CARD vs. YXI

Last updated Jul 14, 2026

CARD (Max Auto Industry -3X Inverse Leveraged ETN) and YXI (ProShares Short FTSE China 50) are both exchange-traded funds - CARD is a Inverse Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while YXI is a China Equities fund tracking the FTSE China 50 Net Tax USD (TR) (-100%). Both are passively managed. Over the past 3 years, CARD returned -46.63%/yr vs -8.77%/yr for YXI. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

CARD vs. YXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry -3X Inverse Leveraged ETN (CARD) and ProShares Short FTSE China 50 (YXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARD achieves a -4.58% return, which is significantly lower than YXI's 14.77% return.

CARD

• 1D: 3.15%
• 1M: -2.03%
• 6M: 9.69%
• YTD: -4.58%
• 1Y: -31.37%
• 3Y*: -46.63%
• 5Y*: —
• 10Y*: —

YXI

• 1D: 0.36%
• 1M: 4.81%
• 6M: 21.88%
• YTD: 14.77%
• 1Y: 9.36%
• 3Y*: -8.77%
• 5Y*: -2.35%
• 10Y*: -7.09%

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

CARD vs. YXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	-4.58%	-60.21%	-58.19%	-32.77%
YXI ProShares Short FTSE China 50	14.77%	-22.87%	-25.36%	12.02%

Correlation

The correlation between CARD and YXI is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.33

Return for Risk

CARD vs. YXI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 3
CARD Martin Ratio Rank: 4

YXI

YXI Risk / Return Rank: 19
YXI Sharpe Ratio Rank: 18
YXI Sortino Ratio Rank: 17
YXI Omega Ratio Rank: 17
YXI Calmar Ratio Rank: 22
YXI Martin Ratio Rank: 19

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. YXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry -3X Inverse Leveraged ETN (CARD) and ProShares Short FTSE China 50 (YXI). 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	YXI	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	0.46	-0.90
Sortino ratio: Return per unit of downside risk	-0.26	0.78	-1.04
Omega ratio: Gain probability vs. loss probability	0.97	1.09	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.75	0.83	-1.57
Martin ratio: Return relative to average drawdown	-1.13	1.66	-2.79

CARD vs. YXI - Sharpe Ratio Comparison

The current CARD Sharpe Ratio is -0.45, which is lower than the YXI Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of CARD and YXI, 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. YXI - Drawdown Comparison

The maximum CARD drawdown since its inception was -93.51%, which is greater than YXI's maximum drawdown of -81.15%. Use the drawdown chart below to compare losses from any high point for CARD and YXI.

Drawdown Indicators

	CARD	YXI	Difference
Max Drawdown Largest peak-to-trough decline	-93.51%	-81.15%	-12.36%
Max Drawdown (1Y) Largest decline over 1 year	-42.02%	-11.39%	-30.63%
Max Drawdown (3Y) Largest decline over 3 years	-93.51%	-53.12%	-40.39%
Max Drawdown (5Y) Largest decline over 5 years	—	-57.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.79%	—
Current Drawdown Current decline from peak	-92.83%	-76.57%	-16.26%
Average Drawdown Average peak-to-trough decline	-69.12%	-54.43%	-14.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.71%	6.14%	+21.57%

Volatility

CARD vs. YXI - Volatility Comparison

Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a higher volatility of 22.93% compared to ProShares Short FTSE China 50 (YXI) at 7.41%. This indicates that CARD's price experiences larger fluctuations and is considered to be riskier than YXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARD	YXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.93%	7.41%	+15.52%
Volatility (6M) Calculated over the trailing 6-month period	53.32%	15.74%	+37.58%
Volatility (1Y) Calculated over the trailing 1-year period	70.71%	20.65%	+50.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.43%	31.47%	+48.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.43%	27.44%	+52.99%

CARD vs. YXI - Expense Ratio Comparison

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

Dividends

CARD vs. YXI - Dividend Comparison

CARD has not paid dividends to shareholders, while YXI's dividend yield for the trailing twelve months is around 2.48%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
YXI ProShares Short FTSE China 50	2.48%	3.60%	4.35%	2.66%	0.27%	0.00%	0.08%	1.01%	0.25%

Frequently Asked Questions

Can I hold both CARD and YXI in my portfolio?

CARD and YXI have a correlation of 0.33, 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 YXI?

CARD has higher volatility (22.93%) compared to YXI (7.41%). In terms of maximum drawdown, CARD dropped -93.51% vs YXI's -81.15%.

Which ETF is better, CARD or YXI?

On 3-year performance, YXI leads with -8.77% vs -46.63% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, YXI has been the lower-risk option at 7.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARD or YXI?

Over the 3-year period, YXI has performed better with a -8.77% return vs -46.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARD or YXI?

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

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

YXI has the higher dividend yield at 2.48%, compared with 0.00% for CARD.

What is the main difference between CARD and YXI?

CARD is categorized as Inverse Equities, while YXI is China Equities. CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while YXI tracks FTSE China 50 Net Tax USD (TR) (-100%). They also come from different issuers: Max and ProShares.

Which has better risk-adjusted returns?

YXI currently has the higher Sharpe Ratio (0.46 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.