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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in MAX Airlines -3X Inverse Leveraged ETN, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
MAX Airlines -3X Inverse Leveraged ETN (JETD) has returned 3.73% so far this year and -69.07% over the past 12 months.
MAX Airlines -3X Inverse Leveraged ETN
- 1D
- -12.41%
- 1M
- 39.44%
- YTD
- 3.73%
- 6M
- -32.46%
- 1Y
- -69.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jun 21, 2023, JETD's average daily return is -0.13%, while the average monthly return is -3.20%.
Historically, 32% of months were positive and 68% were negative. The best month was Mar 2026 with a return of +39.4%, while the worst month was May 2025 at -31.5%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 6 months.
On a daily basis, JETD closed higher 48% of trading days. The best single day was Apr 3, 2025 with a return of +26.5%, while the worst single day was Apr 9, 2025 at -43.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -11.10% | -16.33% | 39.44% | 3.73% | |||||||||
| 2025 | -8.34% | 10.19% | 33.19% | -12.61% | -31.47% | -7.23% | -9.66% | -18.45% | 11.88% | -8.57% | -11.90% | -19.17% | -59.89% |
| 2024 | 8.58% | -15.50% | -11.67% | 10.21% | -5.20% | -0.88% | 0.46% | -1.68% | -14.44% | -12.54% | -20.99% | -1.48% | -51.72% |
| 2023 | -12.70% | 0.68% | 19.82% | 34.62% | 22.00% | -28.71% | -19.13% | -0.29% |
Benchmark Metrics
MAX Airlines -3X Inverse Leveraged ETN has an annualized alpha of 21.99%, beta of -3.39, and R² of 0.56 versus S&P 500 Index. Calculated based on daily prices since June 22, 2023.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -472.00%), but participation in market rallies was also limited (-154.28%) — a profile typical of counter-cyclical assets.
- This ETF generated an annualized alpha of 21.99% versus S&P 500 Index — delivering returns beyond what market exposure alone would predict.
- Beta of -3.39 indicates this ETF moves significantly less than S&P 500 Index — a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 21.99%
- Beta
- -3.39
- R²
- 0.56
- Upside Capture
- -154.28%
- Downside Capture
- -472.00%
Expense Ratio
JETD has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
JETD ranks 2 for risk / return — in the bottom 2% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for MAX Airlines -3X Inverse Leveraged ETN (JETD) and compare them to a chosen benchmark (S&P 500 Index).
| JETD | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.78 | 0.90 | -1.67 |
Sortino ratioReturn per unit of downside risk | -1.10 | 1.39 | -2.48 |
Omega ratioGain probability vs. loss probability | 0.85 | 1.21 | -0.36 |
Calmar ratioReturn relative to maximum drawdown | -0.78 | 1.40 | -2.18 |
Martin ratioReturn relative to average drawdown | -0.96 | 6.61 | -7.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore JETD risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the MAX Airlines -3X Inverse Leveraged ETN. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the MAX Airlines -3X Inverse Leveraged ETN was 93.02%, occurring on Feb 6, 2026. The portfolio has not yet recovered.
The current MAX Airlines -3X Inverse Leveraged ETN drawdown is 89.21%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -93.02% | Oct 30, 2023 | 570 | Feb 6, 2026 | — | — | — |
| -21.84% | Jun 26, 2023 | 11 | Jul 11, 2023 | 27 | Aug 17, 2023 | 38 |
| -6.74% | Oct 4, 2023 | 6 | Oct 11, 2023 | 2 | Oct 13, 2023 | 8 |
| -6.69% | Aug 25, 2023 | 3 | Aug 29, 2023 | 4 | Sep 5, 2023 | 7 |
| -4.11% | Oct 16, 2023 | 2 | Oct 17, 2023 | 1 | Oct 18, 2023 | 3 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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