CARD vs. HDGE

Last updated Jun 25, 2026

CARD (Max Auto Industry -3X Inverse Leveraged ETN) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. CARD is passively managed, while HDGE is actively managed. Over the past year, CARD returned -32.26% vs 3.03% for HDGE. A 0.72 correlation means they provide meaningful diversification when combined. CARD charges 0.95%/yr vs 3.36%/yr for HDGE.

Performance

CARD vs. HDGE - Performance Comparison

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

Returns By Period

In the year-to-date period, CARD achieves a 3.44% return, which is significantly lower than HDGE's 4.86% return.

CARD

• 1D: -2.38%
• 1M: 1.10%
• YTD: 3.44%
• 6M: 15.94%
• 1Y: -32.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HDGE

• 1D: -1.18%
• 1M: -1.07%
• YTD: 4.86%
• 6M: 5.85%
• 1Y: 3.03%
• 3Y*: -4.44%
• 5Y*: -2.04%
• 10Y*: -15.29%

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

CARD vs. HDGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	3.44%	-60.21%	-58.19%	-32.77%
HDGE AdvisorShares Ranger Equity Bear ETF	4.86%	1.50%	-8.01%	-8.53%

Correlation

The correlation between CARD and HDGE is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.72

The correlation between CARD and HDGE has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

Return for Risk

CARD vs. HDGE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CARD

CARD Risk / Return Rank: 5
CARD Sharpe Ratio Rank: 5
CARD Sortino Ratio Rank: 6
CARD Omega Ratio Rank: 6
CARD Calmar Ratio Rank: 3
CARD Martin Ratio Rank: 4

HDGE

HDGE Risk / Return Rank: 11
HDGE Sharpe Ratio Rank: 11
HDGE Sortino Ratio Rank: 11
HDGE Omega Ratio Rank: 10
HDGE Calmar Ratio Rank: 12
HDGE Martin Ratio Rank: 11

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. HDGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and AdvisorShares Ranger Equity Bear ETF (HDGE). 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	HDGE	Difference
Sharpe ratio: Return per unit of total volatility	-0.46	0.17	-0.63
Sortino ratio: Return per unit of downside risk	-0.29	0.37	-0.66
Omega ratio: Gain probability vs. loss probability	0.97	1.04	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.70	0.25	-0.95
Martin ratio: Return relative to average drawdown	-1.02	0.51	-1.53

CARD vs. HDGE - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.46, which is lower than the HDGE Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of CARD and HDGE, 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. HDGE - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, roughly equal to the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for CARD and HDGE.

Drawdown Indicators

	CARD	HDGE	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-93.88%	+0.37%
Max Drawdown (1Y) Largest decline over 1 year	-46.42%	-12.26%	-34.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-42.97%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.69%	—
Current Drawdown Current decline from peak	-92.23%	-93.12%	+0.89%
Average Drawdown Average peak-to-trough decline	-68.74%	-70.18%	+1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.58%	5.97%	+25.61%

Volatility

CARD vs. HDGE - Volatility Comparison

Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 23.68% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 5.86%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than HDGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	HDGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.68%	5.86%	+17.82%
Volatility (6M) Calculated over the trailing 6-month period	52.62%	13.04%	+39.58%
Volatility (1Y) Calculated over the trailing 1-year period	70.15%	18.29%	+51.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.69%	24.19%	+56.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.69%	23.49%	+57.20%

CARD vs. HDGE - Expense Ratio Comparison

CARD has a 0.95% expense ratio, which is lower than HDGE's 3.36% expense ratio.

Dividends

CARD vs. HDGE - Dividend Comparison

CARD has not paid dividends to shareholders, while HDGE's dividend yield for the trailing twelve months is around 3.33%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CARD Max Auto Industry -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HDGE AdvisorShares Ranger Equity Bear ETF	3.33%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%

Frequently Asked Questions

Can I hold both CARD and HDGE in my portfolio?

CARD and HDGE have a correlation of 0.64, 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 HDGE?

CARD has higher volatility (23.68%) compared to HDGE (5.86%). In terms of maximum drawdown, CARD dropped -93.51% vs HDGE's -93.88%.

Which ETF is better, CARD or HDGE?

On 1-year performance, HDGE leads with 3.03% vs -32.26% for CARD. On fees, CARD is cheaper at 0.95% per year. On volatility, HDGE has been the lower-risk option at 5.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARD or HDGE?

Over the 1-year period, HDGE has performed better with a 3.03% return vs -32.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARD or HDGE?

CARD is cheaper with a 0.95% expense ratio, compared with 3.36% for HDGE.

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

HDGE has the higher dividend yield at 3.33%, compared with 0.00% for CARD.

What is the main difference between CARD and HDGE?

They also come from different issuers: Max and AdvisorShares. Their fees differ too: 0.95% for CARD and 3.36% for HDGE.

Which has better risk-adjusted returns?

HDGE currently has the higher Sharpe Ratio (0.17 vs -0.46), 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.