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 -54.06%/yr vs 21.12%/yr for FEX. At a correlation of -0.74, 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 -48.24% return, which is significantly lower than FEX's 17.68% return.
JETD
- 1D
- -1.50%
- 1M
- -29.97%
- YTD
- -48.24%
- 6M
- -44.81%
- 1Y
- -75.71%
- 3Y*
- -54.06%
- 5Y*
- —
- 10Y*
- —
FEX
- 1D
- 0.97%
- 1M
- 4.51%
- YTD
- 17.68%
- 6M
- 16.27%
- 1Y
- 31.75%
- 3Y*
- 21.12%
- 5Y*
- 11.87%
- 10Y*
- 13.71%
JETD vs. FEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JETD MAX Airlines -3X Inverse Leveraged ETN | -48.24% | -59.89% | -51.72% | -1.53% |
FEX First Trust Large Cap Core AlphaDEX Fund | 17.68% | 15.05% | 17.07% | 10.66% |
Correlation
The correlation between JETD and FEX is -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | -0.74 |
The correlation between JETD and FEX has been stable across timeframes, ranging from -0.75 to -0.74 - 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 | -3.44 | ||
| Sortino ratioReturn per unit of downside risk | -5.21 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.42 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 5.12 | -6.13 |
| Martin ratioReturn relative to average drawdown | -1.61 | 18.39 | -20.00 |
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Drawdowns
JETD vs. FEX - Drawdown Comparison
The maximum JETD drawdown since its inception was -94.62%, 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 | -94.62% | -58.81% | -35.81% |
Max Drawdown (1Y)Largest decline over 1 year | -74.71% | -6.23% | -68.48% |
Max Drawdown (3Y)Largest decline over 3 years | -94.62% | -19.58% | -75.04% |
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 | -94.62% | 0.00% | -94.62% |
Average DrawdownAverage peak-to-trough decline | -61.79% | -7.87% | -53.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.75% | 1.73% | +47.02% |
Volatility
JETD vs. FEX - Volatility Comparison
MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 31.89% compared to First Trust Large Cap Core AlphaDEX Fund (FEX) at 4.84%. 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 | 31.89% | 4.84% | +27.05% |
Volatility (6M)Calculated over the trailing 6-month period | 64.24% | 9.88% | +54.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.79% | 13.14% | +62.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.56% | 16.56% | +55.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.56% | 18.63% | +52.93% |
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 0.93%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEX First Trust Large Cap Core AlphaDEX Fund | 0.93% | 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 -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JETD has higher volatility (31.89%) compared to FEX (4.84%). In terms of maximum drawdown, JETD dropped -94.62% vs FEX's -58.81%.
On 3-year performance, FEX leads with 21.12% vs -54.06% for JETD. On fees, FEX is cheaper at 0.57% per year. On volatility, FEX has been the lower-risk option at 4.84%. 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 21.12% return vs -54.06%. 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 0.93%, 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 (2.43 vs -1.00), 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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