JETD vs. SMDX
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 -74.99% vs 28.64% for SMDX. Their -0.76 correlation means they have often moved in opposite directions in the past. JETD charges 0.95%/yr vs 0.35%/yr for SMDX.
Performance
JETD vs. SMDX - Performance Comparison
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Returns By Period
In the year-to-date period, JETD achieves a -55.07% return, which is significantly lower than SMDX's 17.75% return.
JETD
- 1D
- -9.96%
- 1M
- 0.93%
- 6M
- -45.68%
- YTD
- -55.07%
- 1Y
- -74.99%
- 3Y*
- -55.29%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -54.52%
SMDX
- 1D
- 1.24%
- 1M
- 0.64%
- 6M
- 11.54%
- YTD
- 17.75%
- 1Y
- 28.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 23.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $203.79K | $315.96K | $386.43K | |
| $983.55 | $3.61K | $6.37K |
JETD vs. SMDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JETD MAX Airlines -3X Inverse Leveraged ETN | -55.07% | -61.50% |
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 17.75% | 14.46% |
Correlation
The correlation between JETD and SMDX is -0.75, 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. | -0.75 |
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.
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Return for Risk
JETD vs. SMDX — Risk / Return Rank
JETD
SMDX
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 ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -4.50 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.32 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 3.32 | -4.33 |
| Martin ratioReturn relative to average drawdown | -1.63 | 11.59 | -13.21 |
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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.
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Drawdown Indicators
| JETD | SMDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.39% | -14.52% | -80.87% |
Max Drawdown (1Y)Largest decline over 1 year | -74.49% | -8.66% | -65.83% |
Max Drawdown (3Y)Largest decline over 3 years | -95.39% | — | — |
Current DrawdownCurrent decline from peak | -95.33% | -0.97% | -94.36% |
Average DrawdownAverage peak-to-trough decline | -63.02% | -2.25% | -60.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.56% | 2.48% | +45.08% |
Volatility
JETD vs. SMDX - Volatility Comparison
MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 22.02% compared to Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) at 3.72%. 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.
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Volatility by Period
| JETD | SMDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.02% | 3.72% | +18.30% |
Volatility (6M)Calculated over the trailing 6-month period | 66.00% | 11.72% | +54.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.75% | 16.13% | +59.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.50% | 20.43% | +51.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.50% | 20.43% | +51.07% |
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 0.51%.
| Position | TTM | 2025 |
|---|---|---|
JETD MAX Airlines -3X Inverse Leveraged ETN | 0.00% | 0.00% |
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.51% | 0.61% |
Frequently Asked Questions
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.
JETD has higher volatility (22.02%) compared to SMDX (3.72%). In terms of maximum drawdown, JETD dropped -95.39% vs SMDX's -14.52%.
On 1-year performance, SMDX leads with 28.64% vs -74.99% for JETD. On fees, SMDX is cheaper at 0.35% per year. On volatility, SMDX has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMDX has performed better with a 28.64% return vs -74.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMDX is cheaper with a 0.35% expense ratio, compared with 0.95% for JETD.
SMDX has the higher dividend yield at 0.51%, compared with 0.00% for JETD.
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.
SMDX currently has the higher Sharpe Ratio (1.79 vs -0.99), 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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