JETD vs. SPDN

Last updated Apr 1, 2026

Compare and contrast key facts about MAX Airlines -3X Inverse Leveraged ETN (JETD) and Direxion Daily S&P 500 Bear 1x Shares (SPDN).

JETD and SPDN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JETD is a passively managed fund by Max that tracks the performance of the Prime Airlines Index - Benchmark TR Net (--300%). It was launched on Jun 20, 2023. SPDN is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index. It was launched on Jun 8, 2016. Both JETD and SPDN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

JETD vs. SPDN - 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 S&P 500 Bear 1x Shares (SPDN). The values are adjusted to include any dividend payments, if applicable.

JETD vs. SPDN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JETD MAX Airlines -3X Inverse Leveraged ETN	3.73%	-59.89%	-51.72%	-0.29%
SPDN Direxion Daily S&P 500 Bear 1x Shares	6.05%	-11.09%	-12.88%	-5.70%

Returns By Period

In the year-to-date period, JETD achieves a 3.73% return, which is significantly lower than SPDN's 6.05% return.

JETD

• 1D: -12.41%
• 1M: 39.44%
• YTD: 3.73%
• 6M: -32.46%
• 1Y: -69.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPDN

• 1D: -2.74%
• 1M: 5.71%
• YTD: 6.05%
• 6M: 4.90%
• 1Y: -11.05%
• 3Y*: -9.57%
• 5Y*: -7.35%
• 10Y*: —

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

JETD vs. SPDN - Expense Ratio Comparison

JETD has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.

JETD

MAX Airlines -3X Inverse Leveraged ETN

SPDN

Direxion Daily S&P 500 Bear 1x Shares

Return for Risk

JETD vs. SPDN — 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: 1
JETD Omega Ratio Rank: 1
JETD Calmar Ratio Rank: 1
JETD Martin Ratio Rank: 4

SPDN

SPDN Risk / Return Rank: 4
SPDN Sharpe Ratio Rank: 3
SPDN Sortino Ratio Rank: 3
SPDN Omega Ratio Rank: 2
SPDN Calmar Ratio Rank: 5
SPDN Martin Ratio Rank: 8

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. SPDN - 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 S&P 500 Bear 1x Shares (SPDN). 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.

	JETD	SPDN	Difference
Sharpe ratio Return per unit of total volatility	-0.78	-0.60	-0.18
Sortino ratio Return per unit of downside risk	-1.10	-0.73	-0.37
Omega ratio Gain probability vs. loss probability	0.85	0.89	-0.04
Calmar ratio Return relative to maximum drawdown	-0.78	-0.44	-0.35
Martin ratio Return relative to average drawdown	-0.96	-0.53	-0.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JETD vs. SPDN - Sharpe Ratio Comparison

The current JETD Sharpe Ratio is -0.78, which is comparable to the SPDN Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of JETD and SPDN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JETD	SPDN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.78	-0.60	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.64	-0.63	-0.01

Correlation

The correlation between JETD and SPDN is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

JETD vs. SPDN - Dividend Comparison

JETD has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 3.56%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JETD MAX Airlines -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDN Direxion Daily S&P 500 Bear 1x Shares	3.56%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%

Drawdowns

JETD vs. SPDN - Drawdown Comparison

The maximum JETD drawdown since its inception was -93.02%, which is greater than SPDN's maximum drawdown of -73.52%. Use the drawdown chart below to compare losses from any high point for JETD and SPDN.

Drawdown Indicators

	JETD	SPDN	Difference
Max Drawdown Largest peak-to-trough decline	-93.02%	-73.52%	-19.50%
Max Drawdown (1Y) Largest decline over 1 year	-87.31%	-26.44%	-60.87%
Max Drawdown (5Y) Largest decline over 5 years	—	-39.78%	—
Current Drawdown Current decline from peak	-89.21%	-71.44%	-17.77%
Average Drawdown Average peak-to-trough decline	-59.46%	-48.09%	-11.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	71.37%	21.69%	+49.68%

Volatility

JETD vs. SPDN - Volatility Comparison

MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 26.55% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 5.48%. This indicates that JETD's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JETD	SPDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.55%	5.48%	+21.07%
Volatility (6M) Calculated over the trailing 6-month period	49.68%	9.67%	+40.01%
Volatility (1Y) Calculated over the trailing 1-year period	89.08%	18.51%	+70.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.63%	16.87%	+51.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.63%	18.13%	+50.50%