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 -51.54%/yr vs 14.12%/yr for QVMM. At a correlation of -0.73, they often move in opposite directions. 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 -48.55% return, which is significantly lower than QVMM's 14.83% return.
JETD
- 1D
- 5.74%
- 1M
- -9.70%
- 6M
- -38.94%
- YTD
- -48.55%
- 1Y
- -66.95%
- 3Y*
- -51.54%
- 5Y*
- —
- 10Y*
- —
QVMM
- 1D
- -0.63%
- 1M
- -1.00%
- 6M
- 9.74%
- YTD
- 14.83%
- 1Y
- 21.21%
- 3Y*
- 14.12%
- 5Y*
- 8.82%
- 10Y*
- —
JETD vs. QVMM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JETD MAX Airlines -3X Inverse Leveraged ETN | -48.55% | -59.89% | -51.72% | -1.53% |
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 14.83% | 8.82% | 13.36% | 9.69% |
Correlation
The correlation between JETD and QVMM is -0.74, 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 | -0.74 |
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 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 | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.24 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 2.56 | -3.46 |
| Martin ratioReturn relative to average drawdown | -1.51 | 9.14 | -10.65 |
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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 | -94.65% | -2.53% | -92.12% |
Average DrawdownAverage peak-to-trough decline | -62.40% | -6.95% | -55.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.25% | 2.33% | +41.92% |
Volatility
JETD vs. QVMM - Volatility Comparison
MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 27.04% compared to Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) at 4.25%. 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 | 27.04% | 4.25% | +22.79% |
Volatility (6M)Calculated over the trailing 6-month period | 65.09% | 11.58% | +53.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.17% | 15.57% | +59.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.45% | 19.41% | +52.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.45% | 19.39% | +52.06% |
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 1.16%.
| 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 | 1.16% | 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 (27.04%) compared to QVMM (4.25%). In terms of maximum drawdown, JETD dropped -95.39% vs QVMM's -24.00%.
On 3-year performance, QVMM leads with 14.12% vs -51.54% for JETD. On fees, QVMM is cheaper at 0.15% per year. On volatility, QVMM has been the lower-risk option at 4.25%. 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 14.12% return vs -51.54%. 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 1.16%, 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 (1.37 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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