CARD vs. CARU

Last updated Jun 3, 2026

CARD (Max Auto Industry -3X Inverse Leveraged ETN) and CARU (Max Auto Industry 3X Leveraged ETN) are both exchange-traded funds - CARD is a Inverse Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while CARU is a Leveraged Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%). Both are passively managed. Over the past year, CARD returned -39.29% vs -9.93% for CARU. At a correlation of -0.99, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

CARD vs. CARU - Performance Comparison

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

Returns By Period

In the year-to-date period, CARD achieves a -3.66% return, which is significantly higher than CARU's -22.02% return.

CARD

• 1D: 3.00%
• 1M: -9.70%
• YTD: -3.66%
• 6M: -8.10%
• 1Y: -39.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CARU

• 1D: -3.14%
• 1M: 3.56%
• YTD: -22.02%
• 6M: -20.35%
• 1Y: -9.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CARD vs. CARU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	-3.66%	-60.21%	-58.19%	-30.38%
CARU Max Auto Industry 3X Leveraged ETN	-22.02%	7.29%	23.44%	-12.17%

Correlation

The correlation between CARD and CARU is -0.99, 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	-0.99
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023	-0.99

The correlation between CARD and CARU has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.

Return for Risk

CARD vs. CARU — Risk / Return Rank

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

CARD

CARD Risk / Return Rank: 4
CARD Sharpe Ratio Rank: 4
CARD Sortino Ratio Rank: 4
CARD Omega Ratio Rank: 5
CARD Calmar Ratio Rank: 2
CARD Martin Ratio Rank: 3

CARU

CARU Risk / Return Rank: 8
CARU Sharpe Ratio Rank: 7
CARU Sortino Ratio Rank: 10
CARU Omega Ratio Rank: 10
CARU Calmar Ratio Rank: 6
CARU Martin Ratio Rank: 6

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. CARU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Max Auto Industry 3X Leveraged ETN (CARU). 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	CARU	Difference
Sharpe ratio Return per unit of total volatility	-0.57	-0.15	-0.43
Sortino ratio Return per unit of downside risk	-0.54	0.27	-0.81
Omega ratio Gain probability vs. loss probability	0.94	1.03	-0.09
Calmar ratio Return relative to maximum drawdown	-0.75	-0.26	-0.49
Martin ratio Return relative to average drawdown	-1.10	-0.55	-0.55
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. CARU - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.57, which is lower than the CARU Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of CARD and CARU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CARD	CARU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.57	-0.15	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	-0.04	-0.62

Drawdowns

CARD vs. CARU - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, which is greater than CARU's maximum drawdown of -66.44%. Use the drawdown chart below to compare losses from any high point for CARD and CARU.

Drawdown Indicators

	CARD	CARU	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-66.44%	-27.07%
Max Drawdown (1Y) Largest decline over 1 year	-49.57%	-50.87%	+1.30%
Current Drawdown Current decline from peak	-92.76%	-38.42%	-54.34%
Average Drawdown Average peak-to-trough decline	-68.10%	-35.90%	-32.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.82%	23.88%	+9.94%

Volatility

CARD vs. CARU - Volatility Comparison

Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Max Auto Industry 3X Leveraged ETN (CARU) have volatilities of 23.60% and 23.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	CARU	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.60%	23.47%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	50.31%	50.56%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	68.78%	68.78%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.58%	80.32%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.58%	80.32%	+0.26%

CARD vs. CARU - Expense Ratio Comparison

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

Dividends

CARD vs. CARU - Dividend Comparison

Neither CARD nor CARU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CARD and CARU in my portfolio?

CARD and CARU have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CARD or CARU?

CARD has higher volatility (23.60%) compared to CARU (23.47%). In terms of maximum drawdown, CARD dropped -93.51% vs CARU's -66.44%.

Which ETF is better, CARD or CARU?

On 1-year performance, CARU leads with -9.93% vs -39.29% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, CARU has been the lower-risk option at 23.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARD or CARU?

Over the 1-year period, CARU has performed better with a -9.93% return vs -39.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARD or CARU?

CARD and CARU have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, CARD or CARU?

CARD and CARU have nearly identical dividend yields, around 0.00%.

What is the main difference between CARD and CARU?

CARD is categorized as Inverse Equities, while CARU is Leveraged Equities. Both ETFs track Prime Auto Industry Index - Benchmark TR Net (--300%).

Which has better risk-adjusted returns?

CARU currently has the higher Sharpe Ratio (-0.15 vs -0.57), 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.