CARD vs. SMST

Last updated Jun 4, 2026

CARD (Max Auto Industry -3X Inverse Leveraged ETN) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. CARD is passively managed, while SMST is actively managed. Over the past year, CARD returned -35.78% vs 40.09% for SMST. At a 0.43 correlation, their price movements are largely independent. CARD charges 0.95%/yr vs 1.29%/yr for SMST.

Performance

CARD vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARD achieves a -2.60% return, which is significantly higher than SMST's -55.68% return.

CARD

• 1D: 1.10%
• 1M: -13.67%
• YTD: -2.60%
• 6M: -2.07%
• 1Y: -35.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 17.75%
• 1M: 49.84%
• YTD: -55.68%
• 6M: -41.65%
• 1Y: 40.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CARD vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CARD Max Auto Industry -3X Inverse Leveraged ETN	-2.60%	-60.21%	-32.62%
SMST Defiance Daily Target 2X Short MSTR ETF	-55.68%	-44.36%	-90.90%

Correlation

The correlation between CARD and SMST is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.43

Return for Risk

CARD vs. SMST — Risk / Return Rank

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

CARD

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

SMST

SMST Risk / Return Rank: 18
SMST Sharpe Ratio Rank: 13
SMST Sortino Ratio Rank: 25
SMST Omega Ratio Rank: 26
SMST Calmar Ratio Rank: 14
SMST Martin Ratio Rank: 13

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. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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	SMST	Difference
Sharpe ratio Return per unit of total volatility	-0.52	0.29	-0.81
Sortino ratio Return per unit of downside risk	-0.43	1.40	-1.83
Omega ratio Gain probability vs. loss probability	0.95	1.18	-0.23
Calmar ratio Return relative to maximum drawdown	-0.72	0.44	-1.16
Martin ratio Return relative to average drawdown	-1.06	0.93	-1.98
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. SMST - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.52, which is lower than the SMST Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of CARD and SMST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CARD	SMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	0.29	-0.81
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	-0.53	-0.12

Drawdowns

CARD vs. SMST - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for CARD and SMST.

Drawdown Indicators

	CARD	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-99.25%	+5.74%
Max Drawdown (1Y) Largest decline over 1 year	-49.57%	-85.39%	+35.82%
Current Drawdown Current decline from peak	-92.68%	-98.26%	+5.58%
Average Drawdown Average peak-to-trough decline	-68.13%	-90.65%	+22.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.93%	40.51%	-6.58%

Volatility

CARD vs. SMST - Volatility Comparison

The current volatility for Max Auto Industry -3X Inverse Leveraged ETN (CARD) is 22.80%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 37.28%. This indicates that CARD experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.80%	37.28%	-14.48%
Volatility (6M) Calculated over the trailing 6-month period	50.05%	125.90%	-75.85%
Volatility (1Y) Calculated over the trailing 1-year period	68.70%	140.31%	-71.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.53%	166.64%	-86.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.53%	166.64%	-86.11%

CARD vs. SMST - Expense Ratio Comparison

CARD has a 0.95% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

CARD vs. SMST - Dividend Comparison

Neither CARD nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CARD and SMST in my portfolio?

CARD and SMST have a correlation of 0.39, 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 SMST?

SMST has higher volatility (37.28%) compared to CARD (22.80%). In terms of maximum drawdown, CARD dropped -93.51% vs SMST's -99.25%.

Which ETF is better, CARD or SMST?

On 1-year performance, SMST leads with 40.09% vs -35.78% for CARD. On fees, CARD is cheaper at 0.95% per year. On volatility, CARD has been the lower-risk option at 22.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARD or SMST?

Over the 1-year period, SMST has performed better with a 40.09% return vs -35.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARD or SMST?

CARD is cheaper with a 0.95% expense ratio, compared with 1.29% for SMST.

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

CARD and SMST have nearly identical dividend yields, around 0.00%.

What is the main difference between CARD and SMST?

They also come from different issuers: Max and Defiance. Their fees differ too: 0.95% for CARD and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (0.29 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.