CARU vs. XXXX

Last updated Jun 5, 2026

CARU (Max Auto Industry 3X Leveraged ETN) and XXXX (MAX S&P 500 4X Leveraged ETN) are both Leveraged Equities funds from Max - CARU tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while XXXX tracks the S&P 500. Both are passively managed. Over the past year, CARU returned -12.69% vs 90.17% for XXXX. A 0.67 correlation means they provide meaningful diversification when combined. CARU charges 0.95%/yr vs 2.95%/yr for XXXX.

Performance

CARU vs. XXXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry 3X Leveraged ETN (CARU) and MAX S&P 500 4X Leveraged ETN (XXXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARU achieves a -22.32% return, which is significantly lower than XXXX's 31.29% return.

CARU

• 1D: 0.92%
• 1M: 7.84%
• YTD: -22.32%
• 6M: -27.15%
• 1Y: -12.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XXXX

• 1D: 1.52%
• 1M: 16.66%
• YTD: 31.29%
• 6M: 27.73%
• 1Y: 90.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CARU vs. XXXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARU Max Auto Industry 3X Leveraged ETN	-22.32%	7.29%	23.44%	33.85%
XXXX MAX S&P 500 4X Leveraged ETN	31.29%	17.36%	61.36%	16.31%

Correlation

The correlation between CARU and XXXX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023	0.67

The correlation between CARU and XXXX has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.

Return for Risk

CARU vs. XXXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 7
CARU Martin Ratio Rank: 7

XXXX

XXXX Risk / Return Rank: 53
XXXX Sharpe Ratio Rank: 58
XXXX Sortino Ratio Rank: 49
XXXX Omega Ratio Rank: 51
XXXX Calmar Ratio Rank: 50
XXXX Martin Ratio Rank: 55

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. XXXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry 3X Leveraged ETN (CARU) and MAX S&P 500 4X Leveraged ETN (XXXX). 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	XXXX	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	1.94	-2.12
Sortino ratio: Return per unit of downside risk	0.20	2.37	-2.16
Omega ratio: Gain probability vs. loss probability	1.02	1.31	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.25	2.43	-2.68
Martin ratio: Return relative to average drawdown	-0.53	9.30	-9.83
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. XXXX - Sharpe Ratio Comparison

The current CARU Sharpe Ratio is -0.19, which is lower than the XXXX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of CARU and XXXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CARU	XXXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.19	1.94	-2.12
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.88	-0.92

Drawdowns

CARU vs. XXXX - Drawdown Comparison

The maximum CARU drawdown since its inception was -66.44%, which is greater than XXXX's maximum drawdown of -62.27%. Use the drawdown chart below to compare losses from any high point for CARU and XXXX.

Drawdown Indicators

	CARU	XXXX	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-62.27%	-4.17%
Max Drawdown (1Y) Largest decline over 1 year	-50.87%	-37.25%	-13.62%
Current Drawdown Current decline from peak	-38.66%	-1.40%	-37.26%
Average Drawdown Average peak-to-trough decline	-35.91%	-11.59%	-24.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.09%	9.73%	+14.36%

Volatility

CARU vs. XXXX - Volatility Comparison

Max Auto Industry 3X Leveraged ETN (CARU) has a higher volatility of 22.69% compared to MAX S&P 500 4X Leveraged ETN (XXXX) at 11.10%. This indicates that CARU's price experiences larger fluctuations and is considered to be riskier than XXXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARU	XXXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.69%	11.10%	+11.59%
Volatility (6M) Calculated over the trailing 6-month period	50.06%	35.43%	+14.63%
Volatility (1Y) Calculated over the trailing 1-year period	68.54%	46.80%	+21.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.22%	60.71%	+19.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.22%	60.71%	+19.51%

CARU vs. XXXX - Expense Ratio Comparison

CARU has a 0.95% expense ratio, which is lower than XXXX's 2.95% expense ratio.

Dividends

CARU vs. XXXX - Dividend Comparison

Neither CARU nor XXXX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CARU and XXXX in my portfolio?

CARU and XXXX have a correlation of 0.67, 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 XXXX?

CARU has higher volatility (22.69%) compared to XXXX (11.10%). In terms of maximum drawdown, CARU dropped -66.44% vs XXXX's -62.27%.

Which ETF is better, CARU or XXXX?

On 1-year performance, XXXX leads with 90.17% vs -12.69% for CARU. On fees, CARU is cheaper at 0.95% per year. On volatility, XXXX has been the lower-risk option at 11.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARU or XXXX?

Over the 1-year period, XXXX has performed better with a 90.17% return vs -12.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARU or XXXX?

CARU is cheaper with a 0.95% expense ratio, compared with 2.95% for XXXX.

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

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

What is the main difference between CARU and XXXX?

CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while XXXX tracks S&P 500. Their fees differ too: 0.95% for CARU and 2.95% for XXXX.

Which has better risk-adjusted returns?

XXXX currently has the higher Sharpe Ratio (1.94 vs -0.19), 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.