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 year, CARD returned -35.78% vs -82.43% for HIBS. A 0.72 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 -2.60% return, which is significantly higher than HIBS's -59.50% return.
CARD
- 1D
- 1.10%
- 1M
- -13.67%
- YTD
- -2.60%
- 6M
- -2.07%
- 1Y
- -35.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HIBS
- 1D
- 2.48%
- 1M
- -31.05%
- YTD
- -59.50%
- 6M
- -60.46%
- 1Y
- -82.43%
- 3Y*
- -62.99%
- 5Y*
- -53.46%
- 10Y*
- —
CARD vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -2.60% | -60.21% | -58.19% | -30.38% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -59.50% | -72.44% | -26.60% | -27.85% |
Correlation
The correlation between CARD and HIBS is 0.69, 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 | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | 0.72 |
The correlation between CARD and HIBS has been stable across timeframes, ranging from 0.69 to 0.72 - 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.
| CARD | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +2.50 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.69 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | -0.99 | +0.27 |
| Martin ratioReturn relative to average drawdown | -1.06 | -1.52 | +0.46 |
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 | HIBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.52 | -1.22 | +0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.65 | -0.73 | +0.07 |
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 | -49.57% | -83.13% | +33.56% |
Max Drawdown (3Y)Largest decline over 3 years | — | -96.48% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -98.52% | — |
Current DrawdownCurrent decline from peak | -92.68% | -99.98% | +7.30% |
Average DrawdownAverage peak-to-trough decline | -68.13% | -93.13% | +25.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.93% | 54.38% | -20.45% |
Volatility
CARD vs. HIBS - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) have volatilities of 22.80% and 22.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 22.80% | 22.26% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 50.05% | 52.85% | -2.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.70% | 67.65% | +1.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.53% | 82.46% | -1.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.53% | 94.81% | -14.28% |
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 11.69%.
| 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 | 11.69% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% |
Frequently Asked Questions
CARD and HIBS have a correlation of 0.69, 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 HIBS (22.26%). In terms of maximum drawdown, CARD dropped -93.51% vs HIBS's -99.98%.
On 1-year performance, CARD leads with -35.78% vs -82.43% for HIBS. On fees, CARD is cheaper at 0.95% per year. On volatility, HIBS has been the lower-risk option at 22.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CARD has performed better with a -35.78% return vs -82.43%. 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 11.69%, 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 (-0.52 vs -1.22), 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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