JETU vs. TSMX

Last updated Jun 4, 2026

JETU (MAX Airlines 3X Leveraged ETN) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. JETU is passively managed, while TSMX is actively managed. Over the past year, JETU returned 41.74% vs 295.18% for TSMX. At a 0.36 correlation, their price movements are largely independent. JETU charges 0.95%/yr vs 1.05%/yr for TSMX.

Performance

JETU vs. TSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX Airlines 3X Leveraged ETN (JETU) and Direxion Daily TSM Bull 2X Shares (TSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JETU achieves a -2.48% return, which is significantly lower than TSMX's 85.80% return.

JETU

• 1D: -6.56%
• 1M: 25.34%
• YTD: -2.48%
• 6M: 11.07%
• 1Y: 41.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMX

• 1D: -4.27%
• 1M: 15.97%
• YTD: 85.80%
• 6M: 94.81%
• 1Y: 295.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JETU vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JETU MAX Airlines 3X Leveraged ETN	-2.48%	3.88%	42.98%
TSMX Direxion Daily TSM Bull 2X Shares	85.80%	81.48%	14.76%

Correlation

The correlation between JETU and TSMX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	0.36

Return for Risk

JETU vs. TSMX — Risk / Return Rank

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

JETU

JETU Risk / Return Rank: 21
JETU Sharpe Ratio Rank: 18
JETU Sortino Ratio Rank: 24
JETU Omega Ratio Rank: 23
JETU Calmar Ratio Rank: 20
JETU Martin Ratio Rank: 19

TSMX

TSMX Risk / Return Rank: 89
TSMX Sharpe Ratio Rank: 96
TSMX Sortino Ratio Rank: 83
TSMX Omega Ratio Rank: 75
TSMX Calmar Ratio Rank: 95
TSMX Martin Ratio Rank: 94

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. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX Airlines 3X Leveraged ETN (JETU) and Direxion Daily TSM Bull 2X Shares (TSMX). 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	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	0.57	4.15	-3.58
Sortino ratio: Return per unit of downside risk	1.33	3.78	-2.45
Omega ratio: Gain probability vs. loss probability	1.15	1.45	-0.30
Calmar ratio: Return relative to maximum drawdown	0.85	8.51	-7.66
Martin ratio: Return relative to average drawdown	2.13	27.80	-25.67
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. TSMX - Sharpe Ratio Comparison

The current JETU Sharpe Ratio is 0.57, which is lower than the TSMX Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of JETU and TSMX, 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	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	4.15	-3.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	1.57	-1.50

Drawdowns

JETU vs. TSMX - Drawdown Comparison

The maximum JETU drawdown since its inception was -68.64%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for JETU and TSMX.

Drawdown Indicators

	JETU	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-68.64%	-63.80%	-4.84%
Max Drawdown (1Y) Largest decline over 1 year	-49.39%	-34.93%	-14.46%
Current Drawdown Current decline from peak	-30.15%	-4.27%	-25.88%
Average Drawdown Average peak-to-trough decline	-29.52%	-15.85%	-13.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.69%	10.68%	+9.01%

Volatility

JETU vs. TSMX - Volatility Comparison

MAX Airlines 3X Leveraged ETN (JETU) has a higher volatility of 26.59% compared to Direxion Daily TSM Bull 2X Shares (TSMX) at 22.91%. This indicates that JETU's price experiences larger fluctuations and is considered to be riskier than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JETU	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.59%	22.91%	+3.68%
Volatility (6M) Calculated over the trailing 6-month period	57.29%	54.45%	+2.84%
Volatility (1Y) Calculated over the trailing 1-year period	72.98%	71.63%	+1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.60%	80.93%	-10.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.60%	80.93%	-10.33%

JETU vs. TSMX - Expense Ratio Comparison

JETU has a 0.95% expense ratio, which is lower than TSMX's 1.05% expense ratio.

Dividends

JETU vs. TSMX - Dividend Comparison

JETU has not paid dividends to shareholders, while TSMX's dividend yield for the trailing twelve months is around 4.44%.

Position	TTM	2025	2024
JETU MAX Airlines 3X Leveraged ETN	0.00%	0.00%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	4.44%	8.01%	0.53%

Frequently Asked Questions

Can I hold both JETU and TSMX in my portfolio?

JETU and TSMX have a correlation of 0.36, 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 TSMX?

JETU has higher volatility (26.59%) compared to TSMX (22.91%). In terms of maximum drawdown, JETU dropped -68.64% vs TSMX's -63.80%.

Which ETF is better, JETU or TSMX?

On 1-year performance, TSMX leads with 295.18% vs 41.74% for JETU. On fees, JETU is cheaper at 0.95% per year. On volatility, TSMX has been the lower-risk option at 22.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JETU or TSMX?

Over the 1-year period, TSMX has performed better with a 295.18% return vs 41.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JETU or TSMX?

JETU is cheaper with a 0.95% expense ratio, compared with 1.05% for TSMX.

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

TSMX has the higher dividend yield at 4.44%, compared with 0.00% for JETU.

What is the main difference between JETU and TSMX?

They also come from different issuers: Max and Direxion. Their fees differ too: 0.95% for JETU and 1.05% for TSMX.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (4.15 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.