CARD vs. MSTZ
CARD (Max Auto Industry -3X Inverse Leveraged ETN) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds. CARD is passively managed, while MSTZ is actively managed. Over the past year, CARD returned -32.26% vs 198.66% for MSTZ. At a 0.43 correlation, their price movements are largely independent. CARD charges 0.95%/yr vs 1.05%/yr for MSTZ.
Performance
CARD vs. MSTZ - Performance Comparison
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Returns By Period
In the year-to-date period, CARD achieves a 3.44% return, which is significantly higher than MSTZ's -15.28% return.
CARD
- 1D
- -2.38%
- 1M
- 1.10%
- YTD
- 3.44%
- 6M
- 15.94%
- 1Y
- -32.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTZ
- 1D
- 18.61%
- 1M
- 139.77%
- YTD
- -15.28%
- 6M
- -7.86%
- 1Y
- 198.66%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CARD vs. MSTZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | 3.44% | -60.21% | -35.24% |
MSTZ T-REX 2X Inverse MSTR Daily Target ETF | -15.28% | -38.95% | -94.43% |
Correlation
The correlation between CARD and MSTZ is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024 | 0.43 |
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Return for Risk
CARD vs. MSTZ — Risk / Return Rank
CARD
MSTZ
CARD vs. MSTZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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 | MSTZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.28 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 2.36 | -3.05 |
| Martin ratioReturn relative to average drawdown | -1.02 | 4.68 | -5.70 |
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Drawdowns
CARD vs. MSTZ - Drawdown Comparison
The maximum CARD drawdown since its inception was -93.51%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for CARD and MSTZ.
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Drawdown Indicators
| CARD | MSTZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -99.38% | +5.87% |
Max Drawdown (1Y)Largest decline over 1 year | -46.42% | -84.89% | +38.47% |
Current DrawdownCurrent decline from peak | -92.23% | -97.12% | +4.89% |
Average DrawdownAverage peak-to-trough decline | -68.74% | -94.46% | +25.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.58% | 42.69% | -11.11% |
Volatility
CARD vs. MSTZ - Volatility Comparison
The current volatility for Max Auto Industry -3X Inverse Leveraged ETN (CARD) is 23.68%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 44.37%. This indicates that CARD experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARD | MSTZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.68% | 44.37% | -20.69% |
Volatility (6M)Calculated over the trailing 6-month period | 52.62% | 128.52% | -75.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.15% | 144.81% | -74.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.69% | 170.21% | -89.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.69% | 170.21% | -89.52% |
CARD vs. MSTZ - Expense Ratio Comparison
CARD has a 0.95% expense ratio, which is lower than MSTZ's 1.05% expense ratio.
Dividends
CARD vs. MSTZ - Dividend Comparison
Neither CARD nor MSTZ has paid dividends to shareholders.
Frequently Asked Questions
CARD and MSTZ have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTZ has higher volatility (44.37%) compared to CARD (23.68%). In terms of maximum drawdown, CARD dropped -93.51% vs MSTZ's -99.38%.
On 1-year performance, MSTZ leads with 198.66% vs -32.26% for CARD. On fees, CARD is cheaper at 0.95% per year. On volatility, CARD has been the lower-risk option at 23.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MSTZ has performed better with a 198.66% return vs -32.26%. 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 1.05% for MSTZ.
CARD and MSTZ have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Max and REX. Their fees differ too: 0.95% for CARD and 1.05% for MSTZ.
MSTZ currently has the higher Sharpe Ratio (1.38 vs -0.46), 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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