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 18.57%/yr vs -55.29%/yr for JETD. Their -0.73 correlation means they have often moved in opposite directions in the past. 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 16.59% return, which is significantly higher than JETD's -55.07% return.
FEX
- 1D
- 1.03%
- 1M
- 0.43%
- 6M
- 11.73%
- YTD
- 16.59%
- 1Y
- 26.18%
- 3Y*
- 18.57%
- 5Y*
- 10.92%
- 10Y*
- 12.82%
- ALL TIME*
- 9.64%
JETD
- 1D
- -9.96%
- 1M
- 0.93%
- 6M
- -45.68%
- YTD
- -55.07%
- 1Y
- -74.99%
- 3Y*
- -55.29%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -54.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.97M | $3.32M | $3.45M | |
| $203.79K | $315.96K | $386.43K |
FEX vs. JETD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FEX First Trust Large Cap Core AlphaDEX Fund | 16.59% | 15.05% | 17.07% | 10.66% |
JETD MAX Airlines -3X Inverse Leveraged ETN | -55.07% | -59.89% | -51.72% | -1.53% |
Correlation
The correlation between FEX and JETD is -0.72, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.72 |
Correlation (3Y) Balances recent behavior with more history. | -0.74 |
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 -0.74 to -0.72 - 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 | +2.98 | ||
| Sortino ratioReturn per unit of downside risk | +4.60 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.78 | +0.56 |
| Calmar ratioReturn relative to maximum drawdown | 4.22 | -1.01 | +5.23 |
| Martin ratioReturn relative to average drawdown | 14.07 | -1.63 | +15.69 |
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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% | -74.49% | +68.26% |
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 | -1.56% | -95.33% | +93.77% |
Average DrawdownAverage peak-to-trough decline | -7.83% | -63.02% | +55.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 47.56% | -45.69% |
Volatility
FEX vs. JETD - Volatility Comparison
The current volatility for First Trust Large Cap Core AlphaDEX Fund (FEX) is 2.89%, while MAX Airlines -3X Inverse Leveraged ETN (JETD) has a volatility of 22.02%. 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 | 2.89% | 22.02% | -19.13% |
Volatility (6M)Calculated over the trailing 6-month period | 10.07% | 66.00% | -55.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.28% | 75.75% | -62.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.56% | 71.50% | -54.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.57% | 71.50% | -52.93% |
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 0.94%, 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 | 0.94% | 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 -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JETD has higher volatility (22.02%) compared to FEX (2.89%). In terms of maximum drawdown, FEX dropped -58.81% vs JETD's -95.39%.
On 3-year performance, FEX leads with 18.57% vs -55.29% for JETD. On fees, FEX is cheaper at 0.57% per year. On volatility, FEX has been the lower-risk option at 2.89%. 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 18.57% return vs -55.29%. 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 0.94%, 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 (1.98 vs -0.99), 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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