CARD vs. HDGE
Compare and contrast key facts about Max Auto Industry -3X Inverse Leveraged ETN (CARD) and AdvisorShares Ranger Equity Bear ETF (HDGE).
CARD and HDGE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CARD is a passively managed fund by Max that tracks the performance of the Prime Auto Industry Index - Benchmark TR Net (--300%). It was launched on Jun 27, 2023. HDGE is an actively managed fund by AdvisorShares. It was launched on Jan 26, 2011.
Performance
CARD vs. HDGE - Performance Comparison
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CARD vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | 24.67% | -60.21% | -58.19% | -30.38% |
HDGE AdvisorShares Ranger Equity Bear ETF | 11.86% | 1.50% | -8.01% | -8.46% |
Returns By Period
In the year-to-date period, CARD achieves a 24.67% return, which is significantly higher than HDGE's 11.86% return.
CARD
- 1D
- -1.85%
- 1M
- 12.54%
- YTD
- 24.67%
- 6M
- 27.27%
- 1Y
- -53.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HDGE
- 1D
- -0.17%
- 1M
- 4.07%
- YTD
- 11.86%
- 6M
- 13.54%
- 1Y
- 4.31%
- 3Y*
- -4.82%
- 5Y*
- -2.70%
- 10Y*
- -14.58%
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CARD vs. HDGE - Expense Ratio Comparison
CARD has a 0.95% expense ratio, which is lower than HDGE's 3.36% expense ratio.
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 | -0.65 | 0.22 | -0.87 |
Sortino ratioReturn per unit of downside risk | -0.66 | 0.45 | -1.11 |
Omega ratioGain probability vs. loss probability | 0.92 | 1.06 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | -0.71 | 0.21 | -0.92 |
Martin ratioReturn relative to average drawdown | -0.84 | 0.30 | -1.15 |
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 | -0.65 | 0.22 | -0.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.11 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.63 | -0.67 | +0.04 |
Correlation
The correlation between CARD and HDGE is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
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 3.12%.
| 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 | 3.12% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
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 | -77.41% | -19.63% | -57.78% |
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 | -90.63% | -92.66% | +2.03% |
Average DrawdownAverage peak-to-trough decline | -66.65% | -69.85% | +3.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 65.69% | 13.54% | +52.15% |
Volatility
CARD vs. HDGE - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 24.83% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 4.49%. 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 | 24.83% | 4.49% | +20.34% |
Volatility (6M)Calculated over the trailing 6-month period | 52.66% | 12.17% | +40.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.45% | 19.95% | +62.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.91% | 23.95% | +56.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.91% | 23.51% | +57.40% |