CARD vs. EMTY

Last updated Jun 4, 2026

CARD (Max Auto Industry -3X Inverse Leveraged ETN) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds - CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past year, CARD returned -35.78% vs 1.60% for EMTY. A 0.64 correlation means they provide meaningful diversification when combined. CARD charges 0.95%/yr vs 0.66%/yr for EMTY.

Performance

CARD vs. EMTY - Performance Comparison

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

Returns By Period

In the year-to-date period, CARD achieves a -2.60% return, which is significantly lower than EMTY's 1.09% return.

CARD

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

EMTY

• 1D: -0.32%
• 1M: 1.81%
• YTD: 1.09%
• 6M: 3.80%
• 1Y: 1.60%
• 3Y*: -4.69%
• 5Y*: -2.87%
• 10Y*: —

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

CARD vs. EMTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	-2.60%	-60.21%	-58.19%	-30.38%
EMTY ProShares Decline of the Retail Store ETF	1.09%	-1.76%	-4.13%	-4.58%

Correlation

The correlation between CARD and EMTY is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023	0.64

The correlation between CARD and EMTY has been stable across timeframes, ranging from 0.58 to 0.64 - a consistent structural relationship.

Return for Risk

CARD vs. EMTY — 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

EMTY

EMTY Risk / Return Rank: 10
EMTY Sharpe Ratio Rank: 10
EMTY Sortino Ratio Rank: 9
EMTY Omega Ratio Rank: 10
EMTY Calmar Ratio Rank: 10
EMTY Martin Ratio Rank: 10

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. EMTY - 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 Decline of the Retail Store ETF (EMTY). 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	EMTY	Difference
Sharpe ratio Return per unit of total volatility	-0.52	0.09	-0.61
Sortino ratio Return per unit of downside risk	-0.43	0.24	-0.67
Omega ratio Gain probability vs. loss probability	0.95	1.03	-0.08
Calmar ratio Return relative to maximum drawdown	-0.72	0.11	-0.84
Martin ratio Return relative to average drawdown	-1.06	0.20	-1.25
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. EMTY - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.52, which is lower than the EMTY Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of CARD and EMTY, 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	EMTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	0.09	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	-0.43	-0.23

Drawdowns

CARD vs. EMTY - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for CARD and EMTY.

Drawdown Indicators

	CARD	EMTY	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-77.62%	-15.89%
Max Drawdown (1Y) Largest decline over 1 year	-49.57%	-14.00%	-35.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.83%	—
Current Drawdown Current decline from peak	-92.68%	-74.77%	-17.91%
Average Drawdown Average peak-to-trough decline	-68.13%	-54.01%	-14.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.93%	8.11%	+25.82%

Volatility

CARD vs. EMTY - Volatility Comparison

Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 22.80% compared to ProShares Decline of the Retail Store ETF (EMTY) at 6.00%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than EMTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	EMTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.80%	6.00%	+16.80%
Volatility (6M) Calculated over the trailing 6-month period	50.05%	12.40%	+37.65%
Volatility (1Y) Calculated over the trailing 1-year period	68.70%	17.71%	+50.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.53%	22.36%	+58.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.53%	25.67%	+54.86%

CARD vs. EMTY - Expense Ratio Comparison

CARD has a 0.95% expense ratio, which is higher than EMTY's 0.66% expense ratio.

Dividends

CARD vs. EMTY - Dividend Comparison

CARD has not paid dividends to shareholders, while EMTY's dividend yield for the trailing twelve months is around 3.45%.

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%
EMTY ProShares Decline of the Retail Store ETF	3.45%	3.83%	6.00%	4.41%	0.65%	0.00%	0.07%	0.82%	0.62%	0.03%

Frequently Asked Questions

Can I hold both CARD and EMTY in my portfolio?

CARD and EMTY have a correlation of 0.58, 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 EMTY?

CARD has higher volatility (22.80%) compared to EMTY (6.00%). In terms of maximum drawdown, CARD dropped -93.51% vs EMTY's -77.62%.

Which ETF is better, CARD or EMTY?

On 1-year performance, EMTY leads with 1.60% vs -35.78% for CARD. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARD or EMTY?

Over the 1-year period, EMTY has performed better with a 1.60% return vs -35.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARD or EMTY?

EMTY is cheaper with a 0.66% expense ratio, compared with 0.95% for CARD.

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

EMTY has the higher dividend yield at 3.45%, compared with 0.00% for CARD.

What is the main difference between CARD and EMTY?

CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). They also come from different issuers: Max and ProShares. Their fees differ too: 0.95% for CARD and 0.66% for EMTY.

Which has better risk-adjusted returns?

EMTY currently has the higher Sharpe Ratio (0.09 vs -0.52), 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.