JETU vs. CARU

Last updated Jun 3, 2026

JETU (MAX Airlines 3X Leveraged ETN) and CARU (Max Auto Industry 3X Leveraged ETN) are both Leveraged Equities funds from Max - JETU tracks the Prime Airlines Index - Benchmark TR Net while CARU tracks the Prime Auto Industry Index - Benchmark TR Net (--300%). Both are passively managed. Over the past year, JETU returned 53.37% vs -9.93% for CARU. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

JETU vs. CARU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX Airlines 3X Leveraged ETN (JETU) and Max Auto Industry 3X Leveraged ETN (CARU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JETU achieves a 4.37% return, which is significantly higher than CARU's -22.02% return.

JETU

• 1D: -4.87%
• 1M: 21.55%
• YTD: 4.37%
• 6M: 23.38%
• 1Y: 53.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CARU

• 1D: -3.14%
• 1M: 3.56%
• YTD: -22.02%
• 6M: -20.35%
• 1Y: -9.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JETU vs. CARU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JETU MAX Airlines 3X Leveraged ETN	4.37%	3.88%	38.00%	-23.37%
CARU Max Auto Industry 3X Leveraged ETN	-22.02%	7.29%	23.44%	-12.17%

Correlation

The correlation between JETU and CARU is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023	0.64

The correlation between JETU and CARU has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

Return for Risk

JETU vs. CARU — Risk / Return Rank

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

JETU

JETU Risk / Return Rank: 24
JETU Sharpe Ratio Rank: 21
JETU Sortino Ratio Rank: 27
JETU Omega Ratio Rank: 25
JETU Calmar Ratio Rank: 23
JETU Martin Ratio Rank: 22

CARU

CARU Risk / Return Rank: 8
CARU Sharpe Ratio Rank: 7
CARU Sortino Ratio Rank: 10
CARU Omega Ratio Rank: 10
CARU Calmar Ratio Rank: 6
CARU Martin Ratio Rank: 6

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.

JETU vs. CARU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX Airlines 3X Leveraged ETN (JETU) and Max Auto Industry 3X Leveraged ETN (CARU). 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.

	JETU	CARU	Difference
Sharpe ratio Return per unit of total volatility	0.74	-0.15	+0.88
Sortino ratio Return per unit of downside risk	1.52	0.27	+1.25
Omega ratio Gain probability vs. loss probability	1.17	1.03	+0.14
Calmar ratio Return relative to maximum drawdown	1.11	-0.26	+1.37
Martin ratio Return relative to average drawdown	2.81	-0.55	+3.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JETU vs. CARU - Sharpe Ratio Comparison

The current JETU Sharpe Ratio is 0.74, which is higher than the CARU Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of JETU and CARU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JETU	CARU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	-0.15	+0.88
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	-0.04	+0.15

Drawdowns

JETU vs. CARU - Drawdown Comparison

The maximum JETU drawdown since its inception was -68.64%, roughly equal to the maximum CARU drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for JETU and CARU.

Drawdown Indicators

	JETU	CARU	Difference
Max Drawdown Largest peak-to-trough decline	-68.64%	-66.44%	-2.20%
Max Drawdown (1Y) Largest decline over 1 year	-49.39%	-50.87%	+1.48%
Current Drawdown Current decline from peak	-25.25%	-38.42%	+13.17%
Average Drawdown Average peak-to-trough decline	-29.52%	-35.90%	+6.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.59%	23.88%	-4.29%

Volatility

JETU vs. CARU - Volatility Comparison

MAX Airlines 3X Leveraged ETN (JETU) has a higher volatility of 27.69% compared to Max Auto Industry 3X Leveraged ETN (CARU) at 23.47%. This indicates that JETU's price experiences larger fluctuations and is considered to be riskier than CARU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JETU	CARU	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.69%	23.47%	+4.22%
Volatility (6M) Calculated over the trailing 6-month period	57.12%	50.56%	+6.56%
Volatility (1Y) Calculated over the trailing 1-year period	72.66%	68.78%	+3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.54%	80.32%	-9.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.54%	80.32%	-9.78%

JETU vs. CARU - Expense Ratio Comparison

Both JETU and CARU have an expense ratio of 0.95%.

Dividends

JETU vs. CARU - Dividend Comparison

Neither JETU nor CARU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JETU and CARU in my portfolio?

JETU and CARU have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JETU or CARU?

JETU has higher volatility (27.69%) compared to CARU (23.47%). In terms of maximum drawdown, JETU dropped -68.64% vs CARU's -66.44%.

Which ETF is better, JETU or CARU?

On 1-year performance, JETU leads with 53.37% vs -9.93% for CARU. Both ETFs have the same 0.95% expense ratio. On volatility, CARU has been the lower-risk option at 23.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JETU or CARU?

Over the 1-year period, JETU has performed better with a 53.37% return vs -9.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JETU or CARU?

JETU and CARU have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, JETU or CARU?

JETU and CARU have nearly identical dividend yields, around 0.00%.

What is the main difference between JETU and CARU?

JETU tracks Prime Airlines Index - Benchmark TR Net, while CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%).

Which has better risk-adjusted returns?

JETU currently has the higher Sharpe Ratio (0.74 vs -0.15), 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.