CARD vs. HDGE
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 -35.78% vs -0.65% 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
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Returns By Period
In the year-to-date period, CARD achieves a -2.60% return, which is significantly lower than HDGE's 5.43% return.
CARD
- 1D
- 1.10%
- 1M
- -13.67%
- YTD
- -2.60%
- 6M
- -2.07%
- 1Y
- -35.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HDGE
- 1D
- 2.55%
- 1M
- -2.09%
- YTD
- 5.43%
- 6M
- 5.59%
- 1Y
- -0.65%
- 3Y*
- -5.06%
- 5Y*
- -2.89%
- 10Y*
- -14.77%
CARD vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -2.60% | -60.21% | -58.19% | -30.38% |
HDGE AdvisorShares Ranger Equity Bear ETF | 5.43% | 1.50% | -8.01% | -8.46% |
Correlation
The correlation between CARD and HDGE is 0.66, 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 | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | 0.72 |
The correlation between CARD and HDGE has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.
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Return for Risk
CARD vs. HDGE — Risk / Return Rank
CARD
HDGE
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.
| CARD | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.01 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | -0.05 | -0.67 |
| Martin ratioReturn relative to average drawdown | -1.06 | -0.11 | -0.95 |
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 | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.52 | -0.04 | -0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.12 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.65 | -0.67 | +0.02 |
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.
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Drawdown Indicators
| CARD | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -93.88% | +0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -49.57% | -12.26% | -37.31% |
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 DrawdownCurrent decline from peak | -92.68% | -93.08% | +0.40% |
Average DrawdownAverage peak-to-trough decline | -68.13% | -70.11% | +1.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.93% | 6.16% | +27.77% |
Volatility
CARD vs. HDGE - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 22.80% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 6.41%. 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.
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Volatility by Period
| CARD | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.80% | 6.41% | +16.39% |
Volatility (6M)Calculated over the trailing 6-month period | 50.05% | 12.81% | +37.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.70% | 18.33% | +50.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.53% | 24.18% | +56.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.53% | 23.56% | +56.97% |
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 3.32%.
| 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 | 3.32% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
Frequently Asked Questions
CARD and HDGE have a correlation of 0.66, 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 HDGE (6.41%). In terms of maximum drawdown, CARD dropped -93.51% vs HDGE's -93.88%.
On 1-year performance, HDGE leads with -0.65% vs -35.78% for CARD. On fees, CARD is cheaper at 0.95% per year. On volatility, HDGE has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HDGE has performed better with a -0.65% return vs -35.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CARD is cheaper with a 0.95% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.32%, compared with 0.00% for CARD.
They also come from different issuers: Max and AdvisorShares. Their fees differ too: 0.95% for CARD and 3.36% for HDGE.
HDGE currently has the higher Sharpe Ratio (-0.04 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.
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