JETD vs. XTN
JETD (MAX Airlines -3X Inverse Leveraged ETN) and XTN (SPDR S&P Transportation ETF) are both exchange-traded funds - JETD is a Inverse Equities fund tracking the Prime Airlines Index - Benchmark TR Net (--300%), while XTN is a Transportation Equities fund tracking the S&P Transportation Select Industry Index. Both are passively managed. Over the past 3 years, JETD returned -51.54%/yr vs 11.85%/yr for XTN. At a correlation of -0.80, they often move in opposite directions. JETD charges 0.95%/yr vs 0.35%/yr for XTN.
Performance
JETD vs. XTN - 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 XTN's 26.00% return.
JETD
- 1D
- 5.74%
- 1M
- -9.70%
- 6M
- -38.94%
- YTD
- -48.55%
- 1Y
- -66.95%
- 3Y*
- -51.54%
- 5Y*
- —
- 10Y*
- —
XTN
- 1D
- -0.48%
- 1M
- -1.83%
- 6M
- 18.00%
- YTD
- 26.00%
- 1Y
- 34.71%
- 3Y*
- 11.85%
- 5Y*
- 7.51%
- 10Y*
- 10.41%
JETD vs. XTN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JETD MAX Airlines -3X Inverse Leveraged ETN | -48.55% | -59.89% | -51.72% | -1.53% |
XTN SPDR S&P Transportation ETF | 26.00% | 6.33% | 4.86% | 5.92% |
Correlation
The correlation between JETD and XTN is -0.77, 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 | -0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | -0.80 |
The correlation between JETD and XTN has been stable across timeframes, ranging from -0.80 to -0.77 - a consistent structural relationship.
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Return for Risk
JETD vs. XTN — Risk / Return Rank
JETD
XTN
JETD vs. XTN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MAX Airlines -3X Inverse Leveraged ETN (JETD) and SPDR S&P Transportation ETF (XTN). 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 | XTN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.23 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 2.02 | -2.91 |
| Martin ratioReturn relative to average drawdown | -1.51 | 5.55 | -7.07 |
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Drawdowns
JETD vs. XTN - Drawdown Comparison
The maximum JETD drawdown since its inception was -95.39%, which is greater than XTN's maximum drawdown of -43.77%. Use the drawdown chart below to compare losses from any high point for JETD and XTN.
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Drawdown Indicators
| JETD | XTN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.39% | -43.77% | -51.62% |
Max Drawdown (1Y)Largest decline over 1 year | -75.34% | -17.28% | -58.06% |
Max Drawdown (3Y)Largest decline over 3 years | -95.39% | -33.69% | -61.70% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.05% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.77% | — |
Current DrawdownCurrent decline from peak | -94.65% | -2.32% | -92.33% |
Average DrawdownAverage peak-to-trough decline | -62.40% | -10.88% | -51.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.25% | 6.27% | +37.98% |
Volatility
JETD vs. XTN - Volatility Comparison
MAX Airlines -3X Inverse Leveraged ETN (JETD) has a higher volatility of 27.04% compared to SPDR S&P Transportation ETF (XTN) at 6.68%. This indicates that JETD's price experiences larger fluctuations and is considered to be riskier than XTN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JETD | XTN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.04% | 6.68% | +20.36% |
Volatility (6M)Calculated over the trailing 6-month period | 65.09% | 22.51% | +42.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.17% | 27.84% | +47.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.45% | 26.91% | +44.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.45% | 26.15% | +45.30% |
JETD vs. XTN - Expense Ratio Comparison
JETD has a 0.95% expense ratio, which is higher than XTN's 0.35% expense ratio.
Dividends
JETD vs. XTN - Dividend Comparison
JETD has not paid dividends to shareholders, while XTN's dividend yield for the trailing twelve months is around 0.64%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
XTN SPDR S&P Transportation ETF | 0.64% | 0.78% | 0.93% | 0.73% | 1.04% | 1.02% | 0.75% | 1.17% | 0.98% | 0.63% | 0.66% | 1.03% |
Frequently Asked Questions
JETD and XTN have a correlation of -0.77, 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 XTN (6.68%). In terms of maximum drawdown, JETD dropped -95.39% vs XTN's -43.77%.
On 3-year performance, XTN leads with 11.85% vs -51.54% for JETD. On fees, XTN is cheaper at 0.35% per year. On volatility, XTN has been the lower-risk option at 6.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XTN has performed better with a 11.85% return vs -51.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTN is cheaper with a 0.35% expense ratio, compared with 0.95% for JETD.
XTN has the higher dividend yield at 0.64%, compared with 0.00% for JETD.
JETD is categorized as Inverse Equities, while XTN is Transportation Equities. JETD tracks Prime Airlines Index - Benchmark TR Net (--300%), while XTN tracks S&P Transportation Select Industry Index. They also come from different issuers: Max and State Street. Their fees differ too: 0.95% for JETD and 0.35% for XTN.
XTN currently has the higher Sharpe Ratio (1.26 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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