CARU vs. NIOG

Last updated Jun 26, 2026

CARU (Max Auto Industry 3X Leveraged ETN) and NIOG (Leverage Shares 2X Long NIO Daily ETF) are both Leveraged Equities funds - CARU tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while NIOG tracks the NIO Inc. (NIO). Both are passively managed. At a 0.19 correlation, their price movements are largely independent. CARU charges 0.95%/yr vs 0.75%/yr for NIOG.

Performance

CARU vs. NIOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry 3X Leveraged ETN (CARU) and Leverage Shares 2X Long NIO Daily ETF (NIOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CARU having a -31.25% return and NIOG slightly higher at -30.21%.

CARU

• 1D: -0.50%
• 1M: -8.37%
• YTD: -31.25%
• 6M: -38.91%
• 1Y: -16.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NIOG

• 1D: -7.05%
• 1M: -21.38%
• YTD: -30.21%
• 6M: -25.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CARU vs. NIOG - Yearly Performance Comparison

	2026 (YTD)	2025
CARU Max Auto Industry 3X Leveraged ETN	-31.25%	-5.16%
NIOG Leverage Shares 2X Long NIO Daily ETF	-30.21%	3.25%

Correlation

The correlation between CARU and NIOG is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.19

Return for Risk

CARU vs. NIOG — 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: 7
CARU Sortino Ratio Rank: 9
CARU Omega Ratio Rank: 9
CARU Calmar Ratio Rank: 7
CARU Martin Ratio Rank: 6

NIOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NIOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry 3X Leveraged ETN (CARU) and Leverage Shares 2X Long NIO Daily ETF (NIOG). 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	NIOG	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	—	—
Sortino ratio: Return per unit of downside risk	0.13	—	—
Omega ratio: Gain probability vs. loss probability	1.02	—	—
Calmar ratio: Return relative to maximum drawdown	-0.32	—	—
Martin ratio: Return relative to average drawdown	-0.64	—	—

Drawdowns

CARU vs. NIOG - Drawdown Comparison

The maximum CARU drawdown since its inception was -66.44%, which is greater than NIOG's maximum drawdown of -56.27%. Use the drawdown chart below to compare losses from any high point for CARU and NIOG.

Drawdown Indicators

	CARU	NIOG	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-56.27%	-10.17%
Max Drawdown (1Y) Largest decline over 1 year	-50.87%	—	—
Current Drawdown Current decline from peak	-45.71%	-56.27%	+10.56%
Average Drawdown Average peak-to-trough decline	-35.99%	-22.75%	-13.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.77%	—	—

Volatility

Volatility by Period

	CARU	NIOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	52.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	69.88%	115.62%	-45.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.32%	115.62%	-35.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.32%	115.62%	-35.30%

CARU vs. NIOG - Expense Ratio Comparison

CARU has a 0.95% expense ratio, which is higher than NIOG's 0.75% expense ratio.

Dividends

CARU vs. NIOG - Dividend Comparison

Neither CARU nor NIOG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CARU and NIOG in my portfolio?

CARU and NIOG have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CARU or NIOG?

On fees, NIOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CARU or NIOG?

NIOG is cheaper with a 0.75% expense ratio, compared with 0.95% for CARU.

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

CARU and NIOG have nearly identical dividend yields, around 0.00%.

What is the main difference between CARU and NIOG?

CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while NIOG tracks NIO Inc. (NIO). They also come from different issuers: Max and Leverage Shares. Their fees differ too: 0.95% for CARU and 0.75% for NIOG.