JETD vs. CARU

Last updated Jul 15, 2026

JETD (MAX Airlines -3X Inverse Leveraged ETN) and CARU (Max Auto Industry 3X Leveraged ETN) are both exchange-traded funds - JETD is a Inverse Equities fund tracking the Prime Airlines Index - Benchmark TR Net (--300%), while CARU is a Leveraged Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%). Both are passively managed. Over the past 3 years, JETD returned -51.33%/yr vs -13.52%/yr for CARU. At a correlation of -0.62, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

JETD vs. CARU - Performance Comparison

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

Returns By Period

In the year-to-date period, JETD achieves a -47.87% return, which is significantly lower than CARU's -25.64% return.

JETD

• 1D: 1.33%
• 1M: -8.50%
• 6M: -39.24%
• YTD: -47.87%
• 1Y: -65.28%
• 3Y*: -51.33%
• 5Y*: —
• 10Y*: —

CARU

• 1D: 1.71%
• 1M: -1.32%
• 6M: -33.82%
• YTD: -25.64%
• 1Y: -21.92%
• 3Y*: -13.52%
• 5Y*: —
• 10Y*: —

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

JETD vs. CARU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JETD MAX Airlines -3X Inverse Leveraged ETN	-47.87%	-59.89%	-51.72%	7.70%
CARU Max Auto Industry 3X Leveraged ETN	-25.64%	7.29%	23.44%	-9.74%

Correlation

The correlation between JETD and CARU is -0.64, 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	-0.64
Correlation (3Y) Calculated over the trailing 3-year period	-0.62
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	-0.62

The correlation between JETD and CARU has been stable across timeframes, ranging from -0.64 to -0.62 - a consistent structural relationship.

Return for Risk

JETD vs. CARU — Risk / Return Rank

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

JETD

JETD Risk / Return Rank: 2
JETD Sharpe Ratio Rank: 2
JETD Sortino Ratio Rank: 2
JETD Omega Ratio Rank: 2
JETD Calmar Ratio Rank: 2
JETD Martin Ratio Rank: 1

CARU

CARU Risk / Return Rank: 7
CARU Sharpe Ratio Rank: 6
CARU Sortino Ratio Rank: 8
CARU Omega Ratio Rank: 8
CARU Calmar Ratio Rank: 6
CARU Martin Ratio Rank: 5

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.

JETD vs. CARU - Risk-Adjusted Trends Comparison

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

	JETD	CARU	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	-0.31	-0.56
Sortino ratio: Return per unit of downside risk	-1.32	0.00	-1.32
Omega ratio: Gain probability vs. loss probability	0.84	1.00	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.43	-0.44
Martin ratio: Return relative to average drawdown	-1.47	-0.81	-0.66

JETD vs. CARU - Sharpe Ratio Comparison

The current JETD Sharpe Ratio is -0.87, which is lower than the CARU Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of JETD and CARU, 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

JETD vs. CARU - Drawdown Comparison

The maximum JETD drawdown since its inception was -95.39%, which is greater than CARU's maximum drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for JETD and CARU.

Drawdown Indicators

	JETD	CARU	Difference
Max Drawdown Largest peak-to-trough decline	-95.39%	-66.44%	-28.95%
Max Drawdown (1Y) Largest decline over 1 year	-75.34%	-50.87%	-24.47%
Max Drawdown (3Y) Largest decline over 3 years	-95.39%	-66.44%	-28.95%
Current Drawdown Current decline from peak	-94.58%	-41.28%	-53.30%
Average Drawdown Average peak-to-trough decline	-62.44%	-36.06%	-26.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.48%	27.03%	+17.45%

Volatility

JETD vs. CARU - Volatility Comparison

The current volatility for MAX Airlines -3X Inverse Leveraged ETN (JETD) is 17.60%, while Max Auto Industry 3X Leveraged ETN (CARU) has a volatility of 21.49%. This indicates that JETD experiences smaller price fluctuations and is considered to be less risky than CARU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JETD	CARU	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.60%	21.49%	-3.89%
Volatility (6M) Calculated over the trailing 6-month period	64.92%	53.47%	+11.45%
Volatility (1Y) Calculated over the trailing 1-year period	75.04%	70.46%	+4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.41%	80.09%	-8.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.41%	80.09%	-8.68%

JETD vs. CARU - Expense Ratio Comparison

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

Dividends

JETD vs. CARU - Dividend Comparison

Neither JETD nor CARU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JETD and CARU in my portfolio?

JETD and CARU have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JETD or CARU?

CARU has higher volatility (21.49%) compared to JETD (17.60%). In terms of maximum drawdown, JETD dropped -95.39% vs CARU's -66.44%.

Which ETF is better, JETD or CARU?

On 3-year performance, CARU leads with -13.52% vs -51.33% for JETD. Both ETFs have the same 0.95% expense ratio. On volatility, JETD has been the lower-risk option at 17.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JETD or CARU?

Over the 3-year period, CARU has performed better with a -13.52% return vs -51.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JETD or CARU?

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

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

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

What is the main difference between JETD and CARU?

JETD is categorized as Inverse Equities, while CARU is Leveraged Equities. JETD tracks Prime Airlines Index - Benchmark TR Net (--300%), while CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%).

Which has better risk-adjusted returns?

CARU currently has the higher Sharpe Ratio (-0.31 vs -0.87), 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.