JETD vs. SMDX

Last updated Jul 14, 2026

JETD (MAX Airlines -3X Inverse Leveraged ETN) and SMDX (Intech S&P Small-Mid Cap Diversified Alpha ETF) are both exchange-traded funds - JETD is a Inverse Equities fund tracking the Prime Airlines Index - Benchmark TR Net (--300%), while SMDX is a Small Cap Blend Equities fund actively managed by Intech. JETD is passively managed, while SMDX is actively managed. Over the past year, JETD returned -66.95% vs 24.64% for SMDX. At a correlation of -0.76, they often move in opposite directions. JETD charges 0.95%/yr vs 0.35%/yr for SMDX.

Performance

JETD vs. SMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX Airlines -3X Inverse Leveraged ETN (JETD) and Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JETD achieves a -48.55% return, which is significantly lower than SMDX's 16.15% return.

JETD

• 1D: 5.74%
• 1M: -9.70%
• 6M: -38.94%
• YTD: -48.55%
• 1Y: -66.95%
• 3Y*: -51.54%
• 5Y*: —
• 10Y*: —

SMDX

• 1D: -0.73%
• 1M: -0.41%
• 6M: 11.79%
• YTD: 16.15%
• 1Y: 24.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JETD vs. SMDX - Yearly Performance Comparison

	2026 (YTD)	2025
JETD MAX Airlines -3X Inverse Leveraged ETN	-48.55%	-61.50%
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF	16.15%	14.46%

Correlation

The correlation between JETD and SMDX 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 (All Time) Calculated using the full available price history since Feb 28, 2025	-0.76

The correlation between JETD and SMDX has been stable across timeframes, ranging from -0.76 to -0.75 - a consistent structural relationship.

Return for Risk

JETD vs. SMDX — Risk / Return Rank

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

JETD

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

SMDX

SMDX Risk / Return Rank: 62
SMDX Sharpe Ratio Rank: 56
SMDX Sortino Ratio Rank: 61
SMDX Omega Ratio Rank: 54
SMDX Calmar Ratio Rank: 71
SMDX Martin Ratio Rank: 69

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. SMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX Airlines -3X Inverse Leveraged ETN (JETD) and Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX). 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	SMDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	1.51	-2.41
Sortino ratio: Return per unit of downside risk	-1.40	2.29	-3.69
Omega ratio: Gain probability vs. loss probability	0.83	1.27	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.89	2.86	-3.75
Martin ratio: Return relative to average drawdown	-1.51	9.95	-11.46

JETD vs. SMDX - Sharpe Ratio Comparison

The current JETD Sharpe Ratio is -0.89, which is lower than the SMDX Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of JETD and SMDX, 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. SMDX - Drawdown Comparison

The maximum JETD drawdown since its inception was -95.39%, which is greater than SMDX's maximum drawdown of -14.52%. Use the drawdown chart below to compare losses from any high point for JETD and SMDX.

Drawdown Indicators

	JETD	SMDX	Difference
Max Drawdown Largest peak-to-trough decline	-95.39%	-14.52%	-80.87%
Max Drawdown (1Y) Largest decline over 1 year	-75.34%	-8.66%	-66.68%
Max Drawdown (3Y) Largest decline over 3 years	-95.39%	—	—
Current Drawdown Current decline from peak	-94.65%	-2.31%	-92.34%
Average Drawdown Average peak-to-trough decline	-62.40%	-2.27%	-60.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.25%	2.48%	+41.77%

Volatility

JETD vs. SMDX - Volatility Comparison

MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 27.04% compared to Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) at 4.14%. This indicates that JETD's price experiences larger fluctuations and is considered to be riskier than SMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JETD	SMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.04%	4.14%	+22.90%
Volatility (6M) Calculated over the trailing 6-month period	65.09%	11.78%	+53.31%
Volatility (1Y) Calculated over the trailing 1-year period	75.17%	16.38%	+58.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.45%	20.71%	+50.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.45%	20.71%	+50.74%

JETD vs. SMDX - Expense Ratio Comparison

JETD has a 0.95% expense ratio, which is higher than SMDX's 0.35% expense ratio.

Dividends

JETD vs. SMDX - Dividend Comparison

JETD has not paid dividends to shareholders, while SMDX's dividend yield for the trailing twelve months is around 0.52%.

Position	TTM	2025
JETD MAX Airlines -3X Inverse Leveraged ETN	0.00%	0.00%
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF	0.52%	0.61%

Frequently Asked Questions

Can I hold both JETD and SMDX in my portfolio?

JETD and SMDX 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.

Which is riskier, JETD or SMDX?

JETD has higher volatility (27.04%) compared to SMDX (4.14%). In terms of maximum drawdown, JETD dropped -95.39% vs SMDX's -14.52%.

Which ETF is better, JETD or SMDX?

On 1-year performance, SMDX leads with 24.64% vs -66.95% for JETD. On fees, SMDX is cheaper at 0.35% per year. On volatility, SMDX has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JETD or SMDX?

Over the 1-year period, SMDX has performed better with a 24.64% return vs -66.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JETD or SMDX?

SMDX is cheaper with a 0.35% expense ratio, compared with 0.95% for JETD.

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

SMDX has the higher dividend yield at 0.52%, compared with 0.00% for JETD.

What is the main difference between JETD and SMDX?

JETD is categorized as Inverse Equities, while SMDX is Small Cap Blend Equities. They also come from different issuers: Max and Intech. Their fees differ too: 0.95% for JETD and 0.35% for SMDX.

Which has better risk-adjusted returns?

SMDX currently has the higher Sharpe Ratio (1.51 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.