- ISIN
- US0636794689
- Issuer
- Max
- Inception Date
- Jun 27, 2023
- Region
- North America (U.S.)
- Category
- Inverse Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- Prime Auto Industry Index - Benchmark TR Net (--300%)
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Assets Under Management
- $2M
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
CARD Performance Chart
Max Auto Industry -3X Inverse Leveraged ETN (CARD) is up 5.4% since the beginning of the year. CARD is currently trading at $3 per share.
Loading charts...
Returns By Period
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has returned 5.36% so far this year and -38.52% over the past 12 months.
Max Auto Industry -3X Inverse Leveraged ETN
- 1D
- 11.50%
- 1M
- -11.29%
- YTD
- 5.36%
- 6M
- 10.28%
- 1Y
- -38.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.21%
- 1M
- 0.23%
- YTD
- 8.39%
- 6M
- 10.39%
- 1Y
- 24.03%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.61%
CARD Monthly Returns History
Based on dividend-adjusted daily data since Jun 28, 2023, CARD's average daily return is -0.15%, while the average monthly return is -3.61%.
Historically, 35% of months were positive and 65% were negative. The best month was Oct 2023 with a return of +77.9%, while the worst month was Dec 2023 at -38.0%. The longest winning streak lasted 3 consecutive months, and the longest losing streak was 6 months.
On a daily basis, CARD closed higher 47% of trading days. The best single day was Apr 3, 2025 with a return of +18.3%, while the worst single day was Apr 9, 2025 at -36.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.97% | 8.81% | 20.30% | -20.76% | -9.87% | 16.16% | 5.36% | ||||||
| 2025 | -8.96% | 18.44% | 2.88% | -23.12% | -28.39% | -0.45% | -7.25% | -16.04% | -13.45% | 18.18% | -14.16% | -4.27% | -60.21% |
| 2024 | 27.76% | -23.00% | -12.19% | 22.87% | -10.99% | -15.46% | -20.00% | -6.47% | 4.73% | 0.82% | -32.16% | -2.33% | -58.19% |
| 2023 | -11.07% | -22.22% | 8.98% | 6.28% | 77.91% | -23.90% | -38.01% | -32.77% |
Benchmark Metrics
Max Auto Industry -3X Inverse Leveraged ETN has an annualized alpha of 41.67%, beta of -3.89, and R2 of 0.52 versus S&P 500 Index. Calculated based on daily prices since June 28, 2023.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -793.51%), but participation in market rallies was also limited (-151.60%) - a profile typical of counter-cyclical assets.
- This ETF generated an annualized alpha of 41.67% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of -3.89 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 41.67%
- Beta
- -3.89
- R²
- 0.52
- Upside Capture
- -151.60%
- Downside Capture
- -793.51%
Expense Ratio
CARD has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
CARD ranks 4 for risk / return — in the bottom 4% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and compare them to S&P 500 Index.
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.
| CARD | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.49 | ||
| Sortino ratioReturn per unit of downside risk | -3.14 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.35 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | 2.65 | -3.47 |
| Martin ratioReturn relative to average drawdown | -1.19 | 11.88 | -13.07 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the Max Auto Industry -3X Inverse Leveraged ETN. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Max Auto Industry -3X Inverse Leveraged ETN was 93.51%, occurring on Jan 22, 2026. The portfolio has not yet recovered.
The current Max Auto Industry -3X Inverse Leveraged ETN drawdown is 92.08%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -93.51%Jan 2026 | 2y 2mo | — | 2y 7moOct 2023 - now |
2023 bear market2023 | -37.05%Jul 2023 | 21d | 2mo 26d | 3mo 17dJun 2023 - Oct 2023 |
2023 pullback2023 | -4.82%Oct 2023 | 0s | 2d | 2dOct 2023 - Oct 2023 |
2023 pullback2023 | -0.80%Oct 2023 | 0s | 1d | 1dOct 2023 - Oct 2023 |
Drawdown Indicators
| CARD | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -56.78% | -36.73% |
Max Drawdown (1Y)Largest decline over 1 year | -47.52% | -9.10% | -38.42% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -92.08% | -2.49% | -89.59% |
Average DrawdownAverage peak-to-trough decline | -68.62% | -10.72% | -57.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.95% | 2.03% | +32.92% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with CARD
Add Max Auto Industry -3X Inverse Leveraged ETN to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with CARD