CARD vs. SEF

Last updated Jun 25, 2026

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 -32.26% vs -1.58% for SEF. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

CARD vs. SEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry -3X Inverse Leveraged ETN (CARD) and ProShares Short Financials (SEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARD achieves a 3.44% return, which is significantly higher than SEF's 2.28% return.

CARD

• 1D: -2.38%
• 1M: 1.10%
• YTD: 3.44%
• 6M: 15.94%
• 1Y: -32.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SEF

• 1D: -0.51%
• 1M: -4.01%
• YTD: 2.28%
• 6M: 4.12%
• 1Y: -1.58%
• 3Y*: -12.24%
• 5Y*: -6.67%
• 10Y*: -12.50%

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

CARD vs. SEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	3.44%	-60.21%	-58.19%	-32.77%
SEF ProShares Short Financials	2.28%	-9.82%	-17.81%	-10.43%

Correlation

The correlation between CARD and SEF is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.55

The correlation between CARD and SEF has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.

Return for Risk

CARD vs. SEF — 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

SEF

SEF Risk / Return Rank: 8
SEF Sharpe Ratio Rank: 8
SEF Sortino Ratio Rank: 7
SEF Omega Ratio Rank: 7
SEF Calmar Ratio Rank: 8
SEF Martin Ratio Rank: 8

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. 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.

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	SEF	Difference
Sharpe ratio: Return per unit of total volatility	-0.46	-0.11	-0.35
Sortino ratio: Return per unit of downside risk	-0.29	-0.06	-0.23
Omega ratio: Gain probability vs. loss probability	0.97	0.99	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.70	-0.14	-0.56
Martin ratio: Return relative to average drawdown	-1.02	-0.33	-0.69

CARD vs. SEF - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.46, which is lower than the SEF Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of CARD and SEF, 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. 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.

Drawdown Indicators

	CARD	SEF	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-96.51%	+3.00%
Max Drawdown (1Y) Largest decline over 1 year	-46.42%	-11.14%	-35.28%
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 Drawdown Current decline from peak	-92.23%	-96.33%	+4.10%
Average Drawdown Average peak-to-trough decline	-68.74%	-82.74%	+14.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.58%	4.76%	+26.82%

Volatility

CARD vs. SEF - Volatility Comparison

Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 23.68% compared to ProShares Short Financials (SEF) at 4.05%. 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.

Volatility by Period

	CARD	SEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.68%	4.05%	+19.63%
Volatility (6M) Calculated over the trailing 6-month period	52.62%	11.16%	+41.46%
Volatility (1Y) Calculated over the trailing 1-year period	70.15%	14.46%	+55.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.69%	17.97%	+62.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.69%	20.48%	+60.21%

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 3.56%.

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	3.56%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%

Frequently Asked Questions

Can I hold both CARD and SEF in my portfolio?

CARD and SEF have a correlation of 0.49, 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 SEF?

CARD has higher volatility (23.68%) compared to SEF (4.05%). In terms of maximum drawdown, CARD dropped -93.51% vs SEF's -96.51%.

Which ETF is better, CARD or SEF?

On 1-year performance, SEF leads with -1.58% vs -32.26% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, SEF has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARD or SEF?

Over the 1-year period, SEF has performed better with a -1.58% return vs -32.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARD or SEF?

CARD and SEF have the same expense ratio: 0.95% per year.

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

SEF has the higher dividend yield at 3.56%, compared with 0.00% for CARD.

What is the main difference between CARD and SEF?

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.

Which has better risk-adjusted returns?

SEF currently has the higher Sharpe Ratio (-0.11 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.