CARU vs. JETU

Last updated Jun 26, 2026

CARU (Max Auto Industry 3X Leveraged ETN) and JETU (MAX Airlines 3X Leveraged ETN) are both Leveraged Equities funds from Max - CARU tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while JETU tracks the Prime Airlines Index - Benchmark TR Net. Both are passively managed. Over the past year, CARU returned -16.37% vs 116.71% for JETU. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

CARU vs. JETU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry 3X Leveraged ETN (CARU) and MAX Airlines 3X Leveraged ETN (JETU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARU achieves a -31.25% return, which is significantly lower than JETU's 37.51% return.

CARU

• 1D: -0.50%
• 1M: -8.37%
• YTD: -31.25%
• 6M: -38.91%
• 1Y: -16.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JETU

• 1D: 3.96%
• 1M: 30.16%
• YTD: 37.51%
• 6M: 30.08%
• 1Y: 116.71%
• 3Y*: 18.47%
• 5Y*: —
• 10Y*: —

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

CARU vs. JETU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARU Max Auto Industry 3X Leveraged ETN	-31.25%	7.29%	23.44%	-9.74%
JETU MAX Airlines 3X Leveraged ETN	37.51%	3.88%	38.00%	-22.31%

Correlation

The correlation between CARU and JETU is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.63

The correlation between CARU and JETU has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

Return for Risk

CARU vs. JETU — Risk / Return Rank

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

CARU

CARU Risk / Return Rank: 7
CARU Sharpe Ratio Rank: 7
CARU Sortino Ratio Rank: 9
CARU Omega Ratio Rank: 9
CARU Calmar Ratio Rank: 7
CARU Martin Ratio Rank: 6

JETU

JETU Risk / Return Rank: 49
JETU Sharpe Ratio Rank: 50
JETU Sortino Ratio Rank: 53
JETU Omega Ratio Rank: 46
JETU Calmar Ratio Rank: 55
JETU Martin Ratio Rank: 40

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.

CARU vs. JETU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry 3X Leveraged ETN (CARU) and MAX Airlines 3X Leveraged ETN (JETU). 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.

	CARU	JETU	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	1.54	-1.78
Sortino ratio: Return per unit of downside risk	0.13	2.29	-2.17
Omega ratio: Gain probability vs. loss probability	1.02	1.27	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.32	2.38	-2.70
Martin ratio: Return relative to average drawdown	-0.64	5.82	-6.46

CARU vs. JETU - Sharpe Ratio Comparison

The current CARU Sharpe Ratio is -0.24, which is lower than the JETU Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of CARU and JETU, 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

CARU vs. JETU - Drawdown Comparison

The maximum CARU drawdown since its inception was -66.44%, roughly equal to the maximum JETU drawdown of -68.64%. Use the drawdown chart below to compare losses from any high point for CARU and JETU.

Drawdown Indicators

	CARU	JETU	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-68.64%	+2.20%
Max Drawdown (1Y) Largest decline over 1 year	-50.87%	-49.39%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-68.64%	—
Current Drawdown Current decline from peak	-45.71%	-1.51%	-44.20%
Average Drawdown Average peak-to-trough decline	-35.99%	-29.25%	-6.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.77%	20.12%	+5.65%

Volatility

CARU vs. JETU - Volatility Comparison

The current volatility for Max Auto Industry 3X Leveraged ETN (CARU) is 23.23%, while MAX Airlines 3X Leveraged ETN (JETU) has a volatility of 29.04%. This indicates that CARU experiences smaller price fluctuations and is considered to be less risky than JETU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARU	JETU	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.23%	29.04%	-5.81%
Volatility (6M) Calculated over the trailing 6-month period	52.56%	61.99%	-9.43%
Volatility (1Y) Calculated over the trailing 1-year period	69.88%	76.23%	-6.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.32%	71.61%	+8.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.32%	71.61%	+8.71%

CARU vs. JETU - Expense Ratio Comparison

Both CARU and JETU have an expense ratio of 0.95%.

Dividends

CARU vs. JETU - Dividend Comparison

Neither CARU nor JETU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CARU and JETU in my portfolio?

CARU and JETU have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CARU or JETU?

JETU has higher volatility (29.04%) compared to CARU (23.23%). In terms of maximum drawdown, CARU dropped -66.44% vs JETU's -68.64%.

Which ETF is better, CARU or JETU?

On 1-year performance, JETU leads with 116.71% vs -16.37% for CARU. Both ETFs have the same 0.95% expense ratio. On volatility, CARU has been the lower-risk option at 23.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARU or JETU?

Over the 1-year period, JETU has performed better with a 116.71% return vs -16.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARU or JETU?

CARU and JETU have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, CARU or JETU?

CARU and JETU have nearly identical dividend yields, around 0.00%.

What is the main difference between CARU and JETU?

CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while JETU tracks Prime Airlines Index - Benchmark TR Net.

Which has better risk-adjusted returns?

JETU currently has the higher Sharpe Ratio (1.54 vs -0.24), 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.