JETU vs. XTAP

Last updated Jun 24, 2026

JETU (MAX Airlines 3X Leveraged ETN) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. JETU is passively managed, while XTAP is actively managed. Over the past 3 years, JETU returned 14.54%/yr vs 17.09%/yr for XTAP. A 0.57 correlation means they provide meaningful diversification when combined. JETU charges 0.95%/yr vs 0.79%/yr for XTAP.

Performance

JETU vs. XTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX Airlines 3X Leveraged ETN (JETU) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JETU achieves a 22.30% return, which is significantly higher than XTAP's 10.29% return.

JETU

• 1D: -0.86%
• 1M: 26.77%
• YTD: 22.30%
• 6M: 17.30%
• 1Y: 88.26%
• 3Y*: 14.54%
• 5Y*: —
• 10Y*: —

XTAP

• 1D: -0.56%
• 1M: -0.17%
• YTD: 10.29%
• 6M: 10.43%
• 1Y: 19.37%
• 3Y*: 17.09%
• 5Y*: 10.65%
• 10Y*: —

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

JETU vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JETU MAX Airlines 3X Leveraged ETN	22.30%	3.88%	38.00%	-15.80%
XTAP Innovator U.S. Equity Accelerated Plus ETF	10.29%	17.58%	14.26%	8.09%

Correlation

The correlation between JETU and XTAP is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023	0.57

The correlation between JETU and XTAP has been stable across timeframes, ranging from 0.57 to 0.57 - a consistent structural relationship.

Return for Risk

JETU vs. XTAP — Risk / Return Rank

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

JETU

JETU Risk / Return Rank: 37
JETU Sharpe Ratio Rank: 34
JETU Sortino Ratio Rank: 41
JETU Omega Ratio Rank: 37
JETU Calmar Ratio Rank: 39
JETU Martin Ratio Rank: 32

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 96
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP Martin Ratio Rank: 98

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. XTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX Airlines 3X Leveraged ETN (JETU) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). 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	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	1.17	4.06	-2.89
Sortino ratio: Return per unit of downside risk	1.97	6.76	-4.78
Omega ratio: Gain probability vs. loss probability	1.23	2.05	-0.82
Calmar ratio: Return relative to maximum drawdown	1.80	11.34	-9.54
Martin ratio: Return relative to average drawdown	4.40	62.48	-58.07

JETU vs. XTAP - Sharpe Ratio Comparison

The current JETU Sharpe Ratio is 1.17, which is lower than the XTAP Sharpe Ratio of 4.06. The chart below compares the historical Sharpe Ratios of JETU and XTAP, 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. XTAP - Drawdown Comparison

The maximum JETU drawdown since its inception was -68.64%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for JETU and XTAP.

Drawdown Indicators

	JETU	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-68.64%	-22.13%	-46.51%
Max Drawdown (1Y) Largest decline over 1 year	-49.39%	-1.72%	-47.67%
Max Drawdown (3Y) Largest decline over 3 years	-68.64%	-11.83%	-56.81%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.13%	—
Current Drawdown Current decline from peak	-12.41%	-0.91%	-11.50%
Average Drawdown Average peak-to-trough decline	-29.32%	-3.42%	-25.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.12%	0.31%	+19.81%

Volatility

JETU vs. XTAP - Volatility Comparison

MAX Airlines 3X Leveraged ETN (JETU) has a higher volatility of 29.26% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 2.05%. This indicates that JETU's price experiences larger fluctuations and is considered to be riskier than XTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JETU	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.26%	2.05%	+27.21%
Volatility (6M) Calculated over the trailing 6-month period	61.58%	3.72%	+57.86%
Volatility (1Y) Calculated over the trailing 1-year period	75.98%	4.83%	+71.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.53%	14.55%	+56.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.53%	14.36%	+57.17%

JETU vs. XTAP - Expense Ratio Comparison

JETU has a 0.95% expense ratio, which is higher than XTAP's 0.79% expense ratio.

Dividends

JETU vs. XTAP - Dividend Comparison

Neither JETU nor XTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JETU and XTAP in my portfolio?

JETU and XTAP have a correlation of 0.57, 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 XTAP?

JETU has higher volatility (29.26%) compared to XTAP (2.05%). In terms of maximum drawdown, JETU dropped -68.64% vs XTAP's -22.13%.

Which ETF is better, JETU or XTAP?

On 3-year performance, XTAP leads with 17.09% vs 14.54% for JETU. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 2.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JETU or XTAP?

Over the 3-year period, XTAP has performed better with a 17.09% return vs 14.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JETU or XTAP?

XTAP is cheaper with a 0.79% expense ratio, compared with 0.95% for JETU.

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

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

What is the main difference between JETU and XTAP?

They also come from different issuers: Max and Innovator. Their fees differ too: 0.95% for JETU and 0.79% for XTAP.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (4.06 vs 1.17), 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.