CARU vs. KORU

Last updated Jul 14, 2026

CARU (Max Auto Industry 3X Leveraged ETN) and KORU (Direxion Daily MSCI South Korea Bull 3X Shares) are both exchange-traded funds - CARU is a Leveraged Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while KORU is a South Korea Equities fund tracking the MSCI Korea 25/50 Index. Both are passively managed. Over the past 3 years, CARU returned -14.01%/yr vs 60.31%/yr for KORU. At a 0.42 correlation, their price movements are largely independent. CARU charges 0.95%/yr vs 1.32%/yr for KORU.

Performance

CARU vs. KORU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry 3X Leveraged ETN (CARU) and Direxion Daily MSCI South Korea Bull 3X Shares (KORU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARU achieves a -26.90% return, which is significantly lower than KORU's 130.89% return.

CARU

• 1D: -2.95%
• 1M: -2.99%
• 6M: -35.58%
• YTD: -26.90%
• 1Y: -22.48%
• 3Y*: -14.01%
• 5Y*: —
• 10Y*: —

KORU

• 1D: -24.74%
• 1M: -49.18%
• 6M: 66.57%
• YTD: 130.89%
• 1Y: 413.07%
• 3Y*: 60.31%
• 5Y*: 1.85%
• 10Y*: 6.31%

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

CARU vs. KORU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARU Max Auto Industry 3X Leveraged ETN	-26.90%	7.29%	23.44%	-9.74%
KORU Direxion Daily MSCI South Korea Bull 3X Shares	130.89%	432.73%	-62.18%	-1.61%

Correlation

The correlation between CARU and KORU is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.42

Return for Risk

CARU vs. KORU — 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: 5
CARU Martin Ratio Rank: 5

KORU

KORU Risk / Return Rank: 89
KORU Sharpe Ratio Rank: 94
KORU Sortino Ratio Rank: 79
KORU Omega Ratio Rank: 85
KORU Calmar Ratio Rank: 95
KORU Martin Ratio Rank: 92

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. KORU - 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 MSCI South Korea Bull 3X Shares (KORU). 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	KORU	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	2.78	-3.10
Sortino ratio: Return per unit of downside risk	-0.01	2.78	-2.79
Omega ratio: Gain probability vs. loss probability	1.00	1.40	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.44	6.23	-6.67
Martin ratio: Return relative to average drawdown	-0.84	17.42	-18.26

CARU vs. KORU - Sharpe Ratio Comparison

The current CARU Sharpe Ratio is -0.32, which is lower than the KORU Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of CARU and KORU, 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. KORU - Drawdown Comparison

The maximum CARU drawdown since its inception was -66.44%, smaller than the maximum KORU drawdown of -95.79%. Use the drawdown chart below to compare losses from any high point for CARU and KORU.

Drawdown Indicators

	CARU	KORU	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-95.79%	+29.35%
Max Drawdown (1Y) Largest decline over 1 year	-50.87%	-66.86%	+15.99%
Max Drawdown (3Y) Largest decline over 3 years	-66.44%	-73.34%	+6.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-92.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-95.79%	—
Current Drawdown Current decline from peak	-42.27%	-66.86%	+24.59%
Average Drawdown Average peak-to-trough decline	-36.05%	-57.39%	+21.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.92%	23.85%	+3.07%

Volatility

CARU vs. KORU - Volatility Comparison

The current volatility for Max Auto Industry 3X Leveraged ETN (CARU) is 22.87%, while Direxion Daily MSCI South Korea Bull 3X Shares (KORU) has a volatility of 78.13%. This indicates that CARU experiences smaller price fluctuations and is considered to be less risky than KORU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARU	KORU	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.87%	78.13%	-55.26%
Volatility (6M) Calculated over the trailing 6-month period	53.55%	145.83%	-92.28%
Volatility (1Y) Calculated over the trailing 1-year period	70.58%	150.12%	-79.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.14%	93.49%	-13.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.14%	84.08%	-3.94%

CARU vs. KORU - Expense Ratio Comparison

CARU has a 0.95% expense ratio, which is lower than KORU's 1.32% expense ratio.

Dividends

CARU vs. KORU - Dividend Comparison

CARU has not paid dividends to shareholders, while KORU's dividend yield for the trailing twelve months is around 0.38%.

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%
KORU Direxion Daily MSCI South Korea Bull 3X Shares	0.38%	0.89%	4.10%	2.55%	0.48%	0.76%	0.01%	0.93%	1.40%	3.59%

Frequently Asked Questions

Can I hold both CARU and KORU in my portfolio?

CARU and KORU have a correlation of 0.44, 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 KORU?

KORU has higher volatility (78.13%) compared to CARU (22.87%). In terms of maximum drawdown, CARU dropped -66.44% vs KORU's -95.79%.

Which ETF is better, CARU or KORU?

On 3-year performance, KORU leads with 60.31% vs -14.01% for CARU. On fees, CARU is cheaper at 0.95% per year. On volatility, CARU has been the lower-risk option at 22.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARU or KORU?

Over the 3-year period, KORU has performed better with a 60.31% return vs -14.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARU or KORU?

CARU is cheaper with a 0.95% expense ratio, compared with 1.32% for KORU.

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

KORU has the higher dividend yield at 0.38%, compared with 0.00% for CARU.

What is the main difference between CARU and KORU?

CARU is categorized as Leveraged Equities, while KORU is South Korea Equities. CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while KORU tracks MSCI Korea 25/50 Index. They also come from different issuers: Max and Direxion. Their fees differ too: 0.95% for CARU and 1.32% for KORU.

Which has better risk-adjusted returns?

KORU currently has the higher Sharpe Ratio (2.78 vs -0.32), 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.