CARU vs. DIG

Last updated Jul 15, 2026

CARU (Max Auto Industry 3X Leveraged ETN) and DIG (ProShares Ultra Oil & Gas) are both Leveraged Equities funds - CARU tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while DIG tracks the Dow Jones U.S. Oil & Gas Index (200%). Both are passively managed. Over the past 3 years, CARU returned -13.52%/yr vs 19.29%/yr for DIG. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

CARU vs. DIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry 3X Leveraged ETN (CARU) and ProShares Ultra Oil & Gas (DIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARU achieves a -25.64% return, which is significantly lower than DIG's 56.83% return.

CARU

• 1D: 1.71%
• 1M: -1.32%
• 6M: -33.82%
• YTD: -25.64%
• 1Y: -21.92%
• 3Y*: -13.52%
• 5Y*: —
• 10Y*: —

DIG

• 1D: 0.68%
• 1M: -1.34%
• 6M: 42.63%
• YTD: 56.83%
• 1Y: 60.23%
• 3Y*: 19.29%
• 5Y*: 31.69%
• 10Y*: 3.81%

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

CARU vs. DIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARU Max Auto Industry 3X Leveraged ETN	-25.64%	7.29%	23.44%	-9.74%
DIG ProShares Ultra Oil & Gas	56.83%	2.73%	0.93%	10.15%

Correlation

The correlation between CARU and DIG is -0.13, 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	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.18

The correlation between CARU and DIG shifts across timeframes, from -0.13 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CARU vs. DIG — Risk / Return Rank

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

CARU

CARU Risk / Return Rank: 7
CARU Sharpe Ratio Rank: 6
CARU Sortino Ratio Rank: 8
CARU Omega Ratio Rank: 8
CARU Calmar Ratio Rank: 6
CARU Martin Ratio Rank: 5

DIG

DIG Risk / Return Rank: 47
DIG Sharpe Ratio Rank: 53
DIG Sortino Ratio Rank: 47
DIG Omega Ratio Rank: 45
DIG Calmar Ratio Rank: 50
DIG Martin Ratio Rank: 42

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.

CARU vs. DIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry 3X Leveraged ETN (CARU) and ProShares Ultra Oil & Gas (DIG). 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.

	CARU	DIG	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	1.44	-1.76
Sortino ratio: Return per unit of downside risk	0.00	1.93	-1.93
Omega ratio: Gain probability vs. loss probability	1.00	1.24	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.43	2.03	-2.46
Martin ratio: Return relative to average drawdown	-0.81	5.33	-6.14

CARU vs. DIG - Sharpe Ratio Comparison

The current CARU Sharpe Ratio is -0.31, which is lower than the DIG Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of CARU and DIG, 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

CARU vs. DIG - Drawdown Comparison

The maximum CARU drawdown since its inception was -66.44%, smaller than the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for CARU and DIG.

Drawdown Indicators

	CARU	DIG	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-97.04%	+30.60%
Max Drawdown (1Y) Largest decline over 1 year	-50.87%	-29.80%	-21.07%
Max Drawdown (3Y) Largest decline over 3 years	-66.44%	-42.41%	-24.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.53%	—
Current Drawdown Current decline from peak	-41.28%	-54.06%	+12.78%
Average Drawdown Average peak-to-trough decline	-36.06%	-64.31%	+28.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.03%	11.36%	+15.67%

Volatility

CARU vs. DIG - Volatility Comparison

Max Auto Industry 3X Leveraged ETN (CARU) has a higher volatility of 21.49% compared to ProShares Ultra Oil & Gas (DIG) at 14.04%. This indicates that CARU's price experiences larger fluctuations and is considered to be riskier than DIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARU	DIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.49%	14.04%	+7.45%
Volatility (6M) Calculated over the trailing 6-month period	53.47%	33.43%	+20.04%
Volatility (1Y) Calculated over the trailing 1-year period	70.46%	42.00%	+28.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.09%	51.42%	+28.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.09%	57.81%	+22.28%

CARU vs. DIG - Expense Ratio Comparison

Both CARU and DIG have an expense ratio of 0.95%.

Dividends

CARU vs. DIG - Dividend Comparison

CARU has not paid dividends to shareholders, while DIG's dividend yield for the trailing twelve months is around 1.58%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CARU Max Auto Industry 3X 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%
DIG ProShares Ultra Oil & Gas	1.58%	2.62%	3.13%	0.61%	1.33%	2.24%	3.18%	2.72%	2.30%	1.76%	1.09%	1.56%

Frequently Asked Questions

Can I hold both CARU and DIG in my portfolio?

CARU and DIG have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CARU or DIG?

CARU has higher volatility (21.49%) compared to DIG (14.04%). In terms of maximum drawdown, CARU dropped -66.44% vs DIG's -97.04%.

Which ETF is better, CARU or DIG?

On 3-year performance, DIG leads with 19.29% vs -13.52% for CARU. Both ETFs have the same 0.95% expense ratio. On volatility, DIG has been the lower-risk option at 14.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARU or DIG?

Over the 3-year period, DIG has performed better with a 19.29% return vs -13.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARU or DIG?

CARU and DIG have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, CARU or DIG?

DIG has the higher dividend yield at 1.58%, compared with 0.00% for CARU.

What is the main difference between CARU and DIG?

CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while DIG tracks Dow Jones U.S. Oil & Gas Index (200%). They also come from different issuers: Max and ProShares.

Which has better risk-adjusted returns?

DIG currently has the higher Sharpe Ratio (1.44 vs -0.31), 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.