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 13.75%/yr vs -50.36%/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 15.49% return, which is significantly higher than JETD's -46.38% return.
QVMM
- 1D
- -0.53%
- 1M
- 0.83%
- 6M
- 8.97%
- YTD
- 15.49%
- 1Y
- 21.82%
- 3Y*
- 13.75%
- 5Y*
- 9.26%
- 10Y*
- —
JETD
- 1D
- 4.02%
- 1M
- 0.00%
- 6M
- -34.45%
- YTD
- -46.38%
- 1Y
- -64.33%
- 3Y*
- -50.36%
- 5Y*
- —
- 10Y*
- —
QVMM vs. JETD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 15.49% | 8.82% | 13.36% | 9.69% |
JETD MAX Airlines -3X Inverse Leveraged ETN | -46.38% | -59.89% | -51.72% | -1.53% |
Correlation
The correlation between QVMM and JETD is -0.73, 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 | -0.73 |
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 -0.73 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 | +2.28 | ||
| Sortino ratioReturn per unit of downside risk | +3.41 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.85 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | -0.86 | +3.50 |
| Martin ratioReturn relative to average drawdown | 9.38 | -1.43 | +10.80 |
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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 -95.39%. 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% | -95.39% | +71.39% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -75.34% | +67.04% |
Max Drawdown (3Y)Largest decline over 3 years | -24.00% | -95.39% | +71.39% |
Max Drawdown (5Y)Largest decline over 5 years | -24.00% | — | — |
Current DrawdownCurrent decline from peak | -1.96% | -94.42% | +92.46% |
Average DrawdownAverage peak-to-trough decline | -6.94% | -62.57% | +55.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 45.15% | -42.82% |
Volatility
QVMM vs. JETD - Volatility Comparison
The current volatility for Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) is 3.56%, while MAX Airlines -3X Inverse Leveraged ETN (JETD) has a volatility of 16.95%. 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 | 3.56% | 16.95% | -13.39% |
Volatility (6M)Calculated over the trailing 6-month period | 11.60% | 65.08% | -53.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.46% | 75.05% | -59.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.39% | 71.33% | -51.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.37% | 71.33% | -51.96% |
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 1.15%, 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 | 1.15% | 1.32% | 1.29% | 1.42% | 1.51% | 0.60% |
Frequently Asked Questions
QVMM and JETD have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JETD has higher volatility (16.95%) compared to QVMM (3.56%). In terms of maximum drawdown, QVMM dropped -24.00% vs JETD's -95.39%.
On 3-year performance, QVMM leads with 13.75% vs -50.36% for JETD. On fees, QVMM is cheaper at 0.15% per year. On volatility, QVMM has been the lower-risk option at 3.56%. 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 13.75% return vs -50.36%. 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 1.15%, 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 (1.42 vs -0.86), 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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