CARD vs. ITAN
CARD (Max Auto Industry -3X Inverse Leveraged ETN) and ITAN (Sparkline Intangible Value ETF) are both exchange-traded funds - CARD is a Inverse Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while ITAN is a Large Cap Value Equities fund actively managed by Sparkline Capital. CARD is passively managed, while ITAN is actively managed. Over the past 3 years, CARD returned -46.63%/yr vs 20.91%/yr for ITAN. At a correlation of -0.74, they often move in opposite directions. CARD charges 0.95%/yr vs 0.50%/yr for ITAN.
Performance
CARD vs. ITAN - Performance Comparison
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Returns By Period
In the year-to-date period, CARD achieves a -4.58% return, which is significantly lower than ITAN's 14.40% return.
CARD
- 1D
- 3.15%
- 1M
- -2.03%
- 6M
- 9.69%
- YTD
- -4.58%
- 1Y
- -31.37%
- 3Y*
- -46.63%
- 5Y*
- —
- 10Y*
- —
ITAN
- 1D
- -0.20%
- 1M
- 0.26%
- 6M
- 9.87%
- YTD
- 14.40%
- 1Y
- 30.78%
- 3Y*
- 20.91%
- 5Y*
- 11.90%
- 10Y*
- —
CARD vs. ITAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -4.58% | -60.21% | -58.19% | -32.77% |
ITAN Sparkline Intangible Value ETF | 14.40% | 20.46% | 17.76% | 12.73% |
Correlation
The correlation between CARD and ITAN is -0.76, 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 | -0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | -0.74 |
The correlation between CARD and ITAN has been stable across timeframes, ranging from -0.76 to -0.74 - a consistent structural relationship.
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Return for Risk
CARD vs. ITAN — Risk / Return Rank
CARD
ITAN
CARD vs. ITAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Sparkline Intangible Value ETF (ITAN). 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 | ITAN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.36 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 3.42 | -4.17 |
| Martin ratioReturn relative to average drawdown | -1.13 | 12.44 | -13.58 |
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Drawdowns
CARD vs. ITAN - Drawdown Comparison
The maximum CARD drawdown since its inception was -93.51%, which is greater than ITAN's maximum drawdown of -30.41%. Use the drawdown chart below to compare losses from any high point for CARD and ITAN.
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Drawdown Indicators
| CARD | ITAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -30.41% | -63.10% |
Max Drawdown (1Y)Largest decline over 1 year | -42.02% | -9.03% | -32.99% |
Max Drawdown (3Y)Largest decline over 3 years | -93.51% | -20.47% | -73.04% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.41% | — |
Current DrawdownCurrent decline from peak | -92.83% | -1.75% | -91.08% |
Average DrawdownAverage peak-to-trough decline | -69.12% | -7.51% | -61.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.71% | 2.48% | +25.23% |
Volatility
CARD vs. ITAN - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 22.93% compared to Sparkline Intangible Value ETF (ITAN) at 3.62%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than ITAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARD | ITAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.93% | 3.62% | +19.31% |
Volatility (6M)Calculated over the trailing 6-month period | 53.32% | 10.81% | +42.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.71% | 14.60% | +56.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.43% | 19.02% | +61.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.43% | 18.96% | +61.47% |
CARD vs. ITAN - Expense Ratio Comparison
CARD has a 0.95% expense ratio, which is higher than ITAN's 0.50% expense ratio.
Dividends
CARD vs. ITAN - Dividend Comparison
CARD has not paid dividends to shareholders, while ITAN's dividend yield for the trailing twelve months is around 1.05%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ITAN Sparkline Intangible Value ETF | 1.05% | 0.94% | 1.14% | 1.01% | 0.57% | 0.45% |
Frequently Asked Questions
CARD and ITAN have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (22.93%) compared to ITAN (3.62%). In terms of maximum drawdown, CARD dropped -93.51% vs ITAN's -30.41%.
On 3-year performance, ITAN leads with 20.91% vs -46.63% for CARD. On fees, ITAN is cheaper at 0.50% per year. On volatility, ITAN has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ITAN has performed better with a 20.91% return vs -46.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITAN is cheaper with a 0.50% expense ratio, compared with 0.95% for CARD.
ITAN has the higher dividend yield at 1.05%, compared with 0.00% for CARD.
CARD is categorized as Inverse Equities, while ITAN is Large Cap Value Equities. They also come from different issuers: Max and Sparkline Capital. Their fees differ too: 0.95% for CARD and 0.50% for ITAN.
ITAN currently has the higher Sharpe Ratio (2.12 vs -0.45), 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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