CARD vs. DOG
CARD (Max Auto Industry -3X Inverse Leveraged ETN) and DOG (ProShares Short Dow30) are both Inverse Equities funds - CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past year, CARD returned -35.78% vs -12.72% for DOG. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
CARD vs. DOG - Performance Comparison
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Returns By Period
In the year-to-date period, CARD achieves a -2.60% return, which is significantly higher than DOG's -4.15% return.
CARD
- 1D
- 1.10%
- 1M
- -13.67%
- YTD
- -2.60%
- 6M
- -2.07%
- 1Y
- -35.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DOG
- 1D
- 1.13%
- 1M
- -3.36%
- YTD
- -4.15%
- 6M
- -4.06%
- 1Y
- -12.72%
- 3Y*
- -8.28%
- 5Y*
- -5.31%
- 10Y*
- -11.18%
CARD vs. DOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -2.60% | -60.21% | -58.19% | -30.38% |
DOG ProShares Short Dow30 | -4.15% | -8.40% | -5.62% | -7.08% |
Correlation
The correlation between CARD and DOG is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | 0.65 |
The correlation between CARD and DOG has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.
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Return for Risk
CARD vs. DOG — Risk / Return Rank
CARD
DOG
CARD vs. DOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and ProShares Short Dow30 (DOG). 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 | DOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.84 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | -0.87 | +0.15 |
| Martin ratioReturn relative to average drawdown | -1.06 | -1.43 | +0.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CARD | DOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.52 | -1.05 | +0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.36 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.65 | -0.57 | -0.09 |
Drawdowns
CARD vs. DOG - Drawdown Comparison
The maximum CARD drawdown since its inception was -93.51%, roughly equal to the maximum DOG drawdown of -92.69%. Use the drawdown chart below to compare losses from any high point for CARD and DOG.
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Drawdown Indicators
| CARD | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -92.69% | -0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -49.57% | -14.63% | -34.94% |
Max Drawdown (3Y)Largest decline over 3 years | — | -28.77% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.99% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.79% | — |
Current DrawdownCurrent decline from peak | -92.68% | -92.61% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -68.13% | -66.39% | -1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.93% | 8.89% | +25.04% |
Volatility
CARD vs. DOG - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 22.80% compared to ProShares Short Dow30 (DOG) at 2.98%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than DOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARD | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.80% | 2.98% | +19.82% |
Volatility (6M)Calculated over the trailing 6-month period | 50.05% | 9.37% | +40.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.70% | 12.13% | +56.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.53% | 14.79% | +65.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.53% | 17.49% | +63.04% |
CARD vs. DOG - Expense Ratio Comparison
Both CARD and DOG have an expense ratio of 0.95%.
Dividends
CARD vs. DOG - Dividend Comparison
CARD has not paid dividends to shareholders, while DOG's dividend yield for the trailing twelve months is around 3.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DOG ProShares Short Dow30 | 3.49% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
Frequently Asked Questions
CARD and DOG have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (22.80%) compared to DOG (2.98%). In terms of maximum drawdown, CARD dropped -93.51% vs DOG's -92.69%.
On 1-year performance, DOG leads with -12.72% vs -35.78% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DOG has performed better with a -12.72% return vs -35.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CARD and DOG have the same expense ratio: 0.95% per year.
DOG has the higher dividend yield at 3.49%, compared with 0.00% for CARD.
CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while DOG tracks DJ Industrial Average (-100%). They also come from different issuers: Max and ProShares.
CARD currently has the higher Sharpe Ratio (-0.52 vs -1.05), 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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