nor UAL has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

JBLU vs. UAL - Profitability Comparison

The chart below illustrates the profitability comparison between JetBlue Airways Corporation and United Airlines Holdings, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

JBLU - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, JetBlue Airways Corporation reported a gross profit of 966.00M and revenue of 2.24B. Therefore, the gross margin over that period was 43.1%.

UAL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, United Airlines Holdings, Inc. reported a gross profit of 9.11B and revenue of 14.61B. Therefore, the gross margin over that period was 62.4%.

JBLU - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, JetBlue Airways Corporation reported an operating income of -224.00M and revenue of 2.24B, resulting in an operating margin of -10.0%.

UAL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, United Airlines Holdings, Inc. reported an operating income of 997.00M and revenue of 14.61B, resulting in an operating margin of 6.8%.

JBLU - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, JetBlue Airways Corporation reported a net income of -319.00M and revenue of 2.24B, resulting in a net margin of -14.2%.

UAL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, United Airlines Holdings, Inc. reported a net income of 699.00M and revenue of 14.61B, resulting in a net margin of 4.8%.

Frequently Asked Questions

Can I hold both JBLU and UAL in my portfolio?

JBLU and UAL have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JBLU or UAL?

JBLU has higher volatility (17.89%) compared to UAL (16.91%). In terms of maximum drawdown, JBLU dropped -90.91% vs UAL's -93.50%.

Which has better risk-adjusted returns?

UAL currently has the higher Sharpe Ratio (0.69 vs -0.11), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.