- Issuer
- Max
- Inception Date
- Jun 20, 2023
- Region
- North America (U.S.)
- Category
- Inverse Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- Prime Airlines Index - Benchmark TR Net (--300%)
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Assets Under Management
- $5M
Share Price Chart
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Performance
JETD Performance Chart
MAX Airlines -3X Inverse Leveraged ETN (JETD) is down 48.2% since the beginning of the year. JETD is currently trading at $3 per share.
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Returns By Period
MAX Airlines -3X Inverse Leveraged ETN (JETD) has returned -48.24% so far this year and -75.71% over the past 12 months.
MAX Airlines -3X Inverse Leveraged ETN
- 1D
- -1.50%
- 1M
- -29.97%
- YTD
- -48.24%
- 6M
- -44.81%
- 1Y
- -75.71%
- 3Y*
- -54.06%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
JETD Monthly Returns History
Based on dividend-adjusted daily data since Jun 21, 2023, JETD's average daily return is -0.20%, while the average monthly return is -4.61%.
Historically, 30% of months were positive and 70% 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% | -14.77% | -31.38% | -14.68% | -48.24% | ||||||
| 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 | -13.79% | 0.68% | 19.82% | 34.62% | 22.00% | -28.71% | -19.13% | -1.53% |
Benchmark Metrics
MAX Airlines -3X Inverse Leveraged ETN has an annualized alpha of 16.37%, beta of -3.47, and R2 of 0.53 versus S&P 500 Index. Calculated based on daily prices since June 21, 2023.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -321.71%), but participation in market rallies was also limited (-144.63%) - a profile typical of counter-cyclical assets.
- This ETF generated an annualized alpha of 16.37% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of -3.47 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
- 16.37%
- Beta
- -3.47
- R²
- 0.53
- Upside Capture
- -144.63%
- Downside Capture
- -321.71%
Expense Ratio
JETD has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
JETD ranks 1 for risk / return — in the bottom 1% 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 S&P 500 Index.
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.
| JETD | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.03 | ||
| Sortino ratioReturn per unit of downside risk | -4.62 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.37 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 2.78 | -3.80 |
| Martin ratioReturn relative to average drawdown | -1.61 | 12.44 | -14.05 |
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 94.62%, occurring on Jun 22, 2026. The portfolio has not yet recovered.
The current MAX Airlines -3X Inverse Leveraged ETN drawdown is 94.62%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -94.62%Jun 2026 | 2y 7mo | — | 2y 7moOct 2023 - now |
2023 bear market2023 | -21.84%Jul 2023 | 15d | 1mo 7d | 1mo 22dJun 2023 - Aug 2023 |
2023 pullback2023 | -6.74%Oct 2023 | 7d | 2d | 9dOct 2023 - Oct 2023 |
2023 pullback2023 | -6.69%Aug 2023 | 4d | 7d | 11dAug 2023 - Sep 2023 |
2023 pullback2023 | -4.11%Oct 2023 | 1d | 1d | 2dOct 2023 - Oct 2023 |
Drawdown Indicators
| JETD | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.62% | -56.78% | -37.84% |
Max Drawdown (1Y)Largest decline over 1 year | -74.71% | -9.10% | -65.61% |
Max Drawdown (3Y)Largest decline over 3 years | -94.62% | -18.90% | -75.72% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -94.62% | -1.80% | -92.82% |
Average DrawdownAverage peak-to-trough decline | -61.79% | -10.71% | -51.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.75% | 2.03% | +46.72% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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