CARD vs. TSLS

Last updated Aug 2, 2026

CARD (Max Auto Industry -3X Inverse Leveraged ETN) and TSLS (Direxion Daily TSLA Bear 1X ETF) are both Inverse Equities funds - CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while TSLS tracks the Tesla, Inc. (-100% Daily). Both are passively managed. Over the past 3 years, CARD returned -47.16%/yr vs -27.51%/yr for TSLS. Their 0.63 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

CARD vs. TSLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Direxion Daily TSLA Bear 1X ETF (TSLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARD achieves a -8.92% return, which is significantly lower than TSLS's 33.30% return.

CARD

• 1D: 3.59%
• 1M: 1.66%
• 6M: -6.13%
• YTD: -8.92%
• 1Y: -38.90%
• 3Y*: -47.16%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -52.24%

TSLS

• 1D: -0.74%
• 1M: 22.65%
• 6M: 27.99%
• YTD: 33.30%
• 1Y: -14.97%
• 3Y*: -27.51%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -25.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CARD Max Auto Industry -3X Inverse Leveraged ETN	$47.33K	$47.63K	$45.90K
TSLS Direxion Daily TSLA Bear 1X ETF	$28.97M	$27.46M	$30.88M

CARD vs. TSLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	-8.92%	-60.21%	-58.19%	-32.77%
TSLS Direxion Daily TSLA Bear 1X ETF	33.30%	-34.95%	-55.71%	-6.41%

Correlation

The correlation between CARD and TSLS is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.58
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.63

The correlation between CARD and TSLS has been stable across timeframes, ranging from 0.58 to 0.63 - a consistent structural relationship.

Return for Risk

CARD vs. TSLS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CARD

CARD Risk / Return Rank: 5
CARD Sharpe Ratio Rank: 5
CARD Sortino Ratio Rank: 6
CARD Omega Ratio Rank: 6
CARD Calmar Ratio Rank: 2
CARD Martin Ratio Rank: 3

TSLS

TSLS Risk / Return Rank: 8
TSLS Sharpe Ratio Rank: 7
TSLS Sortino Ratio Rank: 8
TSLS Omega Ratio Rank: 8
TSLS Calmar Ratio Rank: 7
TSLS Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CARD vs. TSLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and Direxion Daily TSLA Bear 1X ETF (TSLS). 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	TSLS	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	-0.28	-0.21
Sortino ratio: Return per unit of downside risk	-0.36	-0.11	-0.26
Omega ratio: Gain probability vs. loss probability	0.96	0.99	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.32	-0.49
Martin ratio: Return relative to average drawdown	-1.23	-0.45	-0.78

CARD vs. TSLS - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.50, which is lower than the TSLS Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of CARD and TSLS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CARD vs. TSLS - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.74%, roughly equal to the maximum TSLS drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for CARD and TSLS.

Drawdown Indicators

	CARD	TSLS	Difference
Max Drawdown Largest peak-to-trough decline	-93.74%	-90.73%	-3.01%
Max Drawdown (1Y) Largest decline over 1 year	-44.14%	-41.36%	-2.78%
Max Drawdown (3Y) Largest decline over 3 years	-93.74%	-84.16%	-9.58%
Current Drawdown Current decline from peak	-93.16%	-86.56%	-6.60%
Average Drawdown Average peak-to-trough decline	-69.56%	-64.44%	-5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.16%	29.53%	-0.37%

Volatility

CARD vs. TSLS - Volatility Comparison

Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 23.32% compared to Direxion Daily TSLA Bear 1X ETF (TSLS) at 19.07%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than TSLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	TSLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.32%	19.07%	+4.25%
Volatility (6M) Calculated over the trailing 6-month period	54.55%	33.98%	+20.57%
Volatility (1Y) Calculated over the trailing 1-year period	72.06%	46.81%	+25.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.51%	58.98%	+21.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.51%	58.98%	+21.53%

CARD vs. TSLS - Expense Ratio Comparison

Both CARD and TSLS have an expense ratio of 0.95%.

Dividends

CARD vs. TSLS - Dividend Comparison

CARD has not paid dividends to shareholders, while TSLS's dividend yield for the trailing twelve months is around 2.36%.

Position	TTM	2025	2024	2023	2022
CARD Max Auto Industry -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%
TSLS Direxion Daily TSLA Bear 1X ETF	2.36%	4.30%	7.62%	4.52%	3.46%

Frequently Asked Questions

Can I hold both CARD and TSLS in my portfolio?

CARD and TSLS have a correlation of 0.58, 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 TSLS?

CARD has higher volatility (23.32%) compared to TSLS (19.07%). In terms of maximum drawdown, CARD dropped -93.74% vs TSLS's -90.73%.

Which ETF is better, CARD or TSLS?

On 3-year performance, TSLS leads with -27.51% vs -47.16% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, TSLS has been the lower-risk option at 19.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARD or TSLS?

Over the 3-year period, TSLS has performed better with a -27.51% return vs -47.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARD or TSLS?

CARD and TSLS have the same expense ratio: 0.95% per year.

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

TSLS has the higher dividend yield at 2.36%, compared with 0.00% for CARD.

What is the main difference between CARD and TSLS?

CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while TSLS tracks Tesla, Inc. (-100% Daily). They also come from different issuers: Max and Direxion.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.28 vs -0.50), 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.