CARU vs. TERG

Last updated Aug 2, 2026

CARU (Max Auto Industry 3X Leveraged ETN) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. CARU is passively managed, while TERG is actively managed. Their 0.42 correlation means their historical movements had little consistent relationship. CARU charges 0.95%/yr vs 0.75%/yr for TERG.

Performance

CARU vs. TERG - 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 TER Daily ETF (TERG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARU achieves a -27.45% return, which is significantly lower than TERG's 118.24% return.

CARU

• 1D: -3.38%
• 1M: -7.81%
• 6M: -26.28%
• YTD: -27.45%
• 1Y: -15.02%
• 3Y*: -13.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.50%

TERG

• 1D: 1.38%
• 1M: -8.01%
• 6M: 44.99%
• YTD: 118.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CARU Max Auto Industry 3X Leveraged ETN	$54.57K	$33.91K	$20.26K
TERG Leverage Shares 2X Long TER Daily ETF	$2.08M	$2.39M	$4.94M

CARU vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
CARU Max Auto Industry 3X Leveraged ETN	-27.45%	16.03%
TERG Leverage Shares 2X Long TER Daily ETF	118.24%	20.91%

Correlation

The correlation between CARU and TERG is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	0.42

Return for Risk

CARU vs. TERG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CARU

CARU Risk / Return Rank: 8
CARU Sharpe Ratio Rank: 7
CARU Sortino Ratio Rank: 10
CARU Omega Ratio Rank: 10
CARU Calmar Ratio Rank: 6
CARU Martin Ratio Rank: 7

TERG

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CARU vs. TERG - 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 TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	—	—
Sortino ratio: Return per unit of downside risk	0.10	—	—
Omega ratio: Gain probability vs. loss probability	1.01	—	—
Calmar ratio: Return relative to maximum drawdown	-0.37	—	—
Martin ratio: Return relative to average drawdown	-0.67	—	—

Drawdowns

CARU vs. TERG - Drawdown Comparison

The maximum CARU drawdown since its inception was -66.44%, which is greater than TERG's maximum drawdown of -60.59%. Use the drawdown chart below to compare losses from any high point for CARU and TERG.

Drawdown Indicators

	CARU	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-60.59%	-5.85%
Max Drawdown (1Y) Largest decline over 1 year	-50.87%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-59.03%	—	—
Current Drawdown Current decline from peak	-42.71%	-48.67%	+5.96%
Average Drawdown Average peak-to-trough decline	-36.14%	-18.83%	-17.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.21%	—	—

Volatility

Volatility by Period

	CARU	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	54.90%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	71.83%	158.05%	-86.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.20%	158.05%	-77.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.20%	158.05%	-77.85%

CARU vs. TERG - Expense Ratio Comparison

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

Dividends

CARU vs. TERG - Dividend Comparison

Neither CARU nor TERG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CARU and TERG in my portfolio?

CARU and TERG have a correlation of 0.42, 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 TERG?

On fees, TERG 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 TERG?

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

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

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

What is the main difference between CARU and TERG?

They also come from different issuers: Max and Leverage Shares. Their fees differ too: 0.95% for CARU and 0.75% for TERG.