The hedge relation can be estimated statistically, but you need the jet fuel and oil time series. Also, you really want the beta, not the correlation. DOE has data

http://tonto.eia.doe.gov/dnav/pet/pet_pri_top.asp generally

West Texas Crude

http://tonto.eia.doe.gov/dnav/pet/hist/rwtcd.htm

Jet Fuel (Kerosene) Rotterdam - low price

http://tonto.eia.doe.gov/dnav/pet/hist/rjetara5d.htm

Jet Fuel (Kerosene) LA - higher price

http://tonto.eia.doe.gov/dnav/pet/hist/rjetlad.htm

All jet fuel

http://tonto.eia.doe.gov/oog/ftparea/wogirs/xls/psw14vdjt.xls

Intuitively, just answer the question how many times when oil is up is jet fuel up out of ten. Say, 8.

Since 5 times out of ten is no information and zero correlation, and 10 times out of ten is full information and correlation equal one, 8 out of ten is a .6 correlation. Then you have to multiply the correlation by the vol of jet fuel divided by the vol of oil. Those numbers you can benchmark from HIVG using gas vol as proxy for jet fuel proxy.

My guess is that the jet fuel and crude oil spot data are also listed somewhere on bloomberg, and you could use their regression function.