CARD vs. TILT
CARD (Max Auto Industry -3X Inverse Leveraged ETN) and TILT (FlexShares Morningstar US Market Factor Tilt Index Fund) are both exchange-traded funds - CARD is a Inverse Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while TILT is a Large Cap Blend Equities fund tracking the Morningstar US Market Factor Tilt Index. Both are passively managed. Over the past year, CARD returned -30.65% vs 25.74% for TILT. At a correlation of -0.76, they often move in opposite directions. CARD charges 0.95%/yr vs 0.25%/yr for TILT.
Performance
CARD vs. TILT - Performance Comparison
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Returns By Period
In the year-to-date period, CARD achieves a 5.96% return, which is significantly lower than TILT's 9.45% return.
CARD
- 1D
- 2.92%
- 1M
- 3.56%
- YTD
- 5.96%
- 6M
- 16.67%
- 1Y
- -30.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TILT
- 1D
- -0.90%
- 1M
- 0.03%
- YTD
- 9.45%
- 6M
- 8.42%
- 1Y
- 25.74%
- 3Y*
- 19.88%
- 5Y*
- 11.30%
- 10Y*
- 14.16%
CARD vs. TILT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | 5.96% | -60.21% | -58.19% | -32.77% |
TILT FlexShares Morningstar US Market Factor Tilt Index Fund | 9.45% | 16.59% | 19.88% | 11.21% |
Correlation
The correlation between CARD and TILT is -0.76, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.76 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | -0.76 |
The correlation between CARD and TILT has been stable across timeframes, ranging from -0.76 to -0.76 - a consistent structural relationship.
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Return for Risk
CARD vs. TILT — Risk / Return Rank
CARD
TILT
CARD vs. TILT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and FlexShares Morningstar US Market Factor Tilt Index Fund (TILT). 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 | TILT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.48 | ||
| Sortino ratioReturn per unit of downside risk | -3.07 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.37 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 3.04 | -3.70 |
| Martin ratioReturn relative to average drawdown | -0.97 | 13.10 | -14.07 |
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Drawdowns
CARD vs. TILT - Drawdown Comparison
The maximum CARD drawdown since its inception was -93.51%, which is greater than TILT's maximum drawdown of -38.46%. Use the drawdown chart below to compare losses from any high point for CARD and TILT.
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Drawdown Indicators
| CARD | TILT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.51% | -38.46% | -55.05% |
Max Drawdown (1Y)Largest decline over 1 year | -46.42% | -8.51% | -37.91% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.85% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.46% | — |
Current DrawdownCurrent decline from peak | -92.04% | -1.90% | -90.14% |
Average DrawdownAverage peak-to-trough decline | -68.71% | -4.22% | -64.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.50% | 1.97% | +29.53% |
Volatility
CARD vs. TILT - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 24.36% compared to FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) at 4.31%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than TILT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARD | TILT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.36% | 4.31% | +20.05% |
Volatility (6M)Calculated over the trailing 6-month period | 52.63% | 9.58% | +43.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.25% | 12.69% | +57.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.74% | 17.44% | +63.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.74% | 18.75% | +61.99% |
CARD vs. TILT - Expense Ratio Comparison
CARD has a 0.95% expense ratio, which is higher than TILT's 0.25% expense ratio.
Dividends
CARD vs. TILT - Dividend Comparison
CARD has not paid dividends to shareholders, while TILT's dividend yield for the trailing twelve months is around 1.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
TILT FlexShares Morningstar US Market Factor Tilt Index Fund | 1.10% | 1.15% | 1.23% | 1.44% | 1.60% | 1.16% | 1.49% | 1.54% | 1.97% | 1.55% | 1.60% | 1.98% |
Frequently Asked Questions
CARD and TILT have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (24.36%) compared to TILT (4.31%). In terms of maximum drawdown, CARD dropped -93.51% vs TILT's -38.46%.
On 1-year performance, TILT leads with 25.74% vs -30.65% for CARD. On fees, TILT is cheaper at 0.25% per year. On volatility, TILT has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TILT has performed better with a 25.74% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TILT is cheaper with a 0.25% expense ratio, compared with 0.95% for CARD.
TILT has the higher dividend yield at 1.10%, compared with 0.00% for CARD.
CARD is categorized as Inverse Equities, while TILT is Large Cap Blend Equities. CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while TILT tracks Morningstar US Market Factor Tilt Index. They also come from different issuers: Max and FlexShares. Their fees differ too: 0.95% for CARD and 0.25% for TILT.
TILT currently has the higher Sharpe Ratio (2.04 vs -0.44), 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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