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 3 years, CARD returned -46.63%/yr vs 18.79%/yr 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
Loading charts...
Returns By Period
In the year-to-date period, CARD achieves a -4.58% return, which is significantly lower than TILT's 11.64% return.
CARD
- 1D
- 3.15%
- 1M
- -2.03%
- 6M
- 9.69%
- YTD
- -4.58%
- 1Y
- -31.37%
- 3Y*
- -46.63%
- 5Y*
- —
- 10Y*
- —
TILT
- 1D
- -0.58%
- 1M
- 1.27%
- 6M
- 8.81%
- YTD
- 11.64%
- 1Y
- 22.97%
- 3Y*
- 18.79%
- 5Y*
- 11.68%
- 10Y*
- 13.71%
CARD vs. TILT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | -4.58% | -60.21% | -58.19% | -32.77% |
TILT FlexShares Morningstar US Market Factor Tilt Index Fund | 11.64% | 16.59% | 19.88% | 11.21% |
Correlation
The correlation between CARD and TILT is -0.77, 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 | -0.77 |
Correlation (3Y) Calculated over the trailing 3-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 -0.77 to -0.76 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.33 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.71 | -3.46 |
| Martin ratioReturn relative to average drawdown | -1.13 | 11.64 | -12.77 |
Loading charts...
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.
Loading charts...
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 | -42.02% | -8.51% | -33.51% |
Max Drawdown (3Y)Largest decline over 3 years | -93.51% | -19.85% | -73.66% |
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 | -92.83% | -0.58% | -92.25% |
Average DrawdownAverage peak-to-trough decline | -69.12% | -4.21% | -64.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.71% | 1.98% | +25.73% |
Volatility
CARD vs. TILT - Volatility Comparison
Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 22.93% compared to FlexShares Morningstar US Market Factor Tilt Index Fund (TILT) at 3.51%. 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.
Loading charts...
Volatility by Period
| CARD | TILT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.93% | 3.51% | +19.42% |
Volatility (6M)Calculated over the trailing 6-month period | 53.32% | 9.56% | +43.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.71% | 12.63% | +58.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.43% | 17.43% | +63.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.43% | 18.69% | +61.74% |
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 1.08%.
| 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 | 1.08% | 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 -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (22.93%) compared to TILT (3.51%). In terms of maximum drawdown, CARD dropped -93.51% vs TILT's -38.46%.
On 3-year performance, TILT leads with 18.79% vs -46.63% for CARD. On fees, TILT is cheaper at 0.25% per year. On volatility, TILT has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TILT has performed better with a 18.79% return vs -46.63%. 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 1.08%, 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 (1.83 vs -0.45), 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.
Find the right allocation for CARD and TILT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer