CARD vs. GDXD

Last updated Jul 17, 2026

CARD (Max Auto Industry -3X Inverse Leveraged ETN) and GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) are both Inverse Equities funds - CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while GDXD tracks the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). Both are passively managed. Over the past 3 years, CARD returned -48.65%/yr vs -81.84%/yr for GDXD. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

CARD vs. GDXD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry -3X Inverse Leveraged ETN (CARD) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARD achieves a -13.01% return, which is significantly higher than GDXD's -32.64% return.

CARD

• 1D: -3.90%
• 1M: -7.95%
• 6M: -5.26%
• YTD: -13.01%
• 1Y: -39.30%
• 3Y*: -48.65%
• 5Y*: —
• 10Y*: —

GDXD

• 1D: 11.11%
• 1M: 68.74%
• 6M: -1.35%
• YTD: -32.64%
• 1Y: -90.73%
• 3Y*: -81.84%
• 5Y*: -72.97%
• 10Y*: —

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

CARD vs. GDXD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	-13.01%	-60.21%	-58.19%	-32.77%
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-32.64%	-97.53%	-57.78%	-35.25%

Correlation

The correlation between CARD and GDXD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.23

Return for Risk

CARD vs. GDXD — 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: 5
CARD Sortino Ratio Rank: 5
CARD Omega Ratio Rank: 6
CARD Calmar Ratio Rank: 1
CARD Martin Ratio Rank: 2

GDXD

GDXD Risk / Return Rank: 3
GDXD Sharpe Ratio Rank: 4
GDXD Sortino Ratio Rank: 2
GDXD Omega Ratio Rank: 3
GDXD Calmar Ratio Rank: 1
GDXD 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. GDXD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). 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	GDXD	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	-0.63	+0.07
Sortino ratio: Return per unit of downside risk	-0.50	-1.36	+0.86
Omega ratio: Gain probability vs. loss probability	0.94	0.86	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.94	+0.01
Martin ratio: Return relative to average drawdown	-1.40	-1.11	-0.29

CARD vs. GDXD - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.56, which is comparable to the GDXD Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of CARD and GDXD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CARD vs. GDXD - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, smaller than the maximum GDXD drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for CARD and GDXD.

Drawdown Indicators

	CARD	GDXD	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-99.96%	+6.45%
Max Drawdown (1Y) Largest decline over 1 year	-42.02%	-96.19%	+54.17%
Max Drawdown (3Y) Largest decline over 3 years	-93.51%	-99.86%	+6.35%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.96%	—
Current Drawdown Current decline from peak	-93.46%	-99.91%	+6.45%
Average Drawdown Average peak-to-trough decline	-69.22%	-72.38%	+3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.05%	81.60%	-53.55%

Volatility

CARD vs. GDXD - Volatility Comparison

The current volatility for Max Auto Industry -3X Inverse Leveraged ETN (CARD) is 21.51%, while MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a volatility of 36.43%. This indicates that CARD experiences smaller price fluctuations and is considered to be less risky than GDXD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	GDXD	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.51%	36.43%	-14.92%
Volatility (6M) Calculated over the trailing 6-month period	53.52%	118.05%	-64.53%
Volatility (1Y) Calculated over the trailing 1-year period	70.63%	145.22%	-74.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.32%	112.15%	-31.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.32%	110.79%	-30.47%

CARD vs. GDXD - Expense Ratio Comparison

Both CARD and GDXD have an expense ratio of 0.95%.

Dividends

CARD vs. GDXD - Dividend Comparison

Neither CARD nor GDXD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CARD and GDXD in my portfolio?

CARD and GDXD have a correlation of 0.32, 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 GDXD?

GDXD has higher volatility (36.43%) compared to CARD (21.51%). In terms of maximum drawdown, CARD dropped -93.51% vs GDXD's -99.96%.

Which ETF is better, CARD or GDXD?

On 3-year performance, CARD leads with -48.65% vs -81.84% for GDXD. Both ETFs have the same 0.95% expense ratio. On volatility, CARD has been the lower-risk option at 21.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARD or GDXD?

Over the 3-year period, CARD has performed better with a -48.65% return vs -81.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARD or GDXD?

CARD and GDXD have the same expense ratio: 0.95% per year.

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

CARD and GDXD have nearly identical dividend yields, around 0.00%.

What is the main difference between CARD and GDXD?

CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). They also come from different issuers: Max and BMO.

Which has better risk-adjusted returns?

CARD currently has the higher Sharpe Ratio (-0.56 vs -0.63), 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.