CARD vs. SPDN
CARD (Max Auto Industry -3X Inverse Leveraged ETN) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, CARD returned -48.65%/yr vs -11.23%/yr for SPDN. A 0.67 correlation means they provide meaningful diversification when combined. CARD charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
CARD vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, CARD achieves a -13.01% return, which is significantly lower than SPDN's -7.06% return.
CARD
- 1D
- -3.90%
- 1M
- -7.95%
- 6M
- -5.26%
- YTD
- -13.01%
- 1Y
- -39.30%
- 3Y*
- -48.65%
- 5Y*
- —
- 10Y*
- —
SPDN
- 1D
- 0.58%
- 1M
- 0.11%
- 6M
- -5.97%
- YTD
- -7.06%
- 1Y
- -12.88%
- 3Y*
- -11.23%
- 5Y*
- -8.27%
- 10Y*
- -12.21%
CARD vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -13.01% | -60.21% | -58.19% | -32.77% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.06% | -11.09% | -12.88% | -5.57% |
Correlation
The correlation between CARD and SPDN is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | 0.67 |
The correlation between CARD and SPDN has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.
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Return for Risk
CARD vs. SPDN — Risk / Return Rank
CARD
SPDN
CARD vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.84 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.81 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.53 | +0.13 |
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Drawdowns
CARD vs. SPDN - Drawdown Comparison
The maximum CARD drawdown since its inception was -93.51%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for CARD and SPDN.
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Drawdown Indicators
| CARD | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -75.31% | -18.20% |
Max Drawdown (1Y)Largest decline over 1 year | -42.02% | -15.93% | -26.09% |
Max Drawdown (3Y)Largest decline over 3 years | -93.51% | -38.24% | -55.27% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -73.97% | — |
Current DrawdownCurrent decline from peak | -93.46% | -74.97% | -18.49% |
Average DrawdownAverage peak-to-trough decline | -69.22% | -48.82% | -20.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.05% | 8.44% | +19.61% |
Volatility
CARD vs. SPDN - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 21.51% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.50%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARD | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.51% | 3.50% | +18.01% |
Volatility (6M)Calculated over the trailing 6-month period | 53.52% | 10.09% | +43.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.63% | 12.71% | +57.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.32% | 16.97% | +63.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.32% | 18.00% | +62.32% |
CARD vs. SPDN - Expense Ratio Comparison
CARD has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
CARD vs. SPDN - Dividend Comparison
CARD has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 3.34%.
| 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.34% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
CARD and SPDN have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (21.51%) compared to SPDN (3.50%). In terms of maximum drawdown, CARD dropped -93.51% vs SPDN's -75.31%.
On 3-year performance, SPDN leads with -11.23% vs -48.65% for CARD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPDN has performed better with a -11.23% return vs -48.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for CARD.
SPDN has the higher dividend yield at 3.34%, compared with 0.00% for CARD.
CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while SPDN tracks S&P 500 Index. They also come from different issuers: Max and Direxion. Their fees differ too: 0.95% for CARD and 0.50% for SPDN.
CARD currently has the higher Sharpe Ratio (-0.56 vs -1.02), 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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