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 -35.78% vs 28.46% for TILT. At a correlation of -0.75, 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 -2.60% return, which is significantly lower than TILT's 10.68% return.
CARD
- 1D
- 1.10%
- 1M
- -13.67%
- YTD
- -2.60%
- 6M
- -2.07%
- 1Y
- -35.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TILT
- 1D
- -0.67%
- 1M
- 4.39%
- YTD
- 10.68%
- 6M
- 10.81%
- 1Y
- 28.46%
- 3Y*
- 20.80%
- 5Y*
- 11.59%
- 10Y*
- 13.96%
CARD vs. TILT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -2.60% | -60.21% | -58.19% | -30.38% |
TILT FlexShares Morningstar US Market Factor Tilt Index Fund | 10.68% | 16.59% | 19.88% | 11.08% |
Correlation
The correlation between CARD and TILT is -0.75, 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 | -0.75 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | -0.75 |
The correlation between CARD and TILT has been stable across timeframes, ranging from -0.75 to -0.75 - 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.
| CARD | TILT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.52 | 2.33 | -2.85 |
Sortino ratioReturn per unit of downside risk | -0.43 | 3.22 | -3.65 |
Omega ratioGain probability vs. loss probability | 0.95 | 1.42 | -0.47 |
Calmar ratioReturn relative to maximum drawdown | -0.72 | 3.36 | -4.08 |
Martin ratioReturn relative to average drawdown | -1.06 | 14.71 | -15.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CARD | TILT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.52 | 2.33 | -2.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.75 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.65 | 0.83 | -1.49 |
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 | -49.57% | -8.51% | -41.06% |
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 | -92.68% | -0.67% | -92.01% |
Average DrawdownAverage peak-to-trough decline | -68.13% | -4.23% | -63.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.93% | 1.94% | +31.99% |
Volatility
CARD vs. TILT - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 22.80% compared to FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) at 3.04%. 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 | 22.80% | 3.04% | +19.76% |
Volatility (6M)Calculated over the trailing 6-month period | 50.05% | 8.95% | +41.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.70% | 12.29% | +56.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.53% | 17.39% | +63.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.53% | 18.75% | +61.78% |
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 1.07%.
| 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 | 1.07% | 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 -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (22.80%) compared to TILT (3.04%). In terms of maximum drawdown, CARD dropped -93.51% vs TILT's -38.46%.
On 1-year performance, TILT leads with 28.46% vs -35.78% for CARD. On fees, TILT is cheaper at 0.25% per year. On volatility, TILT has been the lower-risk option at 3.04%. 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 28.46% return vs -35.78%. 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 1.07%, 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 (2.33 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.
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