CARD vs. BERZ

Last updated Apr 2, 2026

Compare and contrast key facts about Max Auto Industry -3X Inverse Leveraged ETN (CARD) and MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ).

CARD and BERZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CARD is a passively managed fund by Max that tracks the performance of the Prime Auto Industry Index - Benchmark TR Net (--300%). It was launched on Jun 27, 2023. BERZ is a passively managed fund by BMO that tracks the performance of the Solactive FANG Innovation Index. It was launched on Aug 17, 2021. Both CARD and BERZ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CARD vs. BERZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry -3X Inverse Leveraged ETN (CARD) and MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ). The values are adjusted to include any dividend payments, if applicable.

CARD vs. BERZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	24.67%	-60.21%	-58.19%	-30.38%
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	13.44%	-78.81%	-65.95%	-48.15%

Returns By Period

In the year-to-date period, CARD achieves a 24.67% return, which is significantly higher than BERZ's 13.44% return.

CARD

• 1D: -1.85%
• 1M: 12.54%
• YTD: 24.67%
• 6M: 27.27%
• 1Y: -53.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BERZ

• 1D: -5.26%
• 1M: 4.38%
• YTD: 13.44%
• 6M: -5.13%
• 1Y: -79.58%
• 3Y*: -71.04%
• 5Y*: —
• 10Y*: —

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

CARD vs. BERZ - Expense Ratio Comparison

Both CARD and BERZ have an expense ratio of 0.95%.

CARD

Max Auto Industry -3X Inverse Leveraged ETN

BERZ

MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN

Return for Risk

CARD vs. BERZ — Risk / Return Rank

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

CARD

CARD Risk / Return Rank: 3
CARD Sharpe Ratio Rank: 3
CARD Sortino Ratio Rank: 3
CARD Omega Ratio Rank: 3
CARD Calmar Ratio Rank: 2
CARD Martin Ratio Rank: 5

BERZ

BERZ Risk / Return Rank: 1
BERZ Sharpe Ratio Rank: 1
BERZ Sortino Ratio Rank: 1
BERZ Omega Ratio Rank: 1
BERZ Calmar Ratio Rank: 0
BERZ Martin Ratio Rank: 4

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.

CARD vs. BERZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ). 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.

	CARD	BERZ	Difference
Sharpe ratio Return per unit of total volatility	-0.65	-0.85	+0.20
Sortino ratio Return per unit of downside risk	-0.66	-1.55	+0.89
Omega ratio Gain probability vs. loss probability	0.92	0.80	+0.12
Calmar ratio Return relative to maximum drawdown	-0.71	-0.90	+0.19
Martin ratio Return relative to average drawdown	-0.84	-1.02	+0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CARD vs. BERZ - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.65, which is comparable to the BERZ Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of CARD and BERZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CARD	BERZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.65	-0.85	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	-0.63	-0.66	+0.04

Correlation

The correlation between CARD and BERZ is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CARD vs. BERZ - Dividend Comparison

Neither CARD nor BERZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

CARD vs. BERZ - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, smaller than the maximum BERZ drawdown of -99.46%. Use the drawdown chart below to compare losses from any high point for CARD and BERZ.

Drawdown Indicators

	CARD	BERZ	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-99.46%	+5.95%
Max Drawdown (1Y) Largest decline over 1 year	-77.41%	-89.01%	+11.60%
Current Drawdown Current decline from peak	-90.63%	-99.32%	+8.69%
Average Drawdown Average peak-to-trough decline	-66.65%	-70.53%	+3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.69%	78.92%	-13.23%

Volatility

CARD vs. BERZ - Volatility Comparison

The current volatility for Max Auto Industry -3X Inverse Leveraged ETN (CARD) is 24.83%, while MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a volatility of 29.72%. This indicates that CARD experiences smaller price fluctuations and is considered to be less risky than BERZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	BERZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.83%	29.72%	-4.89%
Volatility (6M) Calculated over the trailing 6-month period	52.66%	61.36%	-8.70%
Volatility (1Y) Calculated over the trailing 1-year period	82.45%	94.24%	-11.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.91%	92.54%	-11.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.91%	92.54%	-11.63%