JETD vs. FEX
JETD (MAX Airlines -3X Inverse Leveraged ETN) and FEX (First Trust Large Cap Core AlphaDEX Fund) are both exchange-traded funds - JETD is a Inverse Equities fund tracking the Prime Airlines Index - Benchmark TR Net (--300%), while FEX is a Large Cap Blend Equities fund tracking the Nasdaq AlphaDEX Large Cap Core Index. Both are passively managed. Over the past 3 years, JETD returned -51.54%/yr vs 18.33%/yr for FEX. At a correlation of -0.73, they often move in opposite directions. JETD charges 0.95%/yr vs 0.57%/yr for FEX.
Performance
JETD vs. FEX - Performance Comparison
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Returns By Period
In the year-to-date period, JETD achieves a -48.55% return, which is significantly lower than FEX's 15.50% return.
JETD
- 1D
- 5.74%
- 1M
- -9.70%
- 6M
- -38.94%
- YTD
- -48.55%
- 1Y
- -66.95%
- 3Y*
- -51.54%
- 5Y*
- —
- 10Y*
- —
FEX
- 1D
- -0.43%
- 1M
- -0.47%
- 6M
- 11.74%
- YTD
- 15.50%
- 1Y
- 24.17%
- 3Y*
- 18.33%
- 5Y*
- 11.26%
- 10Y*
- 12.80%
JETD vs. FEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JETD MAX Airlines -3X Inverse Leveraged ETN | -48.55% | -59.89% | -51.72% | -1.53% |
FEX First Trust Large Cap Core AlphaDEX Fund | 15.50% | 15.05% | 17.07% | 10.66% |
Correlation
The correlation between JETD and FEX 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 JETD and FEX has been stable across timeframes, ranging from -0.73 to -0.73 - a consistent structural relationship.
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Return for Risk
JETD vs. FEX — Risk / Return Rank
JETD
FEX
JETD vs. FEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MAX Airlines -3X Inverse Leveraged ETN (JETD) and First Trust Large Cap Core AlphaDEX Fund (FEX). 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 | FEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.72 | ||
| Sortino ratioReturn per unit of downside risk | -3.96 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.32 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 3.90 | -4.79 |
| Martin ratioReturn relative to average drawdown | -1.51 | 13.66 | -15.17 |
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Drawdowns
JETD vs. FEX - Drawdown Comparison
The maximum JETD drawdown since its inception was -95.39%, which is greater than FEX's maximum drawdown of -58.81%. Use the drawdown chart below to compare losses from any high point for JETD and FEX.
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Drawdown Indicators
| JETD | FEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.39% | -58.81% | -36.58% |
Max Drawdown (1Y)Largest decline over 1 year | -75.34% | -6.23% | -69.11% |
Max Drawdown (3Y)Largest decline over 3 years | -95.39% | -19.58% | -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 | -94.65% | -2.48% | -92.17% |
Average DrawdownAverage peak-to-trough decline | -62.40% | -7.85% | -54.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.25% | 1.77% | +42.48% |
Volatility
JETD vs. FEX - Volatility Comparison
MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 27.04% compared to First Trust Large Cap Core AlphaDEX Fund (FEX) at 4.70%. This indicates that JETD's price experiences larger fluctuations and is considered to be riskier than FEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JETD | FEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.04% | 4.70% | +22.34% |
Volatility (6M)Calculated over the trailing 6-month period | 65.09% | 10.07% | +55.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.17% | 13.36% | +61.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.45% | 16.58% | +54.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.45% | 18.56% | +52.89% |
JETD vs. FEX - Expense Ratio Comparison
JETD has a 0.95% expense ratio, which is higher than FEX's 0.57% expense ratio.
Dividends
JETD vs. FEX - Dividend Comparison
JETD has not paid dividends to shareholders, while FEX's dividend yield for the trailing twelve months is around 0.95%.
| 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
JETD and FEX 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 (4.70%). In terms of maximum drawdown, JETD dropped -95.39% vs FEX's -58.81%.
On 3-year performance, FEX leads with 18.33% 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 4.70%. 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 18.33% 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.
JETD is categorized as Inverse Equities, while FEX is Large Cap Blend Equities. JETD tracks Prime Airlines Index - Benchmark TR Net (--300%), while FEX tracks Nasdaq AlphaDEX Large Cap Core Index. They also come from different issuers: Max and First Trust. Their fees differ too: 0.95% for JETD and 0.57% for FEX.
FEX currently has the higher Sharpe Ratio (1.82 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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