JETD vs. FLYD

Last updated Jun 26, 2026

JETD (MAX Airlines -3X Inverse Leveraged ETN) and FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) are both Inverse Equities funds - JETD tracks the Prime Airlines Index - Benchmark TR Net (--300%) while FLYD tracks the MerQube MicroSectors U.S. Travel Index. Both are passively managed. Over the past 3 years, JETD returned -55.58%/yr vs -56.28%/yr for FLYD. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

JETD vs. FLYD - Performance Comparison

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

Returns By Period

In the year-to-date period, JETD achieves a -54.04% return, which is significantly lower than FLYD's -30.35% return.

JETD

• 1D: -4.72%
• 1M: -31.48%
• YTD: -54.04%
• 6M: -51.71%
• 1Y: -77.54%
• 3Y*: -55.58%
• 5Y*: —
• 10Y*: —

FLYD

• 1D: 3.79%
• 1M: -24.33%
• YTD: -30.35%
• 6M: -26.65%
• 1Y: -55.29%
• 3Y*: -56.28%
• 5Y*: —
• 10Y*: —

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

JETD vs. FLYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JETD MAX Airlines -3X Inverse Leveraged ETN	-54.04%	-59.89%	-51.72%	-1.53%
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	-30.35%	-60.42%	-54.13%	-32.00%

Correlation

The correlation between JETD and FLYD is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023	0.79

The correlation between JETD and FLYD has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.

Return for Risk

JETD vs. FLYD — Risk / Return Rank

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

JETD

JETD Risk / Return Rank: 1
JETD Sharpe Ratio Rank: 2
JETD Sortino Ratio Rank: 1
JETD Omega Ratio Rank: 1
JETD Calmar Ratio Rank: 0
JETD Martin Ratio Rank: 1

FLYD

FLYD Risk / Return Rank: 2
FLYD Sharpe Ratio Rank: 4
FLYD Sortino Ratio Rank: 4
FLYD Omega Ratio Rank: 4
FLYD Calmar Ratio Rank: 0
FLYD Martin Ratio Rank: 0

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. FLYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX Airlines -3X Inverse Leveraged ETN (JETD) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). 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	FLYD	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	-0.73	-0.29
Sortino ratio: Return per unit of downside risk	-1.99	-0.90	-1.09
Omega ratio: Gain probability vs. loss probability	0.77	0.90	-0.13
Calmar ratio: Return relative to maximum drawdown	-1.01	-1.01	-0.01
Martin ratio: Return relative to average drawdown	-1.68	-2.07	+0.39

JETD vs. FLYD - Sharpe Ratio Comparison

The current JETD Sharpe Ratio is -1.03, which is lower than the FLYD Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of JETD and FLYD, 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. FLYD - Drawdown Comparison

The maximum JETD drawdown since its inception was -95.22%, roughly equal to the maximum FLYD drawdown of -98.45%. Use the drawdown chart below to compare losses from any high point for JETD and FLYD.

Drawdown Indicators

	JETD	FLYD	Difference
Max Drawdown Largest peak-to-trough decline	-95.22%	-98.45%	+3.23%
Max Drawdown (1Y) Largest decline over 1 year	-76.78%	-55.15%	-21.63%
Max Drawdown (3Y) Largest decline over 3 years	-95.22%	-94.61%	-0.61%
Current Drawdown Current decline from peak	-95.22%	-98.39%	+3.17%
Average Drawdown Average peak-to-trough decline	-61.93%	-83.26%	+21.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.65%	30.03%	+17.62%

Volatility

JETD vs. FLYD - Volatility Comparison

MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 31.75% compared to MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) at 26.01%. This indicates that JETD's price experiences larger fluctuations and is considered to be riskier than FLYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JETD	FLYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.75%	26.01%	+5.74%
Volatility (6M) Calculated over the trailing 6-month period	64.66%	62.95%	+1.71%
Volatility (1Y) Calculated over the trailing 1-year period	75.92%	75.71%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.61%	83.83%	-12.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.61%	83.83%	-12.22%

JETD vs. FLYD - Expense Ratio Comparison

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

Dividends

JETD vs. FLYD - Dividend Comparison

Neither JETD nor FLYD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JETD and FLYD in my portfolio?

JETD and FLYD have a correlation of 0.80, 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 FLYD?

JETD has higher volatility (31.75%) compared to FLYD (26.01%). In terms of maximum drawdown, JETD dropped -95.22% vs FLYD's -98.45%.

Which ETF is better, JETD or FLYD?

On 3-year performance, JETD leads with -55.58% vs -56.28% for FLYD. Both ETFs have the same 0.95% expense ratio. On volatility, FLYD has been the lower-risk option at 26.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JETD or FLYD?

Over the 3-year period, JETD has performed better with a -55.58% return vs -56.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JETD or FLYD?

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

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

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

What is the main difference between JETD and FLYD?

JETD tracks Prime Airlines Index - Benchmark TR Net (--300%), while FLYD tracks MerQube MicroSectors U.S. Travel Index. They also come from different issuers: Max and REX.

Which has better risk-adjusted returns?

FLYD currently has the higher Sharpe Ratio (-0.73 vs -1.03), 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.