JETU vs. JETD

Last updated Jul 14, 2026

JETU (MAX Airlines 3X Leveraged ETN) and JETD (MAX Airlines -3X Inverse Leveraged ETN) are both exchange-traded funds - JETU is a Leveraged Equities fund tracking the Prime Airlines Index - Benchmark TR Net, while JETD is a Inverse Equities fund tracking the Prime Airlines Index - Benchmark TR Net (--300%). Both are passively managed. Over the past 3 years, JETU returned 8.88%/yr vs -51.54%/yr for JETD. At a correlation of -0.99, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

JETU vs. JETD - Performance Comparison

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

Returns By Period

In the year-to-date period, JETU achieves a 21.05% return, which is significantly higher than JETD's -48.55% return.

JETU

• 1D: -5.80%
• 1M: 7.31%
• 6M: 3.33%
• YTD: 21.05%
• 1Y: 50.32%
• 3Y*: 8.88%
• 5Y*: —
• 10Y*: —

JETD

• 1D: 5.74%
• 1M: -9.70%
• 6M: -38.94%
• YTD: -48.55%
• 1Y: -66.95%
• 3Y*: -51.54%
• 5Y*: —
• 10Y*: —

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

JETU vs. JETD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JETU MAX Airlines 3X Leveraged ETN	21.05%	3.88%	38.00%	-15.80%
JETD MAX Airlines -3X Inverse Leveraged ETN	-48.55%	-59.89%	-51.72%	-1.53%

Correlation

The correlation between JETU and JETD is -0.98, 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	-0.99
Correlation (3Y) Calculated over the trailing 3-year period	-0.99
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023	-0.99

The correlation between JETU and JETD has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.

Return for Risk

JETU vs. JETD — Risk / Return Rank

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

JETU

JETU Risk / Return Rank: 27
JETU Sharpe Ratio Rank: 23
JETU Sortino Ratio Rank: 33
JETU Omega Ratio Rank: 29
JETU Calmar Ratio Rank: 26
JETU Martin Ratio Rank: 25

JETD

JETD Risk / Return Rank: 2
JETD Sharpe Ratio Rank: 2
JETD Sortino Ratio Rank: 2
JETD Omega Ratio Rank: 2
JETD Calmar Ratio Rank: 1
JETD Martin Ratio Rank: 1

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. JETD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX Airlines 3X Leveraged ETN (JETU) and MAX Airlines -3X Inverse Leveraged ETN (JETD). 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	JETD	Difference
Sharpe ratio: Return per unit of total volatility	0.67	-0.89	+1.57
Sortino ratio: Return per unit of downside risk	1.46	-1.40	+2.86
Omega ratio: Gain probability vs. loss probability	1.17	0.83	+0.34
Calmar ratio: Return relative to maximum drawdown	1.02	-0.89	+1.91
Martin ratio: Return relative to average drawdown	2.50	-1.51	+4.02

JETU vs. JETD - Sharpe Ratio Comparison

The current JETU Sharpe Ratio is 0.67, which is higher than the JETD Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of JETU and JETD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JETU vs. JETD - Drawdown Comparison

The maximum JETU drawdown since its inception was -68.64%, smaller than the maximum JETD drawdown of -95.39%. Use the drawdown chart below to compare losses from any high point for JETU and JETD.

Drawdown Indicators

	JETU	JETD	Difference
Max Drawdown Largest peak-to-trough decline	-68.64%	-95.39%	+26.75%
Max Drawdown (1Y) Largest decline over 1 year	-49.39%	-75.34%	+25.95%
Max Drawdown (3Y) Largest decline over 3 years	-68.64%	-95.39%	+26.75%
Current Drawdown Current decline from peak	-14.82%	-94.65%	+79.83%
Average Drawdown Average peak-to-trough decline	-28.91%	-62.40%	+33.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.17%	44.25%	-24.08%

Volatility

JETU vs. JETD - Volatility Comparison

The current volatility for MAX Airlines 3X Leveraged ETN (JETU) is 24.00%, while MAX Airlines -3X Inverse Leveraged ETN (JETD) has a volatility of 27.04%. This indicates that JETU experiences smaller price fluctuations and is considered to be less risky than JETD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JETU	JETD	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.00%	27.04%	-3.04%
Volatility (6M) Calculated over the trailing 6-month period	62.34%	65.09%	-2.75%
Volatility (1Y) Calculated over the trailing 1-year period	75.29%	75.17%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.41%	71.45%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.41%	71.45%	-0.04%

JETU vs. JETD - Expense Ratio Comparison

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

Dividends

JETU vs. JETD - Dividend Comparison

Neither JETU nor JETD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JETU and JETD in my portfolio?

JETU and JETD have a correlation of -0.98, 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 JETD?

JETD has higher volatility (27.04%) compared to JETU (24.00%). In terms of maximum drawdown, JETU dropped -68.64% vs JETD's -95.39%.

Which ETF is better, JETU or JETD?

On 3-year performance, JETU leads with 8.88% vs -51.54% for JETD. Both ETFs have the same 0.95% expense ratio. On volatility, JETU has been the lower-risk option at 24.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JETU or JETD?

Over the 3-year period, JETU has performed better with a 8.88% return vs -51.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JETU or JETD?

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

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

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

What is the main difference between JETU and JETD?

JETU is categorized as Leveraged Equities, while JETD is Inverse Equities. JETU tracks Prime Airlines Index - Benchmark TR Net, while JETD tracks Prime Airlines Index - Benchmark TR Net (--300%).

Which has better risk-adjusted returns?

JETU currently has the higher Sharpe Ratio (0.67 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.