CARD vs. PSQ
CARD (Max Auto Industry -3X Inverse Leveraged ETN) and PSQ (ProShares Short QQQ) are both Inverse Equities funds - CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while PSQ tracks the NASDAQ-100 Index (-100%). Both are passively managed. Over the past year, CARD returned -35.78% vs -26.29% for PSQ. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
CARD vs. PSQ - Performance Comparison
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Returns By Period
In the year-to-date period, CARD achieves a -2.60% return, which is significantly higher than PSQ's -16.45% return.
CARD
- 1D
- 1.10%
- 1M
- -13.67%
- YTD
- -2.60%
- 6M
- -2.07%
- 1Y
- -35.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PSQ
- 1D
- 0.28%
- 1M
- -9.35%
- YTD
- -16.45%
- 6M
- -14.96%
- 1Y
- -26.29%
- 3Y*
- -18.98%
- 5Y*
- -14.55%
- 10Y*
- -19.23%
CARD vs. PSQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -2.60% | -60.21% | -58.19% | -30.38% |
PSQ ProShares Short QQQ | -16.45% | -15.51% | -15.68% | -8.48% |
Correlation
The correlation between CARD and PSQ is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | 0.59 |
The correlation between CARD and PSQ has been stable across timeframes, ranging from 0.59 to 0.60 - a consistent structural relationship.
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Return for Risk
CARD vs. PSQ — Risk / Return Rank
CARD
PSQ
CARD vs. PSQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and ProShares Short QQQ (PSQ). 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.
| CARD | PSQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.52 | -1.65 | +1.13 |
Sortino ratioReturn per unit of downside risk | -0.43 | -2.46 | +2.03 |
Omega ratioGain probability vs. loss probability | 0.95 | 0.74 | +0.21 |
Calmar ratioReturn relative to maximum drawdown | -0.72 | -0.98 | +0.26 |
Martin ratioReturn relative to average drawdown | -1.06 | -2.12 | +1.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CARD | PSQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.52 | -1.65 | +1.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.65 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.65 | -0.76 | +0.11 |
Drawdowns
CARD vs. PSQ - Drawdown Comparison
The maximum CARD drawdown since its inception was -93.51%, roughly equal to the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for CARD and PSQ.
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Drawdown Indicators
| CARD | PSQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -98.26% | +4.75% |
Max Drawdown (1Y)Largest decline over 1 year | -49.57% | -26.93% | -22.64% |
Max Drawdown (3Y)Largest decline over 3 years | — | -49.65% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -60.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -88.98% | — |
Current DrawdownCurrent decline from peak | -92.68% | -98.25% | +5.57% |
Average DrawdownAverage peak-to-trough decline | -68.13% | -73.97% | +5.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.93% | 12.41% | +21.52% |
Volatility
CARD vs. PSQ - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 22.80% compared to ProShares Short QQQ (PSQ) at 4.50%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than PSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARD | PSQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.80% | 4.50% | +18.30% |
Volatility (6M)Calculated over the trailing 6-month period | 50.05% | 12.14% | +37.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.70% | 16.01% | +52.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.53% | 22.43% | +58.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.53% | 22.25% | +58.28% |
CARD vs. PSQ - Expense Ratio Comparison
Both CARD and PSQ have an expense ratio of 0.95%.
Dividends
CARD vs. PSQ - Dividend Comparison
CARD has not paid dividends to shareholders, while PSQ's dividend yield for the trailing twelve months is around 5.24%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
PSQ ProShares Short QQQ | 5.24% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% |
Frequently Asked Questions
CARD and PSQ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (22.80%) compared to PSQ (4.50%). In terms of maximum drawdown, CARD dropped -93.51% vs PSQ's -98.26%.
On 1-year performance, PSQ leads with -26.29% vs -35.78% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PSQ has performed better with a -26.29% return vs -35.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CARD and PSQ have the same expense ratio: 0.95% per year.
PSQ has the higher dividend yield at 5.24%, compared with 0.00% for CARD.
CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while PSQ tracks NASDAQ-100 Index (-100%). They also come from different issuers: Max and ProShares.
CARD currently has the higher Sharpe Ratio (-0.52 vs -1.65), 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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