JETU vs. GSG
JETU (MAX Airlines 3X Leveraged ETN) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - JETU is a Leveraged Equities fund tracking the Prime Airlines Index - Benchmark TR Net, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 3 years, JETU returned 8.20%/yr vs 15.01%/yr for GSG. At a correlation of -0.14, they often move in opposite directions. JETU charges 0.95%/yr vs 0.75%/yr for GSG.
Performance
JETU vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, JETU achieves a 18.81% return, which is significantly lower than GSG's 34.43% return.
JETU
- 1D
- -1.85%
- 1M
- 5.33%
- 6M
- 3.35%
- YTD
- 18.81%
- 1Y
- 42.73%
- 3Y*
- 8.20%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 1.57%
- 1M
- 1.37%
- 6M
- 28.74%
- YTD
- 34.43%
- 1Y
- 38.08%
- 3Y*
- 15.01%
- 5Y*
- 14.34%
- 10Y*
- 7.57%
JETU vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JETU MAX Airlines 3X Leveraged ETN | 18.81% | 3.88% | 38.00% | -15.80% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 34.43% | 5.93% | 8.52% | 1.11% |
Correlation
The correlation between JETU and GSG is -0.38, 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 | -0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | -0.14 |
Over the past year, the inverse relationship between JETU and GSG has strengthened: their correlation has moved from -0.14 to -0.38, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
JETU vs. GSG — Risk / Return Rank
JETU
GSG
JETU vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MAX Airlines 3X Leveraged ETN (JETU) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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.
| JETU | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.29 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 2.03 | -1.16 |
| Martin ratioReturn relative to average drawdown | 2.12 | 6.88 | -4.76 |
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Drawdowns
JETU vs. GSG - Drawdown Comparison
The maximum JETU drawdown since its inception was -68.64%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for JETU and GSG.
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Drawdown Indicators
| JETU | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.64% | -89.62% | +20.98% |
Max Drawdown (1Y)Largest decline over 1 year | -49.39% | -18.81% | -30.58% |
Max Drawdown (3Y)Largest decline over 3 years | -68.64% | -18.81% | -49.83% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | -16.40% | -59.41% | +43.01% |
Average DrawdownAverage peak-to-trough decline | -28.89% | -63.69% | +34.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.20% | 5.55% | +14.65% |
Volatility
JETU vs. GSG - Volatility Comparison
MAX Airlines 3X Leveraged ETN (JETU) has a higher volatility of 17.17% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.37%. This indicates that JETU's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JETU | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.17% | 7.37% | +9.80% |
Volatility (6M)Calculated over the trailing 6-month period | 62.17% | 21.54% | +40.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.17% | 23.48% | +51.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.37% | 22.80% | +48.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.37% | 22.00% | +49.37% |
JETU vs. GSG - Expense Ratio Comparison
JETU has a 0.95% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
JETU vs. GSG - Dividend Comparison
Neither JETU nor GSG has paid dividends to shareholders.
Frequently Asked Questions
JETU and GSG have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JETU has higher volatility (17.17%) compared to GSG (7.37%). In terms of maximum drawdown, JETU dropped -68.64% vs GSG's -89.62%.
On 3-year performance, GSG leads with 15.01% vs 8.20% for JETU. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 15.01% return vs 8.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.95% for JETU.
JETU and GSG have nearly identical dividend yields, around 0.00%.
JETU is categorized as Leveraged Equities, while GSG is Commodities. JETU tracks Prime Airlines Index - Benchmark TR Net, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Max and iShares. Their fees differ too: 0.95% for JETU and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.63 vs 0.57), 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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