QVMM vs. JETD
QVMM (Invesco S&P MidCap 400 QVM Multi-factor ETF) and JETD (MAX Airlines -3X Inverse Leveraged ETN) are both exchange-traded funds - QVMM is a Multi-factor fund tracking the S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, 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, QVMM returned 16.85%/yr vs -55.58%/yr for JETD. At a correlation of -0.73, they often move in opposite directions. QVMM charges 0.15%/yr vs 0.95%/yr for JETD.
Performance
QVMM vs. JETD - Performance Comparison
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Returns By Period
In the year-to-date period, QVMM achieves a 16.77% return, which is significantly higher than JETD's -54.04% return.
QVMM
- 1D
- 0.80%
- 1M
- 2.60%
- YTD
- 16.77%
- 6M
- 14.49%
- 1Y
- 28.09%
- 3Y*
- 16.85%
- 5Y*
- —
- 10Y*
- —
JETD
- 1D
- -4.72%
- 1M
- -31.48%
- YTD
- -54.04%
- 6M
- -51.71%
- 1Y
- -77.54%
- 3Y*
- -55.58%
- 5Y*
- —
- 10Y*
- —
QVMM vs. JETD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 16.77% | 8.82% | 13.36% | 9.69% |
JETD MAX Airlines -3X Inverse Leveraged ETN | -54.04% | -59.89% | -51.72% | -1.53% |
Correlation
The correlation between QVMM and JETD is -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | -0.73 |
The correlation between QVMM and JETD has been stable across timeframes, ranging from -0.75 to -0.73 - a consistent structural relationship.
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Return for Risk
QVMM vs. JETD — Risk / Return Rank
QVMM
JETD
QVMM vs. JETD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) 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.
| QVMM | JETD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.84 | ||
| Sortino ratioReturn per unit of downside risk | +4.62 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.77 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | -1.01 | +4.41 |
| Martin ratioReturn relative to average drawdown | 12.21 | -1.68 | +13.90 |
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Drawdowns
QVMM vs. JETD - Drawdown Comparison
The maximum QVMM drawdown since its inception was -24.00%, smaller than the maximum JETD drawdown of -95.22%. Use the drawdown chart below to compare losses from any high point for QVMM and JETD.
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Drawdown Indicators
| QVMM | JETD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.00% | -95.22% | +71.22% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -76.78% | +68.48% |
Max Drawdown (3Y)Largest decline over 3 years | -24.00% | -95.22% | +71.22% |
Current DrawdownCurrent decline from peak | 0.00% | -95.22% | +95.22% |
Average DrawdownAverage peak-to-trough decline | -7.00% | -61.93% | +54.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.31% | 47.65% | -45.34% |
Volatility
QVMM vs. JETD - Volatility Comparison
The current volatility for Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) is 4.36%, while MAX Airlines -3X Inverse Leveraged ETN (JETD) has a volatility of 31.75%. This indicates that QVMM 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.
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Volatility by Period
| QVMM | JETD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 31.75% | -27.39% |
Volatility (6M)Calculated over the trailing 6-month period | 11.60% | 64.66% | -53.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.56% | 75.92% | -60.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.45% | 71.61% | -52.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.45% | 71.61% | -52.16% |
QVMM vs. JETD - Expense Ratio Comparison
QVMM has a 0.15% expense ratio, which is lower than JETD's 0.95% expense ratio.
Dividends
QVMM vs. JETD - Dividend Comparison
QVMM's dividend yield for the trailing twelve months is around 1.14%, while JETD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
JETD MAX Airlines -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 1.14% | 1.32% | 1.29% | 1.42% | 1.51% | 0.60% |
Frequently Asked Questions
QVMM and JETD have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JETD has higher volatility (31.75%) compared to QVMM (4.36%). In terms of maximum drawdown, QVMM dropped -24.00% vs JETD's -95.22%.
On 3-year performance, QVMM leads with 16.85% vs -55.58% for JETD. On fees, QVMM is cheaper at 0.15% per year. On volatility, QVMM has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, QVMM has performed better with a 16.85% return vs -55.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QVMM is cheaper with a 0.15% expense ratio, compared with 0.95% for JETD.
QVMM has the higher dividend yield at 1.14%, compared with 0.00% for JETD.
QVMM is categorized as Multi-factor, while JETD is Inverse Equities. QVMM tracks S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, while JETD tracks Prime Airlines Index - Benchmark TR Net (--300%). They also come from different issuers: Invesco and Max. Their fees differ too: 0.15% for QVMM and 0.95% for JETD.
QVMM currently has the higher Sharpe Ratio (1.82 vs -1.03), 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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