CARD vs. SVIX

Last updated Apr 1, 2026

Compare and contrast key facts about Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Volatility Shares -1x Short VIX Futures ETF (SVIX).

CARD and SVIX 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. SVIX is managed by Volatility Shares. It was launched on Mar 28, 2022.

Performance

CARD vs. SVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Volatility Shares -1x Short VIX Futures ETF (SVIX). The values are adjusted to include any dividend payments, if applicable.

CARD vs. SVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	27.01%	-60.21%	-58.19%	-30.38%
SVIX Volatility Shares -1x Short VIX Futures ETF	-35.16%	-4.49%	-32.76%	33.79%

Returns By Period

In the year-to-date period, CARD achieves a 27.01% return, which is significantly higher than SVIX's -35.16% return.

CARD

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

SVIX

• 1D: 9.17%
• 1M: -25.51%
• YTD: -35.16%
• 6M: -26.52%
• 1Y: -22.76%
• 3Y*: -1.64%
• 5Y*: —
• 10Y*: —

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

CARD vs. SVIX - Expense Ratio Comparison

CARD has a 0.95% expense ratio, which is lower than SVIX's 1.47% expense ratio.

SVIX

Volatility Shares -1x Short VIX Futures ETF

CARD

Max Auto Industry -3X Inverse Leveraged ETN

Return for Risk

CARD vs. SVIX — 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

SVIX

SVIX Risk / Return Rank: 8
SVIX Sharpe Ratio Rank: 7
SVIX Sortino Ratio Rank: 11
SVIX Omega Ratio Rank: 11
SVIX Calmar Ratio Rank: 5
SVIX Martin Ratio Rank: 4

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. SVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Volatility Shares -1x Short VIX Futures ETF (SVIX). 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	SVIX	Difference
Sharpe ratio Return per unit of total volatility	-0.66	-0.31	-0.36
Sortino ratio Return per unit of downside risk	-0.70	0.05	-0.75
Omega ratio Gain probability vs. loss probability	0.91	1.01	-0.09
Calmar ratio Return relative to maximum drawdown	-0.72	-0.45	-0.27
Martin ratio Return relative to average drawdown	-0.85	-1.03	+0.18
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. SVIX - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.66, which is lower than the SVIX Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of CARD and SVIX, 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	SVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	-0.31	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	-0.62	0.02	-0.64

Correlation

The correlation between CARD and SVIX is -0.57. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

CARD vs. SVIX - Dividend Comparison

Neither CARD nor SVIX has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

CARD vs. SVIX - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for CARD and SVIX.

Drawdown Indicators

	CARD	SVIX	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-79.30%	-14.21%
Max Drawdown (1Y) Largest decline over 1 year	-77.41%	-49.47%	-27.94%
Current Drawdown Current decline from peak	-90.46%	-69.03%	-21.43%
Average Drawdown Average peak-to-trough decline	-66.62%	-30.26%	-36.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.55%	21.52%	+44.03%

Volatility

CARD vs. SVIX - Volatility Comparison

The current volatility for Max Auto Industry -3X Inverse Leveraged ETN (CARD) is 25.18%, while Volatility Shares -1x Short VIX Futures ETF (SVIX) has a volatility of 29.79%. This indicates that CARD experiences smaller price fluctuations and is considered to be less risky than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	SVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.18%	29.79%	-4.61%
Volatility (6M) Calculated over the trailing 6-month period	52.70%	47.49%	+5.21%
Volatility (1Y) Calculated over the trailing 1-year period	82.47%	74.62%	+7.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.97%	67.26%	+13.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.97%	67.26%	+13.71%