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 3 years, CARD returned -47.16%/yr vs -3.25%/yr for HDGE. Their 0.71 correlation means they have sometimes moved together and sometimes differently. CARD charges 0.95%/yr vs 3.36%/yr for HDGE.
Performance
CARD vs. HDGE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CARD achieves a -8.92% return, which is significantly lower than HDGE's -5.56% return.
CARD
- 1D
- 3.59%
- 1M
- 1.66%
- 6M
- -6.13%
- YTD
- -8.92%
- 1Y
- -38.90%
- 3Y*
- -47.16%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -52.24%
HDGE
- 1D
- 0.40%
- 1M
- -5.26%
- 6M
- -7.86%
- YTD
- -5.56%
- 1Y
- -9.67%
- 3Y*
- -3.25%
- 5Y*
- -5.22%
- 10Y*
- -15.39%
- ALL TIME*
- -15.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $47.33K | $47.63K | $45.90K | |
| $1.40M | $1.05M | $1.06M |
CARD vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -8.92% | -60.21% | -58.19% | -32.77% |
HDGE AdvisorShares Ranger Equity Bear ETF | -5.56% | 1.50% | -8.01% | -8.53% |
Correlation
The correlation between CARD and HDGE is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | 0.71 |
The correlation between CARD and HDGE has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.94 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.45 | -0.36 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.23 | 0.00 |
Loading charts...
Drawdowns
CARD vs. HDGE - Drawdown Comparison
The maximum CARD drawdown since its inception was -93.74%, roughly equal to the maximum HDGE drawdown of -93.98%. Use the drawdown chart below to compare losses from any high point for CARD and HDGE.
Loading charts...
Drawdown Indicators
| CARD | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.74% | -93.98% | +0.24% |
Max Drawdown (1Y)Largest decline over 1 year | -44.14% | -20.34% | -23.80% |
Max Drawdown (3Y)Largest decline over 3 years | -93.74% | -30.63% | -63.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.92% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -82.25% | — |
Current DrawdownCurrent decline from peak | -93.16% | -93.80% | +0.64% |
Average DrawdownAverage peak-to-trough decline | -69.56% | -70.33% | +0.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.16% | 7.44% | +21.72% |
Volatility
CARD vs. HDGE - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 23.32% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 8.05%. 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.
Loading charts...
Volatility by Period
| CARD | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.32% | 8.05% | +15.27% |
Volatility (6M)Calculated over the trailing 6-month period | 54.55% | 15.10% | +39.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 72.06% | 19.26% | +52.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.51% | 24.40% | +56.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.51% | 23.53% | +56.98% |
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 3.70%.
| 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 | 3.70% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
Frequently Asked Questions
CARD and HDGE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (23.32%) compared to HDGE (8.05%). In terms of maximum drawdown, CARD dropped -93.74% vs HDGE's -93.98%.
On 3-year performance, HDGE leads with -3.25% vs -47.16% for CARD. On fees, CARD is cheaper at 0.95% per year. On volatility, HDGE has been the lower-risk option at 8.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HDGE has performed better with a -3.25% return vs -47.16%. 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 3.70%, 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 (-0.48 vs -0.50), 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.
Find the right allocation for CARD and HDGE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer