CARU vs. ERX
CARU (Max Auto Industry 3X Leveraged ETN) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - CARU is a Leveraged Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%). Both are passively managed. Over the past 3 years, CARU returned -8.94%/yr vs 16.84%/yr for ERX. Their 0.16 correlation means their historical movements had little consistent relationship. CARU charges 0.95%/yr vs 0.91%/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 -24.98% return, which is significantly lower than ERX's 66.56% return.
CARU
- 1D
- 3.40%
- 1M
- -4.68%
- 6M
- -23.35%
- YTD
- -24.98%
- 1Y
- -12.14%
- 3Y*
- -8.94%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -3.46%
ERX
- 1D
- -2.60%
- 1M
- 20.71%
- 6M
- 34.28%
- YTD
- 66.56%
- 1Y
- 81.13%
- 3Y*
- 16.84%
- 5Y*
- 36.03%
- 10Y*
- -9.07%
- ALL TIME*
- -7.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $54.44K | $33.09K | $19.89K | |
| $21.45M | $22.83M | $28.29M |
CARU vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARU Max Auto Industry 3X Leveraged ETN | -24.98% | 7.29% | 23.44% | -9.74% |
ERX Direxion Daily Energy Bull 2X Shares | 66.56% | 2.79% | 1.09% | 10.42% |
Correlation
The correlation between CARU and ERX is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.17 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | 0.16 |
The correlation between CARU and ERX shifts across timeframes, from -0.17 (1 year) to 0.16 (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.
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 | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.10 | ||
| Sortino ratioReturn per unit of downside risk | -2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.29 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 2.72 | -2.96 |
| Martin ratioReturn relative to average drawdown | -0.43 | 6.90 | -7.33 |
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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% | -29.97% | -20.90% |
Max Drawdown (3Y)Largest decline over 3 years | -59.03% | -42.34% | -16.69% |
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 | -40.76% | -91.59% | +50.83% |
Average DrawdownAverage peak-to-trough decline | -36.15% | -67.25% | +31.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.31% | 11.81% | +16.50% |
Volatility
CARU vs. ERX - Volatility Comparison
Max Auto Industry 3X Leveraged ETN (CARU) has a higher volatility of 23.85% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 12.43%. 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 | 23.85% | 12.43% | +11.42% |
Volatility (6M)Calculated over the trailing 6-month period | 54.89% | 33.84% | +21.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.88% | 42.28% | +29.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.17% | 51.50% | +28.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.17% | 68.84% | +11.33% |
CARU vs. ERX - Expense Ratio Comparison
CARU has a 0.95% expense ratio, which is higher than ERX's 0.91% 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 1.53%.
| 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 | 1.53% | 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 -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARU has higher volatility (23.85%) compared to ERX (12.43%). In terms of maximum drawdown, CARU dropped -66.44% vs ERX's -99.54%.
On 3-year performance, ERX leads with 16.84% vs -8.94% for CARU. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 12.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ERX has performed better with a 16.84% return vs -8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERX is cheaper with a 0.91% expense ratio, compared with 0.95% for CARU.
ERX has the higher dividend yield at 1.53%, compared with 0.00% for CARU.
CARU is categorized as Leveraged Equities, while ERX is Energy Equities. CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while ERX tracks Energy Select Sector Index (200%). They also come from different issuers: Max and Direxion. Their fees differ too: 0.95% for CARU and 0.91% for ERX.
ERX currently has the higher Sharpe Ratio (1.93 vs -0.17), 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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