JETD vs. FNX
JETD (MAX Airlines -3X Inverse Leveraged ETN) and FNX (First Trust Mid 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 FNX is a Mid Cap Blend Equities fund tracking the NASDAQ AlphaDEX Mid Cap Core Index. Both are passively managed. Over the past 3 years, JETD returned -51.54%/yr vs 14.35%/yr for FNX. At a correlation of -0.73, they often move in opposite directions. JETD charges 0.95%/yr vs 0.60%/yr for FNX.
Performance
JETD vs. FNX - 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 FNX's 13.19% return.
JETD
- 1D
- 5.74%
- 1M
- -9.70%
- 6M
- -38.94%
- YTD
- -48.55%
- 1Y
- -66.95%
- 3Y*
- -51.54%
- 5Y*
- —
- 10Y*
- —
FNX
- 1D
- -0.47%
- 1M
- -0.98%
- 6M
- 7.34%
- YTD
- 13.19%
- 1Y
- 21.92%
- 3Y*
- 14.35%
- 5Y*
- 9.11%
- 10Y*
- 11.77%
JETD vs. FNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JETD MAX Airlines -3X Inverse Leveraged ETN | -48.55% | -59.89% | -51.72% | -1.53% |
FNX First Trust Mid Cap Core AlphaDEX Fund | 13.19% | 9.87% | 12.21% | 12.89% |
Correlation
The correlation between JETD and FNX 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 | -0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | -0.73 |
The correlation between JETD and FNX has been stable across timeframes, ranging from -0.75 to -0.73 - a consistent structural relationship.
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Return for Risk
JETD vs. FNX — Risk / Return Rank
JETD
FNX
JETD vs. FNX - 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 Mid Cap Core AlphaDEX Fund (FNX). 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 | FNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.44 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.24 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 2.38 | -3.27 |
| Martin ratioReturn relative to average drawdown | -1.51 | 8.12 | -9.64 |
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Drawdowns
JETD vs. FNX - Drawdown Comparison
The maximum JETD drawdown since its inception was -95.39%, which is greater than FNX's maximum drawdown of -57.11%. Use the drawdown chart below to compare losses from any high point for JETD and FNX.
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Drawdown Indicators
| JETD | FNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.39% | -57.11% | -38.28% |
Max Drawdown (1Y)Largest decline over 1 year | -75.34% | -9.24% | -66.10% |
Max Drawdown (3Y)Largest decline over 3 years | -95.39% | -24.97% | -70.42% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.97% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.95% | — |
Current DrawdownCurrent decline from peak | -94.65% | -2.98% | -91.67% |
Average DrawdownAverage peak-to-trough decline | -62.40% | -8.36% | -54.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.25% | 2.70% | +41.55% |
Volatility
JETD vs. FNX - Volatility Comparison
MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 27.04% compared to First Trust Mid Cap Core AlphaDEX Fund (FNX) at 4.08%. This indicates that JETD's price experiences larger fluctuations and is considered to be riskier than FNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JETD | FNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.04% | 4.08% | +22.96% |
Volatility (6M)Calculated over the trailing 6-month period | 65.09% | 11.54% | +53.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.17% | 16.32% | +58.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.45% | 20.48% | +50.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.45% | 21.90% | +49.55% |
JETD vs. FNX - Expense Ratio Comparison
JETD has a 0.95% expense ratio, which is higher than FNX's 0.60% expense ratio.
Dividends
JETD vs. FNX - Dividend Comparison
JETD has not paid dividends to shareholders, while FNX's dividend yield for the trailing twelve months is around 0.82%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNX First Trust Mid Cap Core AlphaDEX Fund | 0.82% | 0.88% | 1.26% | 1.11% | 1.19% | 0.94% | 1.04% | 1.21% | 1.01% | 0.90% | 1.07% | 1.07% |
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 FNX 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 (27.04%) compared to FNX (4.08%). In terms of maximum drawdown, JETD dropped -95.39% vs FNX's -57.11%.
On 3-year performance, FNX leads with 14.35% vs -51.54% for JETD. On fees, FNX is cheaper at 0.60% per year. On volatility, FNX has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FNX has performed better with a 14.35% return vs -51.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNX is cheaper with a 0.60% expense ratio, compared with 0.95% for JETD.
FNX has the higher dividend yield at 0.82%, compared with 0.00% for JETD.
JETD is categorized as Inverse Equities, while FNX is Mid Cap Blend Equities. JETD tracks Prime Airlines Index - Benchmark TR Net (--300%), while FNX tracks NASDAQ AlphaDEX Mid Cap Core Index. They also come from different issuers: Max and First Trust. Their fees differ too: 0.95% for JETD and 0.60% for FNX.
FNX currently has the higher Sharpe Ratio (1.35 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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