CARD vs. MUD

Last updated Jun 23, 2026

CARD (Max Auto Industry -3X Inverse Leveraged ETN) and MUD (Direxion Daily MU Bear 1X Shares) are both Inverse Equities funds. CARD is passively managed, while MUD is actively managed. Over the past year, CARD returned -35.59% vs -93.60% for MUD. At a 0.35 correlation, their price movements are largely independent. CARD charges 0.95%/yr vs 0.97%/yr for MUD.

Performance

CARD vs. MUD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Direxion Daily MU Bear 1X Shares (MUD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARD achieves a 2.96% return, which is significantly higher than MUD's -83.10% return.

CARD

• 1D: 5.71%
• 1M: 0.62%
• YTD: 2.96%
• 6M: 14.44%
• 1Y: -35.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUD

• 1D: -6.93%
• 1M: -44.97%
• YTD: -83.10%
• 6M: -83.63%
• 1Y: -93.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CARD vs. MUD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CARD Max Auto Industry -3X Inverse Leveraged ETN	2.96%	-60.21%	-35.96%
MUD Direxion Daily MU Bear 1X Shares	-83.10%	-78.75%	19.12%

Correlation

The correlation between CARD and MUD is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.35

Return for Risk

CARD vs. MUD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CARD

CARD Risk / Return Rank: 4
CARD Sharpe Ratio Rank: 5
CARD Sortino Ratio Rank: 5
CARD Omega Ratio Rank: 5
CARD Calmar Ratio Rank: 2
CARD Martin Ratio Rank: 3

MUD

MUD Risk / Return Rank: 0
MUD Sharpe Ratio Rank: 0
MUD Sortino Ratio Rank: 0
MUD Omega Ratio Rank: 0
MUD Calmar Ratio Rank: 0
MUD Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CARD vs. MUD - 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 MU Bear 1X Shares (MUD). 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	MUD	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	-1.32	+0.81
Sortino ratio: Return per unit of downside risk	-0.39	-4.06	+3.67
Omega ratio: Gain probability vs. loss probability	0.96	0.56	+0.40
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.99	+0.22
Martin ratio: Return relative to average drawdown	-1.13	-1.46	+0.33

CARD vs. MUD - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.51, which is higher than the MUD Sharpe Ratio of -1.32. The chart below compares the historical Sharpe Ratios of CARD and MUD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CARD vs. MUD - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, roughly equal to the maximum MUD drawdown of -96.89%. Use the drawdown chart below to compare losses from any high point for CARD and MUD.

Drawdown Indicators

	CARD	MUD	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-96.89%	+3.38%
Max Drawdown (1Y) Largest decline over 1 year	-46.42%	-94.52%	+48.10%
Current Drawdown Current decline from peak	-92.26%	-96.89%	+4.63%
Average Drawdown Average peak-to-trough decline	-68.68%	-51.50%	-17.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.43%	64.02%	-32.59%

Volatility

CARD vs. MUD - Volatility Comparison

The current volatility for Max Auto Industry -3X Inverse Leveraged ETN (CARD) is 24.68%, while Direxion Daily MU Bear 1X Shares (MUD) has a volatility of 35.25%. This indicates that CARD experiences smaller price fluctuations and is considered to be less risky than MUD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	MUD	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.68%	35.25%	-10.57%
Volatility (6M) Calculated over the trailing 6-month period	52.91%	61.23%	-8.32%
Volatility (1Y) Calculated over the trailing 1-year period	70.33%	71.36%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.77%	69.34%	+11.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.77%	69.34%	+11.43%

CARD vs. MUD - Expense Ratio Comparison

CARD has a 0.95% expense ratio, which is lower than MUD's 0.97% expense ratio.

Dividends

CARD vs. MUD - Dividend Comparison

CARD has not paid dividends to shareholders, while MUD's dividend yield for the trailing twelve months is around 34.86%.

Position	TTM	2025	2024
CARD Max Auto Industry -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%
MUD Direxion Daily MU Bear 1X Shares	34.86%	9.21%	0.47%

Frequently Asked Questions

Can I hold both CARD and MUD in my portfolio?

CARD and MUD have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CARD or MUD?

MUD has higher volatility (35.25%) compared to CARD (24.68%). In terms of maximum drawdown, CARD dropped -93.51% vs MUD's -96.89%.

Which ETF is better, CARD or MUD?

On 1-year performance, CARD leads with -35.59% vs -93.60% for MUD. On fees, CARD is cheaper at 0.95% per year. On volatility, CARD has been the lower-risk option at 24.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARD or MUD?

Over the 1-year period, CARD has performed better with a -35.59% return vs -93.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARD or MUD?

CARD is cheaper with a 0.95% expense ratio, compared with 0.97% for MUD.

Which ETF pays a higher dividend yield, CARD or MUD?

MUD has the higher dividend yield at 34.86%, compared with 0.00% for CARD.

What is the main difference between CARD and MUD?

They also come from different issuers: Max and Direxion. Their fees differ too: 0.95% for CARD and 0.97% for MUD.

Which has better risk-adjusted returns?

CARD currently has the higher Sharpe Ratio (-0.51 vs -1.32), 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.