CARU vs. ERX
CARU (Max Auto Industry 3X Leveraged ETN) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds - CARU tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past year, CARU returned -15.14% vs 90.37% for ERX. At a 0.21 correlation, their price movements are largely independent. CARU charges 0.95%/yr vs 1.09%/yr for ERX.
Performance
CARU vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, CARU achieves a -23.03% return, which is significantly lower than ERX's 66.93% return.
CARU
- 1D
- -1.30%
- 1M
- 8.25%
- YTD
- -23.03%
- 6M
- -25.68%
- 1Y
- -15.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ERX
- 1D
- 2.68%
- 1M
- -3.38%
- YTD
- 66.93%
- 6M
- 59.74%
- 1Y
- 90.37%
- 3Y*
- 23.69%
- 5Y*
- 28.75%
- 10Y*
- -8.79%
CARU vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARU Max Auto Industry 3X Leveraged ETN | -23.03% | 7.29% | 23.44% | -12.17% |
ERX Direxion Daily Energy Bull 2X Shares | 66.93% | 2.79% | 1.09% | 8.19% |
Correlation
The correlation between CARU and ERX is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | 0.21 |
The correlation between CARU and ERX shifts across timeframes, from -0.05 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CARU vs. ERX — Risk / Return Rank
CARU
ERX
CARU vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry 3X Leveraged ETN (CARU) and Direxion Daily Energy Bull 2X Shares (ERX). 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.
| CARU | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.43 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.32 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 3.89 | -4.19 |
| Martin ratioReturn relative to average drawdown | -0.63 | 10.60 | -11.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CARU | ERX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.22 | 2.21 | -2.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.56 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.13 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.05 | -0.09 | +0.04 |
Drawdowns
CARU vs. ERX - Drawdown Comparison
The maximum CARU drawdown since its inception was -66.44%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for CARU and ERX.
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Drawdown Indicators
| CARU | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.44% | -99.54% | +33.10% |
Max Drawdown (1Y)Largest decline over 1 year | -50.87% | -23.34% | -27.53% |
Max Drawdown (3Y)Largest decline over 3 years | — | -42.34% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.90% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -98.59% | — |
Current DrawdownCurrent decline from peak | -39.22% | -91.57% | +52.35% |
Average DrawdownAverage peak-to-trough decline | -35.91% | -67.02% | +31.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.99% | 8.57% | +15.42% |
Volatility
CARU vs. ERX - Volatility Comparison
Max Auto Industry 3X Leveraged ETN (CARU) has a higher volatility of 22.70% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 16.49%. This indicates that CARU's price experiences larger fluctuations and is considered to be riskier than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARU | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.70% | 16.49% | +6.21% |
Volatility (6M)Calculated over the trailing 6-month period | 50.26% | 33.45% | +16.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.70% | 41.14% | +27.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.27% | 51.98% | +28.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.27% | 69.18% | +11.09% |
CARU vs. ERX - Expense Ratio Comparison
CARU has a 0.95% expense ratio, which is lower than ERX's 1.09% expense ratio.
Dividends
CARU vs. ERX - Dividend Comparison
CARU has not paid dividends to shareholders, while ERX's dividend yield for the trailing twelve months is around 1.61%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ERX Direxion Daily Energy Bull 2X Shares | 1.61% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
Frequently Asked Questions
CARU and ERX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARU has higher volatility (22.70%) compared to ERX (16.49%). In terms of maximum drawdown, CARU dropped -66.44% vs ERX's -99.54%.
On 1-year performance, ERX leads with 90.37% vs -15.14% for CARU. On fees, CARU is cheaper at 0.95% per year. On volatility, ERX has been the lower-risk option at 16.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ERX has performed better with a 90.37% return vs -15.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CARU is cheaper with a 0.95% expense ratio, compared with 1.09% for ERX.
ERX has the higher dividend yield at 1.61%, compared with 0.00% for CARU.
CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while ERX tracks Energy Select Sector Index (300%). They also come from different issuers: Max and Direxion. Their fees differ too: 0.95% for CARU and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (2.21 vs -0.22), 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.
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