FEX vs. JETD
FEX (First Trust Large Cap Core AlphaDEX Fund) and JETD (MAX Airlines -3X Inverse Leveraged ETN) are both exchange-traded funds - FEX is a Large Cap Blend Equities fund tracking the Nasdaq AlphaDEX Large Cap Core Index, while JETD is a Inverse Equities fund tracking the Prime Airlines Index - Benchmark TR Net (--300%). Both are passively managed. Over the past year, FEX returned 29.38% vs -63.32% for JETD. At a correlation of -0.74, they often move in opposite directions. FEX charges 0.57%/yr vs 0.95%/yr for JETD.
Performance
FEX vs. JETD - Performance Comparison
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Returns By Period
In the year-to-date period, FEX achieves a 15.12% return, which is significantly higher than JETD's -28.36% return.
FEX
- 1D
- -0.19%
- 1M
- 5.13%
- YTD
- 15.12%
- 6M
- 15.57%
- 1Y
- 29.38%
- 3Y*
- 20.78%
- 5Y*
- 11.10%
- 10Y*
- 13.11%
JETD
- 1D
- 6.89%
- 1M
- -26.54%
- YTD
- -28.36%
- 6M
- -38.79%
- 1Y
- -63.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FEX vs. JETD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FEX First Trust Large Cap Core AlphaDEX Fund | 15.12% | 15.05% | 17.07% | 10.81% |
JETD MAX Airlines -3X Inverse Leveraged ETN | -28.36% | -59.89% | -51.72% | -0.29% |
Correlation
The correlation between FEX and JETD is -0.75, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.75 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | -0.74 |
The correlation between FEX and JETD has been stable across timeframes, ranging from -0.75 to -0.74 - a consistent structural relationship.
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Return for Risk
FEX vs. JETD — Risk / Return Rank
FEX
JETD
FEX vs. JETD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Large Cap Core AlphaDEX Fund (FEX) and MAX Airlines -3X Inverse Leveraged ETN (JETD). 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.
| FEX | JETD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.24 | ||
| Sortino ratioReturn per unit of downside risk | +4.59 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 0.84 | +0.57 |
| Calmar ratioReturn relative to maximum drawdown | 4.74 | -0.88 | +5.62 |
| Martin ratioReturn relative to average drawdown | 17.27 | -1.35 | +18.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FEX | JETD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.36 | -0.88 | +3.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.68 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | -0.70 | +1.17 |
Drawdowns
FEX vs. JETD - Drawdown Comparison
The maximum FEX drawdown since its inception was -58.81%, smaller than the maximum JETD drawdown of -93.69%. Use the drawdown chart below to compare losses from any high point for FEX and JETD.
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Drawdown Indicators
| FEX | JETD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.81% | -93.69% | +34.88% |
Max Drawdown (1Y)Largest decline over 1 year | -6.23% | -71.95% | +65.72% |
Max Drawdown (3Y)Largest decline over 3 years | -19.58% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.27% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.51% | — | — |
Current DrawdownCurrent decline from peak | -0.19% | -92.55% | +92.36% |
Average DrawdownAverage peak-to-trough decline | -7.89% | -61.36% | +53.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.71% | 46.84% | -45.13% |
Volatility
FEX vs. JETD - Volatility Comparison
The current volatility for First Trust Large Cap Core AlphaDEX Fund (FEX) is 3.98%, while MAX Airlines -3X Inverse Leveraged ETN (JETD) has a volatility of 28.81%. This indicates that FEX experiences smaller price fluctuations and is considered to be less risky than JETD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEX | JETD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.98% | 28.81% | -24.83% |
Volatility (6M)Calculated over the trailing 6-month period | 9.17% | 58.96% | -49.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.51% | 72.36% | -59.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.47% | 70.51% | -54.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.59% | 70.51% | -51.92% |
FEX vs. JETD - Expense Ratio Comparison
FEX has a 0.57% expense ratio, which is lower than JETD's 0.95% expense ratio.
Dividends
FEX vs. JETD - Dividend Comparison
FEX's dividend yield for the trailing twelve months is around 0.95%, while JETD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEX First Trust Large Cap Core AlphaDEX Fund | 0.95% | 1.10% | 1.18% | 1.38% | 1.61% | 0.80% | 1.21% | 1.32% | 1.34% | 1.07% | 1.29% | 1.33% |
JETD MAX Airlines -3X Inverse Leveraged ETN | 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
FEX and JETD have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JETD has higher volatility (28.81%) compared to FEX (3.98%). In terms of maximum drawdown, FEX dropped -58.81% vs JETD's -93.69%.
On 1-year performance, FEX leads with 29.38% vs -63.32% for JETD. On fees, FEX is cheaper at 0.57% per year. On volatility, FEX has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FEX has performed better with a 29.38% return vs -63.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEX is cheaper with a 0.57% expense ratio, compared with 0.95% for JETD.
FEX has the higher dividend yield at 0.95%, compared with 0.00% for JETD.
FEX is categorized as Large Cap Blend Equities, while JETD is Inverse Equities. FEX tracks Nasdaq AlphaDEX Large Cap Core Index, while JETD tracks Prime Airlines Index - Benchmark TR Net (--300%). They also come from different issuers: First Trust and Max. Their fees differ too: 0.57% for FEX and 0.95% for JETD.
FEX currently has the higher Sharpe Ratio (2.36 vs -0.88), 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.
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