CARD vs. SEF
CARD (Max Auto Industry -3X Inverse Leveraged ETN) and SEF (ProShares Short Financials) are both Inverse Equities funds - CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past year, CARD returned -35.78% vs 3.73% for SEF. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
CARD vs. SEF - Performance Comparison
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Returns By Period
In the year-to-date period, CARD achieves a -2.60% return, which is significantly lower than SEF's 8.89% return.
CARD
- 1D
- 1.10%
- 1M
- -13.67%
- YTD
- -2.60%
- 6M
- -2.07%
- 1Y
- -35.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SEF
- 1D
- 1.10%
- 1M
- 1.81%
- YTD
- 8.89%
- 6M
- 6.43%
- 1Y
- 3.73%
- 3Y*
- -10.34%
- 5Y*
- -5.21%
- 10Y*
- -11.50%
CARD vs. SEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -2.60% | -60.21% | -58.19% | -30.38% |
SEF ProShares Short Financials | 8.89% | -9.82% | -17.81% | -10.72% |
Correlation
The correlation between CARD and SEF is 0.53, 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 | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | 0.56 |
The correlation between CARD and SEF has been stable across timeframes, ranging from 0.53 to 0.56 - a consistent structural relationship.
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Return for Risk
CARD vs. SEF — Risk / Return Rank
CARD
SEF
CARD vs. SEF - 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 Financials (SEF). 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 | SEF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.52 | 0.26 | -0.78 |
Sortino ratioReturn per unit of downside risk | -0.43 | 0.50 | -0.93 |
Omega ratioGain probability vs. loss probability | 0.95 | 1.06 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | -0.72 | 0.39 | -1.11 |
Martin ratioReturn relative to average drawdown | -1.06 | 0.73 | -1.78 |
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 | SEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.52 | 0.26 | -0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.29 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.65 | -0.49 | -0.17 |
Drawdowns
CARD vs. SEF - Drawdown Comparison
The maximum CARD drawdown since its inception was -93.51%, roughly equal to the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for CARD and SEF.
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Drawdown Indicators
| CARD | SEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -96.51% | +3.00% |
Max Drawdown (1Y)Largest decline over 1 year | -49.57% | -9.72% | -39.85% |
Max Drawdown (3Y)Largest decline over 3 years | — | -39.40% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -41.62% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.66% | — |
Current DrawdownCurrent decline from peak | -92.68% | -96.09% | +3.41% |
Average DrawdownAverage peak-to-trough decline | -68.13% | -82.72% | +14.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.93% | 5.14% | +28.79% |
Volatility
CARD vs. SEF - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 22.80% compared to ProShares Short Financials (SEF) at 3.01%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARD | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.80% | 3.01% | +19.79% |
Volatility (6M)Calculated over the trailing 6-month period | 50.05% | 10.85% | +39.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.70% | 14.34% | +54.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.53% | 17.96% | +62.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.53% | 20.52% | +60.01% |
CARD vs. SEF - Expense Ratio Comparison
Both CARD and SEF have an expense ratio of 0.95%.
Dividends
CARD vs. SEF - Dividend Comparison
CARD has not paid dividends to shareholders, while SEF's dividend yield for the trailing twelve months is around 3.35%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SEF ProShares Short Financials | 3.35% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
Frequently Asked Questions
CARD and SEF have a correlation of 0.53, 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 SEF (3.01%). In terms of maximum drawdown, CARD dropped -93.51% vs SEF's -96.51%.
On 1-year performance, SEF leads with 3.73% vs -35.78% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, SEF has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SEF has performed better with a 3.73% return vs -35.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CARD and SEF have the same expense ratio: 0.95% per year.
SEF has the higher dividend yield at 3.35%, compared with 0.00% for CARD.
CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while SEF tracks Dow Jones U.S. Financials Index (-100%). They also come from different issuers: Max and ProShares.
SEF currently has the higher Sharpe Ratio (0.26 vs -0.52), 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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