CARD vs. ORCS

Last updated Jul 14, 2026

CARD (Max Auto Industry -3X Inverse Leveraged ETN) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. CARD is passively managed, while ORCS is actively managed. At a 0.34 correlation, their price movements are largely independent. CARD charges 0.95%/yr vs 0.97%/yr for ORCS.

Performance

CARD vs. ORCS - 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 ORCL Bear 1X ETF (ORCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARD achieves a -4.58% return, which is significantly lower than ORCS's 25.50% return.

CARD

• 1D: 3.15%
• 1M: -2.03%
• 6M: 9.69%
• YTD: -4.58%
• 1Y: -31.37%
• 3Y*: -46.63%
• 5Y*: —
• 10Y*: —

ORCS

• 1D: 6.26%
• 1M: 37.01%
• 6M: 32.40%
• YTD: 25.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CARD vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
CARD Max Auto Industry -3X Inverse Leveraged ETN	-4.58%	-23.00%
ORCS Direxion Daily ORCL Bear 1X ETF	25.50%	11.07%

Correlation

The correlation between CARD and ORCS is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.34

Return for Risk

CARD vs. ORCS — Risk / Return Rank

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

CARD

CARD Risk / Return Rank: 5
CARD Sharpe Ratio Rank: 5
CARD Sortino Ratio Rank: 6
CARD Omega Ratio Rank: 6
CARD Calmar Ratio Rank: 3
CARD Martin Ratio Rank: 4

ORCS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ORCS - 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 ORCL Bear 1X ETF (ORCS). 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	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	—	—
Sortino ratio: Return per unit of downside risk	-0.26	—	—
Omega ratio: Gain probability vs. loss probability	0.97	—	—
Calmar ratio: Return relative to maximum drawdown	-0.75	—	—
Martin ratio: Return relative to average drawdown	-1.13	—	—

Drawdowns

CARD vs. ORCS - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for CARD and ORCS.

Drawdown Indicators

	CARD	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-50.25%	-43.26%
Max Drawdown (1Y) Largest decline over 1 year	-42.02%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-93.51%	—	—
Current Drawdown Current decline from peak	-92.83%	-10.21%	-82.62%
Average Drawdown Average peak-to-trough decline	-69.12%	-16.41%	-52.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.71%	—	—

Volatility

Volatility by Period

	CARD	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.93%	—	—
Volatility (6M) Calculated over the trailing 6-month period	53.32%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	70.71%	59.82%	+10.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.43%	59.82%	+20.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.43%	59.82%	+20.61%

CARD vs. ORCS - Expense Ratio Comparison

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

Dividends

CARD vs. ORCS - Dividend Comparison

CARD has not paid dividends to shareholders, while ORCS's dividend yield for the trailing twelve months is around 1.14%.

Position	TTM	2025
CARD Max Auto Industry -3X Inverse Leveraged ETN	0.00%	0.00%
ORCS Direxion Daily ORCL Bear 1X ETF	1.14%	0.26%

Frequently Asked Questions

Can I hold both CARD and ORCS in my portfolio?

CARD and ORCS have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CARD or ORCS?

On fees, CARD is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CARD or ORCS?

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

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

ORCS has the higher dividend yield at 1.14%, compared with 0.00% for CARD.

What is the main difference between CARD and ORCS?

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