CARD vs. SHRT

Last updated Apr 1, 2026

Compare and contrast key facts about Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Gotham Short Strategies ETF (SHRT).

CARD and SHRT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CARD is a passively managed fund by Max that tracks the performance of the Prime Auto Industry Index - Benchmark TR Net (--300%). It was launched on Jun 27, 2023. SHRT is an actively managed fund by Gotham. It was launched on Jul 31, 2017.

Performance

CARD vs. SHRT - Performance Comparison

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

CARD vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	27.01%	-60.21%	-58.19%	-40.05%
SHRT Gotham Short Strategies ETF	-2.73%	-0.91%	-1.44%	-5.83%

Returns By Period

In the year-to-date period, CARD achieves a 27.01% return, which is significantly higher than SHRT's -2.73% return.

CARD

• 1D: -10.04%
• 1M: 20.30%
• YTD: 27.01%
• 6M: 23.34%
• 1Y: -54.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHRT

• 1D: -1.51%
• 1M: 4.54%
• YTD: -2.73%
• 6M: -1.63%
• 1Y: -8.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CARD vs. SHRT - Expense Ratio Comparison

CARD has a 0.95% expense ratio, which is lower than SHRT's 1.35% expense ratio.

SHRT

Gotham Short Strategies ETF

CARD

Max Auto Industry -3X Inverse Leveraged ETN

Return for Risk

CARD vs. SHRT — Risk / Return Rank

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

CARD

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

SHRT

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

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. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Gotham Short Strategies ETF (SHRT). 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	SHRT	Difference
Sharpe ratio Return per unit of total volatility	-0.66	-0.61	-0.05
Sortino ratio Return per unit of downside risk	-0.70	-0.84	+0.14
Omega ratio Gain probability vs. loss probability	0.91	0.91	+0.01
Calmar ratio Return relative to maximum drawdown	-0.72	-0.49	-0.23
Martin ratio Return relative to average drawdown	-0.85	-0.89	+0.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CARD vs. SHRT - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.66, which is comparable to the SHRT Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of CARD and SHRT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CARD	SHRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	-0.61	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	-0.62	-0.36	-0.26

Correlation

The correlation between CARD and SHRT is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CARD vs. SHRT - Dividend Comparison

CARD has not paid dividends to shareholders, while SHRT's dividend yield for the trailing twelve months is around 0.07%.

	TTM	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%
SHRT Gotham Short Strategies ETF	0.07%	0.07%	0.85%	0.27%

Drawdowns

CARD vs. SHRT - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, which is greater than SHRT's maximum drawdown of -18.97%. Use the drawdown chart below to compare losses from any high point for CARD and SHRT.

Drawdown Indicators

	CARD	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-18.97%	-74.54%
Max Drawdown (1Y) Largest decline over 1 year	-77.41%	-17.65%	-59.76%
Current Drawdown Current decline from peak	-90.46%	-12.77%	-77.69%
Average Drawdown Average peak-to-trough decline	-66.62%	-7.21%	-59.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.55%	9.62%	+55.93%

Volatility

CARD vs. SHRT - Volatility Comparison

Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 25.18% compared to Gotham Short Strategies ETF (SHRT) at 6.06%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than SHRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.18%	6.06%	+19.12%
Volatility (6M) Calculated over the trailing 6-month period	52.70%	10.51%	+42.19%
Volatility (1Y) Calculated over the trailing 1-year period	82.47%	14.59%	+67.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.97%	12.66%	+68.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.97%	12.66%	+68.31%