CARD vs. EUM
CARD (Max Auto Industry -3X Inverse Leveraged ETN) and EUM (ProShares Short MSCI Emerging Markets) are both Inverse Equities funds - CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while EUM tracks the MSCI Emerging Markets Index (-100%). Both are passively managed. Over the past year, CARD returned -35.78% vs -34.52% for EUM. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
CARD vs. EUM - 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 EUM's -22.25% return.
CARD
- 1D
- 1.10%
- 1M
- -13.67%
- YTD
- -2.60%
- 6M
- -2.07%
- 1Y
- -35.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EUM
- 1D
- 1.28%
- 1M
- -8.51%
- YTD
- -22.25%
- 6M
- -23.44%
- 1Y
- -34.52%
- 3Y*
- -16.18%
- 5Y*
- -5.30%
- 10Y*
- -10.42%
CARD vs. EUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -2.60% | -60.21% | -58.19% | -30.38% |
EUM ProShares Short MSCI Emerging Markets | -22.25% | -22.61% | -0.83% | -1.20% |
Correlation
The correlation between CARD and EUM is 0.52, 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 | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | 0.50 |
The correlation between CARD and EUM has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.
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Return for Risk
CARD vs. EUM — Risk / Return Rank
CARD
EUM
CARD vs. EUM - 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 MSCI Emerging Markets (EUM). 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 | EUM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.52 | -1.70 | +1.17 |
Sortino ratioReturn per unit of downside risk | -0.43 | -2.57 | +2.14 |
Omega ratioGain probability vs. loss probability | 0.95 | 0.70 | +0.25 |
Calmar ratioReturn relative to maximum drawdown | -0.72 | -1.01 | +0.28 |
Martin ratioReturn relative to average drawdown | -1.06 | -2.00 | +0.94 |
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 | EUM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.52 | -1.70 | +1.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.28 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.51 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.65 | -0.36 | -0.30 |
Drawdowns
CARD vs. EUM - Drawdown Comparison
The maximum CARD drawdown since its inception was -93.51%, roughly equal to the maximum EUM drawdown of -93.07%. Use the drawdown chart below to compare losses from any high point for CARD and EUM.
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Drawdown Indicators
| CARD | EUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -93.07% | -0.44% |
Max Drawdown (1Y)Largest decline over 1 year | -49.57% | -34.42% | -15.15% |
Max Drawdown (3Y)Largest decline over 3 years | — | -47.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -50.02% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -68.27% | — |
Current DrawdownCurrent decline from peak | -92.68% | -92.99% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -68.13% | -77.16% | +9.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.93% | 18.29% | +15.64% |
Volatility
CARD vs. EUM - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 22.80% compared to ProShares Short MSCI Emerging Markets (EUM) at 8.77%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than EUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARD | EUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.80% | 8.77% | +14.03% |
Volatility (6M)Calculated over the trailing 6-month period | 50.05% | 17.89% | +32.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.70% | 20.42% | +48.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.53% | 19.14% | +61.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.53% | 20.54% | +59.99% |
CARD vs. EUM - Expense Ratio Comparison
Both CARD and EUM have an expense ratio of 0.95%.
Dividends
CARD vs. EUM - Dividend Comparison
CARD has not paid dividends to shareholders, while EUM's dividend yield for the trailing twelve months is around 4.59%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
EUM ProShares Short MSCI Emerging Markets | 4.59% | 3.98% | 4.22% | 3.86% | 0.82% | 0.00% | 0.15% | 1.35% | 0.88% |
Frequently Asked Questions
CARD and EUM have a correlation of 0.52, 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 EUM (8.77%). In terms of maximum drawdown, CARD dropped -93.51% vs EUM's -93.07%.
On 1-year performance, EUM leads with -34.52% vs -35.78% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, EUM has been the lower-risk option at 8.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EUM has performed better with a -34.52% return vs -35.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CARD and EUM have the same expense ratio: 0.95% per year.
EUM has the higher dividend yield at 4.59%, compared with 0.00% for CARD.
CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while EUM tracks MSCI Emerging Markets Index (-100%). They also come from different issuers: Max and ProShares.
CARD currently has the higher Sharpe Ratio (-0.52 vs -1.70), 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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