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 3 years, FEX returned 18.38%/yr vs -51.54%/yr for JETD. At a correlation of -0.73, 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 15.66% return, which is significantly higher than JETD's -48.55% return.
FEX
- 1D
- 0.14%
- 1M
- -0.32%
- 6M
- 11.83%
- YTD
- 15.66%
- 1Y
- 23.92%
- 3Y*
- 18.38%
- 5Y*
- 11.32%
- 10Y*
- 12.82%
JETD
- 1D
- 5.74%
- 1M
- -9.70%
- 6M
- -38.94%
- YTD
- -48.55%
- 1Y
- -66.95%
- 3Y*
- -51.54%
- 5Y*
- —
- 10Y*
- —
FEX vs. JETD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FEX First Trust Large Cap Core AlphaDEX Fund | 15.66% | 15.05% | 17.07% | 10.66% |
JETD MAX Airlines -3X Inverse Leveraged ETN | -48.55% | -59.89% | -51.72% | -1.53% |
Correlation
The correlation between FEX and JETD is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | -0.73 |
The correlation between FEX and JETD has been stable across timeframes, ranging from -0.73 to -0.73 - 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.
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.
| FEX | JETD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.70 | ||
| Sortino ratioReturn per unit of downside risk | +3.94 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.83 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 3.86 | -0.89 | +4.75 |
| Martin ratioReturn relative to average drawdown | 13.49 | -1.51 | +15.00 |
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Drawdowns
FEX vs. JETD - Drawdown Comparison
The maximum FEX drawdown since its inception was -58.81%, smaller than the maximum JETD drawdown of -95.39%. 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% | -95.39% | +36.58% |
Max Drawdown (1Y)Largest decline over 1 year | -6.23% | -75.34% | +69.11% |
Max Drawdown (3Y)Largest decline over 3 years | -19.58% | -95.39% | +75.81% |
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 | -2.34% | -94.65% | +92.31% |
Average DrawdownAverage peak-to-trough decline | -7.85% | -62.40% | +54.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 44.25% | -42.47% |
Volatility
FEX vs. JETD - Volatility Comparison
The current volatility for First Trust Large Cap Core AlphaDEX Fund (FEX) is 3.92%, while MAX Airlines -3X Inverse Leveraged ETN (JETD) has a volatility of 27.04%. 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 | 3.92% | 27.04% | -23.12% |
Volatility (6M)Calculated over the trailing 6-month period | 10.06% | 65.09% | -55.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.34% | 75.17% | -61.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.58% | 71.45% | -54.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.56% | 71.45% | -52.89% |
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 -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JETD has higher volatility (27.04%) compared to FEX (3.92%). In terms of maximum drawdown, FEX dropped -58.81% vs JETD's -95.39%.
On 3-year performance, FEX leads with 18.38% vs -51.54% for JETD. On fees, FEX is cheaper at 0.57% per year. On volatility, FEX has been the lower-risk option at 3.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FEX has performed better with a 18.38% return vs -51.54%. 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 (1.80 vs -0.89), 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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