CARD vs. HIBS
CARD (Max Auto Industry -3X Inverse Leveraged ETN) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both Inverse Equities funds - CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while HIBS tracks the S&P 500® High Beta Index. Both are passively managed. Over the past 3 years, CARD returned -46.63%/yr vs -58.82%/yr for HIBS. A 0.71 correlation means they provide meaningful diversification when combined. CARD charges 0.95%/yr vs 1.06%/yr for HIBS.
Performance
CARD vs. HIBS - Performance Comparison
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Returns By Period
In the year-to-date period, CARD achieves a -4.58% return, which is significantly higher than HIBS's -58.15% return.
CARD
- 1D
- 3.15%
- 1M
- -2.03%
- 6M
- 9.69%
- YTD
- -4.58%
- 1Y
- -31.37%
- 3Y*
- -46.63%
- 5Y*
- —
- 10Y*
- —
HIBS
- 1D
- 7.58%
- 1M
- 1.41%
- 6M
- -51.06%
- YTD
- -58.15%
- 1Y
- -74.34%
- 3Y*
- -58.82%
- 5Y*
- -54.70%
- 10Y*
- —
CARD vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -4.58% | -60.21% | -58.19% | -32.77% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -58.15% | -72.44% | -26.60% | -28.60% |
Correlation
The correlation between CARD and HIBS is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | 0.71 |
The correlation between CARD and HIBS has been stable across timeframes, ranging from 0.68 to 0.71 - a consistent structural relationship.
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Return for Risk
CARD vs. HIBS — Risk / Return Rank
CARD
HIBS
CARD vs. HIBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS). 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 | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +1.66 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.80 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.94 | +0.19 |
| Martin ratioReturn relative to average drawdown | -1.13 | -1.58 | +0.45 |
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Drawdowns
CARD vs. HIBS - Drawdown Comparison
The maximum CARD drawdown since its inception was -93.51%, smaller than the maximum HIBS drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for CARD and HIBS.
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Drawdown Indicators
| CARD | HIBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -99.98% | +6.47% |
Max Drawdown (1Y)Largest decline over 1 year | -42.02% | -79.30% | +37.28% |
Max Drawdown (3Y)Largest decline over 3 years | -93.51% | -96.91% | +3.40% |
Max Drawdown (5Y)Largest decline over 5 years | — | -98.70% | — |
Current DrawdownCurrent decline from peak | -92.83% | -99.98% | +7.15% |
Average DrawdownAverage peak-to-trough decline | -69.12% | -93.18% | +24.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.71% | 46.98% | -19.27% |
Volatility
CARD vs. HIBS - Volatility Comparison
The current volatility for Max Auto Industry -3X Inverse Leveraged ETN (CARD) is 22.93%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 34.54%. This indicates that CARD experiences smaller price fluctuations and is considered to be less risky than HIBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARD | HIBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.93% | 34.54% | -11.61% |
Volatility (6M)Calculated over the trailing 6-month period | 53.32% | 63.59% | -10.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.71% | 77.11% | -6.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.43% | 83.90% | -3.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.43% | 95.34% | -14.91% |
CARD vs. HIBS - Expense Ratio Comparison
CARD has a 0.95% expense ratio, which is lower than HIBS's 1.06% expense ratio.
Dividends
CARD vs. HIBS - Dividend Comparison
CARD has not paid dividends to shareholders, while HIBS's dividend yield for the trailing twelve months is around 8.48%.
| 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% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 8.48% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% |
Frequently Asked Questions
CARD and HIBS have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (34.54%) compared to CARD (22.93%). In terms of maximum drawdown, CARD dropped -93.51% vs HIBS's -99.98%.
On 3-year performance, CARD leads with -46.63% vs -58.82% for HIBS. On fees, CARD is cheaper at 0.95% per year. On volatility, CARD has been the lower-risk option at 22.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CARD has performed better with a -46.63% return vs -58.82%. 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 1.06% for HIBS.
HIBS has the higher dividend yield at 8.48%, compared with 0.00% for CARD.
CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while HIBS tracks S&P 500® High Beta Index. They also come from different issuers: Max and Direxion. Their fees differ too: 0.95% for CARD and 1.06% for HIBS.
CARD currently has the higher Sharpe Ratio (-0.45 vs -0.97), 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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