JETD vs. MSFD

Last updated Jun 26, 2026

JETD (MAX Airlines -3X Inverse Leveraged ETN) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds - JETD tracks the Prime Airlines Index - Benchmark TR Net (--300%) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, JETD returned -55.58%/yr vs -1.91%/yr for MSFD. At a 0.22 correlation, their price movements are largely independent. JETD charges 0.95%/yr vs 1.06%/yr for MSFD.

Performance

JETD vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX Airlines -3X Inverse Leveraged ETN (JETD) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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 MSFD's 33.23% return.

JETD

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

MSFD

• 1D: 3.57%
• 1M: 16.76%
• YTD: 33.23%
• 6M: 34.63%
• 1Y: 37.35%
• 3Y*: -1.91%
• 5Y*: —
• 10Y*: —

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

JETD vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JETD MAX Airlines -3X Inverse Leveraged ETN	-54.04%	-59.89%	-51.72%	-1.53%
MSFD Direxion Daily MSFT Bear 1X Shares	33.23%	-13.36%	-7.86%	-8.61%

Correlation

The correlation between JETD and MSFD is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023	0.22

The correlation between JETD and MSFD shifts across timeframes, from 0.08 (1 year) to 0.22 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

JETD vs. MSFD — 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

MSFD

MSFD Risk / Return Rank: 43
MSFD Sharpe Ratio Rank: 46
MSFD Sortino Ratio Rank: 49
MSFD Omega Ratio Rank: 48
MSFD Calmar Ratio Rank: 35
MSFD Martin Ratio Rank: 37

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. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX Airlines -3X Inverse Leveraged ETN (JETD) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	1.42	-2.45
Sortino ratio: Return per unit of downside risk	-1.99	2.16	-4.15
Omega ratio: Gain probability vs. loss probability	0.77	1.27	-0.51
Calmar ratio: Return relative to maximum drawdown	-1.01	1.61	-2.63
Martin ratio: Return relative to average drawdown	-1.68	5.23	-6.91

JETD vs. MSFD - Sharpe Ratio Comparison

The current JETD Sharpe Ratio is -1.03, which is lower than the MSFD Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of JETD and MSFD, 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. MSFD - Drawdown Comparison

The maximum JETD drawdown since its inception was -95.22%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for JETD and MSFD.

Drawdown Indicators

	JETD	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-95.22%	-59.90%	-35.32%
Max Drawdown (1Y) Largest decline over 1 year	-76.78%	-23.25%	-53.53%
Max Drawdown (3Y) Largest decline over 3 years	-95.22%	-40.50%	-54.72%
Current Drawdown Current decline from peak	-95.22%	-39.91%	-55.31%
Average Drawdown Average peak-to-trough decline	-61.93%	-41.61%	-20.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.65%	7.17%	+40.48%

Volatility

JETD vs. MSFD - Volatility Comparison

MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 31.75% compared to Direxion Daily MSFT Bear 1X Shares (MSFD) at 11.90%. This indicates that JETD's price experiences larger fluctuations and is considered to be riskier than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JETD	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.75%	11.90%	+19.85%
Volatility (6M) Calculated over the trailing 6-month period	64.66%	22.99%	+41.67%
Volatility (1Y) Calculated over the trailing 1-year period	75.92%	26.44%	+49.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.61%	26.30%	+45.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.61%	26.30%	+45.31%

JETD vs. MSFD - Expense Ratio Comparison

JETD has a 0.95% expense ratio, which is lower than MSFD's 1.06% expense ratio.

Dividends

JETD vs. MSFD - Dividend Comparison

JETD has not paid dividends to shareholders, while MSFD's dividend yield for the trailing twelve months is around 2.97%.

Position	TTM	2025	2024	2023	2022
JETD MAX Airlines -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%
MSFD Direxion Daily MSFT Bear 1X Shares	2.97%	3.33%	4.46%	4.43%	0.74%

Frequently Asked Questions

Can I hold both JETD and MSFD in my portfolio?

JETD and MSFD have a correlation of 0.08, 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 MSFD?

JETD has higher volatility (31.75%) compared to MSFD (11.90%). In terms of maximum drawdown, JETD dropped -95.22% vs MSFD's -59.90%.

Which ETF is better, JETD or MSFD?

On 3-year performance, MSFD leads with -1.91% vs -55.58% for JETD. On fees, JETD is cheaper at 0.95% per year. On volatility, MSFD has been the lower-risk option at 11.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JETD or MSFD?

Over the 3-year period, MSFD has performed better with a -1.91% return vs -55.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JETD or MSFD?

JETD is cheaper with a 0.95% expense ratio, compared with 1.06% for MSFD.

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

MSFD has the higher dividend yield at 2.97%, compared with 0.00% for JETD.

What is the main difference between JETD and MSFD?

JETD tracks Prime Airlines Index - Benchmark TR Net (--300%), while MSFD tracks Microsoft Corporation (-100%). They also come from different issuers: Max and Direxion. Their fees differ too: 0.95% for JETD and 1.06% for MSFD.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (1.42 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.