JETD vs. SPDN
JETD (MAX Airlines -3X Inverse Leveraged ETN) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - JETD tracks the Prime Airlines Index - Benchmark TR Net (--300%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, JETD returned -55.58%/yr vs -11.77%/yr for SPDN. A 0.61 correlation means they provide meaningful diversification when combined. JETD charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
JETD vs. SPDN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JETD achieves a -54.04% return, which is significantly lower than SPDN's -5.13% return.
JETD
- 1D
- -4.72%
- 1M
- -31.48%
- YTD
- -54.04%
- 6M
- -51.71%
- 1Y
- -77.54%
- 3Y*
- -55.58%
- 5Y*
- —
- 10Y*
- —
SPDN
- 1D
- 0.00%
- 1M
- 2.55%
- YTD
- -5.13%
- 6M
- -3.80%
- 1Y
- -13.11%
- 3Y*
- -11.77%
- 5Y*
- -8.13%
- 10Y*
- -12.75%
JETD vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JETD MAX Airlines -3X Inverse Leveraged ETN | -54.04% | -59.89% | -51.72% | -1.53% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.13% | -11.09% | -12.88% | -5.07% |
Correlation
The correlation between JETD and SPDN is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | 0.61 |
The correlation between JETD and SPDN has been stable across timeframes, ranging from 0.58 to 0.62 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
JETD vs. SPDN — Risk / Return Rank
JETD
SPDN
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.
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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.84 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.83 | -0.19 |
| Martin ratioReturn relative to average drawdown | -1.68 | -1.61 | -0.07 |
Loading charts...
Drawdowns
JETD vs. SPDN - Drawdown Comparison
The maximum JETD drawdown since its inception was -95.22%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for JETD and SPDN.
Loading charts...
Drawdown Indicators
| JETD | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.22% | -75.31% | -19.91% |
Max Drawdown (1Y)Largest decline over 1 year | -76.78% | -15.93% | -60.85% |
Max Drawdown (3Y)Largest decline over 3 years | -95.22% | -38.24% | -56.98% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.83% | — |
Current DrawdownCurrent decline from peak | -95.22% | -74.45% | -20.77% |
Average DrawdownAverage peak-to-trough decline | -61.93% | -48.68% | -13.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.65% | 8.62% | +39.03% |
Volatility
JETD vs. SPDN - Volatility Comparison
MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 31.75% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.61%. 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.
Loading charts...
Volatility by Period
| JETD | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.75% | 4.61% | +27.14% |
Volatility (6M)Calculated over the trailing 6-month period | 64.66% | 9.88% | +54.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.92% | 12.59% | +63.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.61% | 16.95% | +54.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.61% | 18.03% | +53.58% |
JETD vs. SPDN - Expense Ratio Comparison
JETD has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
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 3.27%.
| Position | 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 | 3.27% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
JETD and SPDN have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JETD has higher volatility (31.75%) compared to SPDN (4.61%). In terms of maximum drawdown, JETD dropped -95.22% vs SPDN's -75.31%.
On 3-year performance, SPDN leads with -11.77% vs -55.58% for JETD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPDN has performed better with a -11.77% return vs -55.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for JETD.
SPDN has the higher dividend yield at 3.27%, compared with 0.00% for JETD.
JETD tracks Prime Airlines Index - Benchmark TR Net (--300%), while SPDN tracks S&P 500 Index. They also come from different issuers: Max and Direxion. Their fees differ too: 0.95% for JETD and 0.50% for SPDN.
JETD currently has the higher Sharpe Ratio (-1.03 vs -1.04), 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.
Find the right allocation for JETD and SPDN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer