CARU vs. TSMX

Last updated Apr 1, 2026

Compare and contrast key facts about Max Auto Industry 3X Leveraged ETN (CARU) and Direxion Daily TSM Bull 2X Shares (TSMX).

CARU and TSMX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CARU is a passively managed fund by Max that tracks the performance of the Prime Auto Industry Index - Benchmark TR Net (--300%). It was launched on Jun 27, 2023. TSMX is an actively managed fund by Direxion. It was launched on Oct 3, 2024.

Performance

CARU vs. TSMX - 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 TSM Bull 2X Shares (TSMX). The values are adjusted to include any dividend payments, if applicable.

CARU vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CARU Max Auto Industry 3X Leveraged ETN	-33.44%	7.29%	39.27%
TSMX Direxion Daily TSM Bull 2X Shares	16.15%	81.48%	14.76%

Returns By Period

In the year-to-date period, CARU achieves a -33.44% return, which is significantly lower than TSMX's 16.15% return.

CARU

• 1D: 9.73%
• 1M: -22.29%
• YTD: -33.44%
• 6M: -42.23%
• 1Y: -4.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMX

• 1D: 13.81%
• 1M: -20.58%
• YTD: 16.15%
• 6M: 30.27%
• 1Y: 227.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CARU vs. TSMX - Expense Ratio Comparison

CARU has a 0.95% expense ratio, which is lower than TSMX's 1.05% expense ratio.

TSMX

Direxion Daily TSM Bull 2X Shares

CARU

Max Auto Industry 3X Leveraged ETN

Return for Risk

CARU vs. TSMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CARU

CARU Risk / Return Rank: 14
CARU Sharpe Ratio Rank: 10
CARU Sortino Ratio Rank: 19
CARU Omega Ratio Rank: 18
CARU Calmar Ratio Rank: 12
CARU Martin Ratio Rank: 11

TSMX

TSMX Risk / Return Rank: 96
TSMX Sharpe Ratio Rank: 97
TSMX Sortino Ratio Rank: 95
TSMX Omega Ratio Rank: 91
TSMX Calmar Ratio Rank: 98
TSMX Martin Ratio Rank: 97

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. TSMX - 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 TSM Bull 2X Shares (TSMX). 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	TSMX	Difference
Sharpe ratio Return per unit of total volatility	-0.05	2.95	-3.01
Sortino ratio Return per unit of downside risk	0.52	3.08	-2.56
Omega ratio Gain probability vs. loss probability	1.06	1.39	-0.32
Calmar ratio Return relative to maximum drawdown	-0.01	6.59	-6.60
Martin ratio Return relative to average drawdown	-0.03	20.50	-20.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CARU vs. TSMX - Sharpe Ratio Comparison

The current CARU Sharpe Ratio is -0.05, which is lower than the TSMX Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of CARU and TSMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CARU	TSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	2.95	-3.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	1.01	-1.12

Correlation

The correlation between CARU and TSMX is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CARU vs. TSMX - Dividend Comparison

CARU has not paid dividends to shareholders, while TSMX's dividend yield for the trailing twelve months is around 7.11%.

	TTM	2025	2024
CARU Max Auto Industry 3X Leveraged ETN	0.00%	0.00%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	7.11%	8.01%	0.53%

Drawdowns

CARU vs. TSMX - Drawdown Comparison

The maximum CARU drawdown since its inception was -66.44%, roughly equal to the maximum TSMX drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for CARU and TSMX.

Drawdown Indicators

	CARU	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-63.80%	-2.64%
Max Drawdown (1Y) Largest decline over 1 year	-50.87%	-34.93%	-15.94%
Current Drawdown Current decline from peak	-47.44%	-25.94%	-21.50%
Average Drawdown Average peak-to-trough decline	-35.62%	-16.74%	-18.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.11%	11.22%	+7.89%

Volatility

CARU vs. TSMX - Volatility Comparison

The current volatility for Max Auto Industry 3X Leveraged ETN (CARU) is 25.71%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 29.06%. This indicates that CARU experiences smaller price fluctuations and is considered to be less risky than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARU	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.71%	29.06%	-3.35%
Volatility (6M) Calculated over the trailing 6-month period	53.09%	54.61%	-1.52%
Volatility (1Y) Calculated over the trailing 1-year period	81.60%	77.49%	+4.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.72%	81.26%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.72%	81.26%	-0.54%