ULCC vs. JETS

Last updated Jun 24, 2026

ULCC (Frontier Group Holdings, Inc.) is a stock, while JETS (U.S. Global Jets ETF) is Industrials Equities fund tracking the U.S. Global Jets Index. Over the past 5 years, ULCC returned -16.31%/yr vs 4.58%/yr for JETS. A 0.72 correlation means they provide meaningful diversification when combined.

Performance

ULCC vs. JETS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontier Group Holdings, Inc. (ULCC) and U.S. Global Jets ETF (JETS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULCC achieves a 53.93% return, which is significantly higher than JETS's 11.08% return.

ULCC

• 1D: 1.54%
• 1M: 46.46%
• YTD: 53.93%
• 6M: 49.79%
• 1Y: 106.85%
• 3Y*: -7.33%
• 5Y*: -16.31%
• 10Y*: —

JETS

• 1D: 0.65%
• 1M: 14.93%
• YTD: 11.08%
• 6M: 9.61%
• 1Y: 42.95%
• 3Y*: 15.86%
• 5Y*: 4.58%
• 10Y*: 4.71%

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

ULCC vs. JETS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ULCC Frontier Group Holdings, Inc.	53.93%	-33.76%	30.22%	-46.84%	-24.32%	-27.08%
JETS U.S. Global Jets ETF	11.08%	11.64%	33.21%	11.42%	-19.01%	-21.10%

Correlation

The correlation between ULCC and JETS is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.72

The correlation between ULCC and JETS has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

Return for Risk

ULCC vs. JETS — Risk / Return Rank

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

ULCC

ULCC Risk / Return Rank: 76
ULCC Sharpe Ratio Rank: 79
ULCC Sortino Ratio Rank: 78
ULCC Omega Ratio Rank: 74
ULCC Calmar Ratio Rank: 76
ULCC Martin Ratio Rank: 74

JETS

JETS Risk / Return Rank: 37
JETS Sharpe Ratio Rank: 38
JETS Sortino Ratio Rank: 42
JETS Omega Ratio Rank: 37
JETS Calmar Ratio Rank: 37
JETS Martin Ratio Rank: 32

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.

ULCC vs. JETS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontier Group Holdings, Inc. (ULCC) and U.S. Global Jets ETF (JETS). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ULCC	JETS	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.30	-0.02
Sortino ratio: Return per unit of downside risk	2.10	2.05	+0.04
Omega ratio: Gain probability vs. loss probability	1.25	1.23	+0.01
Calmar ratio: Return relative to maximum drawdown	2.05	1.79	+0.26
Martin ratio: Return relative to average drawdown	4.41	4.55	-0.15

ULCC vs. JETS - Sharpe Ratio Comparison

The current ULCC Sharpe Ratio is 1.28, which is comparable to the JETS Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of ULCC and JETS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ULCC vs. JETS - Drawdown Comparison

The maximum ULCC drawdown since its inception was -87.04%, which is greater than JETS's maximum drawdown of -64.92%. Use the drawdown chart below to compare losses from any high point for ULCC and JETS.

Drawdown Indicators

	ULCC	JETS	Difference
Max Drawdown Largest peak-to-trough decline	-87.04%	-64.92%	-22.12%
Max Drawdown (1Y) Largest decline over 1 year	-52.45%	-24.13%	-28.32%
Max Drawdown (3Y) Largest decline over 3 years	-72.90%	-35.21%	-37.69%
Max Drawdown (5Y) Largest decline over 5 years	-84.04%	-40.76%	-43.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-64.92%	—
Current Drawdown Current decline from peak	-66.91%	-7.46%	-59.45%
Average Drawdown Average peak-to-trough decline	-60.38%	-25.12%	-35.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.33%	9.46%	+14.87%

Volatility

ULCC vs. JETS - Volatility Comparison

Frontier Group Holdings, Inc. (ULCC) has a higher volatility of 23.29% compared to U.S. Global Jets ETF (JETS) at 11.08%. This indicates that ULCC's price experiences larger fluctuations and is considered to be riskier than JETS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULCC	JETS	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.29%	11.08%	+12.21%
Volatility (6M) Calculated over the trailing 6-month period	58.36%	25.68%	+32.68%
Volatility (1Y) Calculated over the trailing 1-year period	83.94%	33.15%	+50.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.20%	32.54%	+37.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.14%	34.23%	+34.91%

Dividends

ULCC vs. JETS - Dividend Comparison

ULCC has not paid dividends to shareholders, while JETS's dividend yield for the trailing twelve months is around 0.75%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JETS U.S. Global Jets ETF	0.75%	0.83%	0.00%	0.00%	0.00%	0.67%	0.04%	1.24%	0.09%	1.57%	0.58%	0.17%
ULCC Frontier Group Holdings, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ULCC and JETS in my portfolio?

ULCC and JETS have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ULCC or JETS?

ULCC has higher volatility (23.29%) compared to JETS (11.08%). In terms of maximum drawdown, ULCC dropped -87.04% vs JETS's -64.92%.

Which has better risk-adjusted returns?

JETS currently has the higher Sharpe Ratio (1.30 vs 1.28), 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.