CARD vs. ELIS

Last updated Jun 4, 2026

CARD (Max Auto Industry -3X Inverse Leveraged ETN) and ELIS (Direxion Daily LLY Bear 1X Shares) are both Inverse Equities funds. CARD is passively managed, while ELIS is actively managed. At a 0.21 correlation, their price movements are largely independent. CARD charges 0.95%/yr vs 0.97%/yr for ELIS.

Performance

CARD vs. ELIS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Direxion Daily LLY Bear 1X Shares (ELIS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CARD

• 1D: 1.10%
• 1M: -13.67%
• YTD: -2.60%
• 6M: -2.07%
• 1Y: -35.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ELIS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CARD vs. ELIS - Yearly Performance Comparison

	2026 (YTD)	2025
CARD Max Auto Industry -3X Inverse Leveraged ETN	-2.60%	-63.05%
ELIS Direxion Daily LLY Bear 1X Shares	11.37%	-29.46%

Correlation

The correlation between CARD and ELIS is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.21

Return for Risk

CARD vs. ELIS — 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: 5
CARD Omega Ratio Rank: 5
CARD Calmar Ratio Rank: 3
CARD 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. ELIS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Direxion Daily LLY Bear 1X Shares (ELIS). 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	ELIS	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	—	—
Sortino ratio: Return per unit of downside risk	-0.43	—	—
Omega ratio: Gain probability vs. loss probability	0.95	—	—
Calmar ratio: Return relative to maximum drawdown	-0.72	—	—
Martin ratio: Return relative to average drawdown	-1.06	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CARD	ELIS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	—	—

Drawdowns

Drawdown Indicators

	CARD	ELIS	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-49.57%	—	—
Current Drawdown Current decline from peak	-92.68%	—	—
Average Drawdown Average peak-to-trough decline	-68.13%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	33.93%	—	—

Volatility

Volatility by Period

	CARD	ELIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	50.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	68.70%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.53%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.53%	—	—

CARD vs. ELIS - Expense Ratio Comparison

CARD has a 0.95% expense ratio, which is lower than ELIS's 0.97% expense ratio.

Dividends

CARD vs. ELIS - Dividend Comparison

CARD has not paid dividends to shareholders, while ELIS's dividend yield for the trailing twelve months is around 5.26%.

Position	TTM	2025
CARD Max Auto Industry -3X Inverse Leveraged ETN	0.00%	0.00%
ELIS Direxion Daily LLY Bear 1X Shares	5.26%	5.86%

Frequently Asked Questions

Can I hold both CARD and ELIS in my portfolio?

CARD and ELIS have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CARD or ELIS?

On fees, CARD is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CARD or ELIS?

CARD is cheaper with a 0.95% expense ratio, compared with 0.97% for ELIS.

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

ELIS has the higher dividend yield at 5.26%, compared with 0.00% for CARD.

What is the main difference between CARD and ELIS?

They also come from different issuers: Max and Direxion. Their fees differ too: 0.95% for CARD and 0.97% for ELIS.