JETD vs. EFZ
JETD (MAX Airlines -3X Inverse Leveraged ETN) and EFZ (ProShares Short MSCI EAFE) are both Inverse Equities funds - JETD tracks the Prime Airlines Index - Benchmark TR Net (--300%) while EFZ tracks the MSCI EAFE Index (-100%). Both are passively managed. Over the past year, JETD returned -64.62% vs -14.29% for EFZ. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
JETD vs. EFZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JETD achieves a -30.85% return, which is significantly lower than EFZ's -7.64% return.
JETD
- 1D
- -3.47%
- 1M
- -23.74%
- YTD
- -30.85%
- 6M
- -41.63%
- 1Y
- -64.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EFZ
- 1D
- -0.71%
- 1M
- -2.63%
- YTD
- -7.64%
- 6M
- -9.27%
- 1Y
- -14.29%
- 3Y*
- -10.18%
- 5Y*
- -5.52%
- 10Y*
- -8.30%
JETD vs. EFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JETD MAX Airlines -3X Inverse Leveraged ETN | -30.85% | -59.89% | -51.72% | -0.29% |
EFZ ProShares Short MSCI EAFE | -7.64% | -20.92% | 2.90% | -1.63% |
Correlation
The correlation between JETD and EFZ is 0.61, 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 | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023 | 0.58 |
The correlation between JETD and EFZ has been stable across timeframes, ranging from 0.58 to 0.61 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JETD vs. EFZ — Risk / Return Rank
JETD
EFZ
JETD vs. EFZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MAX Airlines -3X Inverse Leveraged ETN (JETD) and ProShares Short MSCI EAFE (EFZ). 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.
| JETD | EFZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.86 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.83 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.37 | -1.47 | +0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| JETD | EFZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | -0.88 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.33 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.48 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | -0.34 | -0.36 |
Drawdowns
JETD vs. EFZ - Drawdown Comparison
The maximum JETD drawdown since its inception was -93.69%, which is greater than EFZ's maximum drawdown of -88.08%. Use the drawdown chart below to compare losses from any high point for JETD and EFZ.
Loading charts...
Drawdown Indicators
| JETD | EFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.69% | -88.08% | -5.61% |
Max Drawdown (1Y)Largest decline over 1 year | -71.95% | -17.36% | -54.59% |
Max Drawdown (3Y)Largest decline over 3 years | — | -35.42% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.77% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.88% | — |
Current DrawdownCurrent decline from peak | -92.81% | -87.91% | -4.90% |
Average DrawdownAverage peak-to-trough decline | -61.40% | -67.09% | +5.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.03% | 9.77% | +37.26% |
Volatility
JETD vs. EFZ - Volatility Comparison
MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 28.26% compared to ProShares Short MSCI EAFE (EFZ) at 5.08%. This indicates that JETD's price experiences larger fluctuations and is considered to be riskier than EFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JETD | EFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.26% | 5.08% | +23.18% |
Volatility (6M)Calculated over the trailing 6-month period | 58.72% | 13.47% | +45.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 72.43% | 16.34% | +56.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.49% | 16.72% | +53.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.49% | 17.38% | +53.11% |
JETD vs. EFZ - Expense Ratio Comparison
Both JETD and EFZ have an expense ratio of 0.95%.
Dividends
JETD vs. EFZ - Dividend Comparison
JETD has not paid dividends to shareholders, while EFZ's dividend yield for the trailing twelve months is around 4.07%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.07% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
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% |
Frequently Asked Questions
JETD and EFZ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JETD has higher volatility (28.26%) compared to EFZ (5.08%). In terms of maximum drawdown, JETD dropped -93.69% vs EFZ's -88.08%.
On 1-year performance, EFZ leads with -14.29% vs -64.62% for JETD. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EFZ has performed better with a -14.29% return vs -64.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JETD and EFZ have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 4.07%, compared with 0.00% for JETD.
JETD tracks Prime Airlines Index - Benchmark TR Net (--300%), while EFZ tracks MSCI EAFE Index (-100%). They also come from different issuers: Max and ProShares.
EFZ currently has the higher Sharpe Ratio (-0.88 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.
Find the right allocation for JETD and EFZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer