CARD vs. EMTY
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 3 years, CARD returned -48.65%/yr vs -3.76%/yr for EMTY. A 0.63 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
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Returns By Period
In the year-to-date period, CARD achieves a -13.01% return, which is significantly lower than EMTY's -1.42% return.
CARD
- 1D
- -3.90%
- 1M
- -7.95%
- 6M
- -5.26%
- YTD
- -13.01%
- 1Y
- -39.30%
- 3Y*
- -48.65%
- 5Y*
- —
- 10Y*
- —
EMTY
- 1D
- -2.53%
- 1M
- 0.43%
- 6M
- 6.62%
- YTD
- -1.42%
- 1Y
- 0.79%
- 3Y*
- -3.76%
- 5Y*
- -3.31%
- 10Y*
- —
CARD vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -13.01% | -60.21% | -58.19% | -32.77% |
EMTY ProShares Decline of the Retail Store ETF | -1.42% | -1.76% | -4.13% | -3.80% |
Correlation
The correlation between CARD and EMTY is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | 0.63 |
The correlation between CARD and EMTY has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.
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Return for Risk
CARD vs. EMTY — Risk / Return Rank
CARD
EMTY
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.
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 | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.02 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.06 | -0.99 |
| Martin ratioReturn relative to average drawdown | -1.40 | 0.12 | -1.53 |
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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.
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Drawdown Indicators
| CARD | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -77.62% | -15.89% |
Max Drawdown (1Y)Largest decline over 1 year | -42.02% | -13.91% | -28.11% |
Max Drawdown (3Y)Largest decline over 3 years | -93.51% | -30.83% | -62.68% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.83% | — |
Current DrawdownCurrent decline from peak | -93.46% | -75.40% | -18.06% |
Average DrawdownAverage peak-to-trough decline | -69.22% | -54.54% | -14.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.05% | 6.48% | +21.57% |
Volatility
CARD vs. EMTY - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 21.51% compared to ProShares Decline of the Retail Store ETF (EMTY) at 6.25%. 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.
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Volatility by Period
| CARD | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.51% | 6.25% | +15.26% |
Volatility (6M)Calculated over the trailing 6-month period | 53.52% | 13.24% | +40.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.63% | 18.14% | +52.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.32% | 22.42% | +57.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.32% | 25.60% | +54.72% |
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 3.30%.
| 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 | 3.30% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
Frequently Asked Questions
CARD and EMTY have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (21.51%) compared to EMTY (6.25%). In terms of maximum drawdown, CARD dropped -93.51% vs EMTY's -77.62%.
On 3-year performance, EMTY leads with -3.76% vs -48.65% for CARD. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMTY has performed better with a -3.76% return vs -48.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMTY is cheaper with a 0.66% expense ratio, compared with 0.95% for CARD.
EMTY has the higher dividend yield at 3.30%, compared with 0.00% for CARD.
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.
EMTY currently has the higher Sharpe Ratio (0.04 vs -0.56), 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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