JETD vs. QVMM
JETD (MAX Airlines -3X Inverse Leveraged ETN) and QVMM (Invesco S&P MidCap 400 QVM Multi-factor ETF) are both exchange-traded funds - JETD is a Inverse Equities fund tracking the Prime Airlines Index - Benchmark TR Net (--300%), while QVMM is a Multi-factor fund tracking the S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, JETD returned -52.61%/yr vs 13.68%/yr for QVMM. Their -0.73 correlation means they have often moved in opposite directions in the past. JETD charges 0.95%/yr vs 0.15%/yr for QVMM.
Performance
JETD vs. QVMM - Performance Comparison
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Returns By Period
In the year-to-date period, JETD achieves a -50.10% return, which is significantly lower than QVMM's 15.55% return.
JETD
- 1D
- 1.69%
- 1M
- 12.09%
- 6M
- -43.88%
- YTD
- -50.10%
- 1Y
- -72.22%
- 3Y*
- -52.61%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -53.06%
QVMM
- 1D
- 0.08%
- 1M
- -0.47%
- 6M
- 10.81%
- YTD
- 15.55%
- 1Y
- 24.49%
- 3Y*
- 13.68%
- 5Y*
- 8.56%
- 10Y*
- —
- ALL TIME*
- 8.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $218.49K | $331.18K | $402.63K | |
| $32.54K | $29.74K | $38.31K |
JETD vs. QVMM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JETD MAX Airlines -3X Inverse Leveraged ETN | -50.10% | -59.89% | -51.72% | -1.53% |
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 15.55% | 8.82% | 13.36% | 9.69% |
Correlation
The correlation between JETD and QVMM is -0.74, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.74 |
Correlation (3Y) Balances recent behavior with more history. | -0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | -0.73 |
The correlation between JETD and QVMM has been stable across timeframes, ranging from -0.74 to -0.73 - a consistent structural relationship.
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Return for Risk
JETD vs. QVMM — Risk / Return Rank
JETD
QVMM
JETD vs. QVMM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MAX Airlines -3X Inverse Leveraged ETN (JETD) and Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM). 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 | QVMM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.43 | ||
| Sortino ratioReturn per unit of downside risk | -3.79 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.27 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 2.77 | -3.71 |
| Martin ratioReturn relative to average drawdown | -1.49 | 9.91 | -11.40 |
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Drawdowns
JETD vs. QVMM - Drawdown Comparison
The maximum JETD drawdown since its inception was -95.39%, which is greater than QVMM's maximum drawdown of -24.00%. Use the drawdown chart below to compare losses from any high point for JETD and QVMM.
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Drawdown Indicators
| JETD | QVMM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.39% | -24.00% | -71.39% |
Max Drawdown (1Y)Largest decline over 1 year | -75.34% | -8.30% | -67.04% |
Max Drawdown (3Y)Largest decline over 3 years | -95.39% | -24.00% | -71.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.00% | — |
Current DrawdownCurrent decline from peak | -94.81% | -1.91% | -92.90% |
Average DrawdownAverage peak-to-trough decline | -62.98% | -6.90% | -56.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.33% | 2.32% | +45.01% |
Volatility
JETD vs. QVMM - Volatility Comparison
MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 19.60% compared to Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) at 3.47%. This indicates that JETD's price experiences larger fluctuations and is considered to be riskier than QVMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JETD | QVMM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.60% | 3.47% | +16.13% |
Volatility (6M)Calculated over the trailing 6-month period | 65.26% | 11.53% | +53.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.40% | 15.47% | +59.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.33% | 19.34% | +51.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.33% | 19.32% | +52.01% |
JETD vs. QVMM - Expense Ratio Comparison
JETD has a 0.95% expense ratio, which is higher than QVMM's 0.15% expense ratio.
Dividends
JETD vs. QVMM - Dividend Comparison
JETD has not paid dividends to shareholders, while QVMM's dividend yield for the trailing twelve months is around 1.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
JETD MAX Airlines -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 1.15% | 1.32% | 1.29% | 1.42% | 1.51% | 0.60% |
Frequently Asked Questions
JETD and QVMM have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JETD has higher volatility (19.60%) compared to QVMM (3.47%). In terms of maximum drawdown, JETD dropped -95.39% vs QVMM's -24.00%.
On 3-year performance, QVMM leads with 13.68% vs -52.61% for JETD. On fees, QVMM is cheaper at 0.15% per year. On volatility, QVMM has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, QVMM has performed better with a 13.68% return vs -52.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QVMM is cheaper with a 0.15% expense ratio, compared with 0.95% for JETD.
QVMM has the higher dividend yield at 1.15%, compared with 0.00% for JETD.
JETD is categorized as Inverse Equities, while QVMM is Multi-factor. JETD tracks Prime Airlines Index - Benchmark TR Net (--300%), while QVMM tracks S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross. They also come from different issuers: Max and Invesco. Their fees differ too: 0.95% for JETD and 0.15% for QVMM.
QVMM currently has the higher Sharpe Ratio (1.49 vs -0.94), 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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