CARD vs. DFSU

Last updated Jul 14, 2026

CARD (Max Auto Industry -3X Inverse Leveraged ETN) and DFSU (Dimensional US Sustainability Core 1 ETF) are both exchange-traded funds - CARD is a Inverse Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while DFSU is a Large Cap Blend Equities fund actively managed by Dimensional. CARD is passively managed, while DFSU is actively managed. Over the past 3 years, CARD returned -46.63%/yr vs 18.49%/yr for DFSU. At a correlation of -0.73, they often move in opposite directions. CARD charges 0.95%/yr vs 0.18%/yr for DFSU.

Performance

CARD vs. DFSU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Dimensional US Sustainability Core 1 ETF (DFSU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARD achieves a -4.58% return, which is significantly lower than DFSU's 9.07% return.

CARD

• 1D: 3.15%
• 1M: -2.03%
• 6M: 9.69%
• YTD: -4.58%
• 1Y: -31.37%
• 3Y*: -46.63%
• 5Y*: —
• 10Y*: —

DFSU

• 1D: -0.59%
• 1M: 2.20%
• 6M: 6.45%
• YTD: 9.07%
• 1Y: 19.96%
• 3Y*: 18.49%
• 5Y*: —
• 10Y*: —

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

CARD vs. DFSU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	-4.58%	-60.21%	-58.19%	-32.77%
DFSU Dimensional US Sustainability Core 1 ETF	9.07%	15.65%	22.96%	10.98%

Correlation

The correlation between CARD and DFSU is -0.76, 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	-0.76
Correlation (3Y) Calculated over the trailing 3-year period	-0.74
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	-0.73

The correlation between CARD and DFSU has been stable across timeframes, ranging from -0.76 to -0.73 - a consistent structural relationship.

Return for Risk

CARD vs. DFSU — Risk / Return Rank

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

CARD

CARD Risk / Return Rank: 5
CARD Sharpe Ratio Rank: 5
CARD Sortino Ratio Rank: 6
CARD Omega Ratio Rank: 6
CARD Calmar Ratio Rank: 3
CARD Martin Ratio Rank: 4

DFSU

DFSU Risk / Return Rank: 55
DFSU Sharpe Ratio Rank: 56
DFSU Sortino Ratio Rank: 56
DFSU Omega Ratio Rank: 55
DFSU Calmar Ratio Rank: 49
DFSU Martin Ratio Rank: 61

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. DFSU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Dimensional US Sustainability Core 1 ETF (DFSU). 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.

	CARD	DFSU	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	1.51	-1.96
Sortino ratio: Return per unit of downside risk	-0.26	2.15	-2.41
Omega ratio: Gain probability vs. loss probability	0.97	1.27	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.75	1.98	-2.73
Martin ratio: Return relative to average drawdown	-1.13	8.50	-9.64

CARD vs. DFSU - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.45, which is lower than the DFSU Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of CARD and DFSU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CARD vs. DFSU - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, which is greater than DFSU's maximum drawdown of -19.88%. Use the drawdown chart below to compare losses from any high point for CARD and DFSU.

Drawdown Indicators

	CARD	DFSU	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-19.88%	-73.63%
Max Drawdown (1Y) Largest decline over 1 year	-42.02%	-10.12%	-31.90%
Max Drawdown (3Y) Largest decline over 3 years	-93.51%	-19.88%	-73.63%
Current Drawdown Current decline from peak	-92.83%	-0.59%	-92.24%
Average Drawdown Average peak-to-trough decline	-69.12%	-2.61%	-66.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.71%	2.35%	+25.36%

Volatility

CARD vs. DFSU - Volatility Comparison

Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 22.93% compared to Dimensional US Sustainability Core 1 ETF (DFSU) at 3.41%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than DFSU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	DFSU	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.93%	3.41%	+19.52%
Volatility (6M) Calculated over the trailing 6-month period	53.32%	10.25%	+43.07%
Volatility (1Y) Calculated over the trailing 1-year period	70.71%	13.31%	+57.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.43%	16.18%	+64.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.43%	16.18%	+64.25%

CARD vs. DFSU - Expense Ratio Comparison

CARD has a 0.95% expense ratio, which is higher than DFSU's 0.18% expense ratio.

Dividends

CARD vs. DFSU - Dividend Comparison

CARD has not paid dividends to shareholders, while DFSU's dividend yield for the trailing twelve months is around 0.83%.

Position	TTM	2025	2024	2023	2022
CARD Max Auto Industry -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%
DFSU Dimensional US Sustainability Core 1 ETF	0.83%	0.85%	0.96%	1.03%	0.21%

Frequently Asked Questions

Can I hold both CARD and DFSU in my portfolio?

CARD and DFSU have a correlation of -0.76, 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 DFSU?

CARD has higher volatility (22.93%) compared to DFSU (3.41%). In terms of maximum drawdown, CARD dropped -93.51% vs DFSU's -19.88%.

Which ETF is better, CARD or DFSU?

On 3-year performance, DFSU leads with 18.49% vs -46.63% for CARD. On fees, DFSU is cheaper at 0.18% per year. On volatility, DFSU has been the lower-risk option at 3.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARD or DFSU?

Over the 3-year period, DFSU has performed better with a 18.49% return vs -46.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARD or DFSU?

DFSU is cheaper with a 0.18% expense ratio, compared with 0.95% for CARD.

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

DFSU has the higher dividend yield at 0.83%, compared with 0.00% for CARD.

What is the main difference between CARD and DFSU?

CARD is categorized as Inverse Equities, while DFSU is Large Cap Blend Equities. They also come from different issuers: Max and Dimensional. Their fees differ too: 0.95% for CARD and 0.18% for DFSU.

Which has better risk-adjusted returns?

DFSU currently has the higher Sharpe Ratio (1.51 vs -0.45), 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.