CARD vs. ISCB
CARD (Max Auto Industry -3X Inverse Leveraged ETN) and ISCB (iShares Morningstar Small-Cap ETF) are both exchange-traded funds - CARD is a Inverse Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while ISCB is a Small Cap Blend Equities fund tracking the Morningstar US Small Cap Extended Index. Both are passively managed. Over the past year, CARD returned -30.65% vs 29.94% for ISCB. At a correlation of -0.76, they often move in opposite directions. CARD charges 0.95%/yr vs 0.04%/yr for ISCB.
Performance
CARD vs. ISCB - Performance Comparison
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Returns By Period
In the year-to-date period, CARD achieves a 5.96% return, which is significantly lower than ISCB's 13.15% return.
CARD
- 1D
- 2.92%
- 1M
- 3.56%
- YTD
- 5.96%
- 6M
- 16.67%
- 1Y
- -30.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ISCB
- 1D
- -0.39%
- 1M
- 2.62%
- YTD
- 13.15%
- 6M
- 11.14%
- 1Y
- 29.94%
- 3Y*
- 17.02%
- 5Y*
- 5.91%
- 10Y*
- 9.82%
CARD vs. ISCB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | 5.96% | -60.21% | -58.19% | -32.77% |
ISCB iShares Morningstar Small-Cap ETF | 13.15% | 12.46% | 10.90% | 11.12% |
Correlation
The correlation between CARD and ISCB is -0.75, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.75 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | -0.76 |
The correlation between CARD and ISCB has been stable across timeframes, ranging from -0.76 to -0.75 - a consistent structural relationship.
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Return for Risk
CARD vs. ISCB — Risk / Return Rank
CARD
ISCB
CARD vs. ISCB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and iShares Morningstar Small-Cap ETF (ISCB). 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 | ISCB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.31 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 3.20 | -3.86 |
| Martin ratioReturn relative to average drawdown | -0.97 | 11.44 | -12.41 |
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Drawdowns
CARD vs. ISCB - Drawdown Comparison
The maximum CARD drawdown since its inception was -93.51%, which is greater than ISCB's maximum drawdown of -61.25%. Use the drawdown chart below to compare losses from any high point for CARD and ISCB.
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Drawdown Indicators
| CARD | ISCB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -61.25% | -32.26% |
Max Drawdown (1Y)Largest decline over 1 year | -46.42% | -9.39% | -37.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.18% | — |
Current DrawdownCurrent decline from peak | -92.04% | -0.71% | -91.33% |
Average DrawdownAverage peak-to-trough decline | -68.71% | -9.78% | -58.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.50% | 2.62% | +28.88% |
Volatility
CARD vs. ISCB - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 24.36% compared to iShares Morningstar Small-Cap ETF (ISCB) at 4.52%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than ISCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARD | ISCB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.36% | 4.52% | +19.84% |
Volatility (6M)Calculated over the trailing 6-month period | 52.63% | 11.72% | +40.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.25% | 16.73% | +53.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.74% | 21.41% | +59.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.74% | 22.67% | +58.07% |
CARD vs. ISCB - Expense Ratio Comparison
CARD has a 0.95% expense ratio, which is higher than ISCB's 0.04% expense ratio.
Dividends
CARD vs. ISCB - Dividend Comparison
CARD has not paid dividends to shareholders, while ISCB's dividend yield for the trailing twelve months is around 1.30%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ISCB iShares Morningstar Small-Cap ETF | 1.30% | 1.38% | 1.31% | 1.49% | 1.63% | 1.26% | 1.26% | 1.25% | 1.60% | 1.24% | 1.58% | 1.40% |
Frequently Asked Questions
CARD and ISCB have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (24.36%) compared to ISCB (4.52%). In terms of maximum drawdown, CARD dropped -93.51% vs ISCB's -61.25%.
On 1-year performance, ISCB leads with 29.94% vs -30.65% for CARD. On fees, ISCB is cheaper at 0.04% per year. On volatility, ISCB has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ISCB has performed better with a 29.94% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ISCB is cheaper with a 0.04% expense ratio, compared with 0.95% for CARD.
ISCB has the higher dividend yield at 1.30%, compared with 0.00% for CARD.
CARD is categorized as Inverse Equities, while ISCB is Small Cap Blend Equities. CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while ISCB tracks Morningstar US Small Cap Extended Index. They also come from different issuers: Max and iShares. Their fees differ too: 0.95% for CARD and 0.04% for ISCB.
ISCB currently has the higher Sharpe Ratio (1.80 vs -0.44), 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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