CARD vs. TSLQ

Last updated Jun 4, 2026

CARD (Max Auto Industry -3X Inverse Leveraged ETN) and TSLQ (AXS TSLA Bear Daily ETF) are both Inverse Equities funds. CARD is passively managed, while TSLQ is actively managed. Over the past year, CARD returned -35.78% vs -62.40% for TSLQ. A 0.62 correlation means they provide meaningful diversification when combined. CARD charges 0.95%/yr vs 1.15%/yr for TSLQ.

Performance

CARD vs. TSLQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry -3X Inverse Leveraged ETN (CARD) and AXS TSLA Bear Daily ETF (TSLQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARD achieves a -2.60% return, which is significantly higher than TSLQ's -3.74% return.

CARD

• 1D: 1.10%
• 1M: -13.67%
• YTD: -2.60%
• 6M: -2.07%
• 1Y: -35.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSLQ

• 1D: 0.06%
• 1M: -17.27%
• YTD: -3.74%
• 6M: -7.45%
• 1Y: -62.40%
• 3Y*: -68.13%
• 5Y*: —
• 10Y*: —

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

CARD vs. TSLQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	-2.60%	-60.21%	-58.19%	-30.38%
TSLQ AXS TSLA Bear Daily ETF	-3.74%	-74.67%	-83.21%	-3.89%

Correlation

The correlation between CARD and TSLQ is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023	0.62

The correlation between CARD and TSLQ has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.

Return for Risk

CARD vs. TSLQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CARD

CARD Risk / Return Rank: 4
CARD Sharpe Ratio Rank: 4
CARD Sortino Ratio Rank: 5
CARD Omega Ratio Rank: 5
CARD Calmar Ratio Rank: 3
CARD Martin Ratio Rank: 4

TSLQ

TSLQ Risk / Return Rank: 3
TSLQ Sharpe Ratio Rank: 3
TSLQ Sortino Ratio Rank: 3
TSLQ Omega Ratio Rank: 3
TSLQ Calmar Ratio Rank: 2
TSLQ 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. TSLQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and AXS TSLA Bear Daily ETF (TSLQ). 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	TSLQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	-0.67	+0.15
Sortino ratio: Return per unit of downside risk	-0.43	-0.84	+0.41
Omega ratio: Gain probability vs. loss probability	0.95	0.91	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.72	-0.82	+0.10
Martin ratio: Return relative to average drawdown	-1.06	-1.05	-0.01
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. TSLQ - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.52, which is comparable to the TSLQ Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of CARD and TSLQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CARD	TSLQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	-0.67	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	-0.65	-0.01

Drawdowns

CARD vs. TSLQ - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, smaller than the maximum TSLQ drawdown of -98.73%. Use the drawdown chart below to compare losses from any high point for CARD and TSLQ.

Drawdown Indicators

	CARD	TSLQ	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-98.73%	+5.22%
Max Drawdown (1Y) Largest decline over 1 year	-49.57%	-75.93%	+26.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-97.85%	—
Current Drawdown Current decline from peak	-92.68%	-98.57%	+5.89%
Average Drawdown Average peak-to-trough decline	-68.13%	-67.19%	-0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.93%	59.63%	-25.70%

Volatility

CARD vs. TSLQ - Volatility Comparison

The current volatility for Max Auto Industry -3X Inverse Leveraged ETN (CARD) is 22.80%, while AXS TSLA Bear Daily ETF (TSLQ) has a volatility of 24.10%. This indicates that CARD experiences smaller price fluctuations and is considered to be less risky than TSLQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	TSLQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.80%	24.10%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	50.05%	54.84%	-4.79%
Volatility (1Y) Calculated over the trailing 1-year period	68.70%	92.69%	-23.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.53%	94.11%	-13.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.53%	94.11%	-13.58%

CARD vs. TSLQ - Expense Ratio Comparison

CARD has a 0.95% expense ratio, which is lower than TSLQ's 1.15% expense ratio.

Dividends

CARD vs. TSLQ - Dividend Comparison

CARD has not paid dividends to shareholders, while TSLQ's dividend yield for the trailing twelve months is around 10.97%.

Position	TTM	2025	2024	2023	2022
CARD Max Auto Industry -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%
TSLQ AXS TSLA Bear Daily ETF	10.97%	10.56%	4.95%	13.35%	2.56%

Frequently Asked Questions

Can I hold both CARD and TSLQ in my portfolio?

CARD and TSLQ have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CARD or TSLQ?

TSLQ has higher volatility (24.10%) compared to CARD (22.80%). In terms of maximum drawdown, CARD dropped -93.51% vs TSLQ's -98.73%.

Which ETF is better, CARD or TSLQ?

On 1-year performance, CARD leads with -35.78% vs -62.40% for TSLQ. On fees, CARD is cheaper at 0.95% per year. On volatility, CARD has been the lower-risk option at 22.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARD or TSLQ?

Over the 1-year period, CARD has performed better with a -35.78% return vs -62.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARD or TSLQ?

CARD is cheaper with a 0.95% expense ratio, compared with 1.15% for TSLQ.

Which ETF pays a higher dividend yield, CARD or TSLQ?

TSLQ has the higher dividend yield at 10.97%, compared with 0.00% for CARD.

What is the main difference between CARD and TSLQ?

They also come from different issuers: Max and AXS. Their fees differ too: 0.95% for CARD and 1.15% for TSLQ.

Which has better risk-adjusted returns?

CARD currently has the higher Sharpe Ratio (-0.52 vs -0.67), 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.