DOG vs. CARD
DOG (ProShares Short Dow30) and CARD (Max Auto Industry -3X Inverse Leveraged ETN) are both Inverse Equities funds - DOG tracks the DJ Industrial Average (-100%) while CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%). Both are passively managed. Over the past year, DOG returned -12.72% vs -39.29% for CARD. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
DOG vs. CARD - Performance Comparison
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Returns By Period
In the year-to-date period, DOG achieves a -4.15% return, which is significantly lower than CARD's -3.66% return.
DOG
- 1D
- 1.13%
- 1M
- -3.36%
- YTD
- -4.15%
- 6M
- -4.06%
- 1Y
- -12.72%
- 3Y*
- -8.28%
- 5Y*
- -5.31%
- 10Y*
- -11.18%
CARD
- 1D
- 3.00%
- 1M
- -9.70%
- YTD
- -3.66%
- 6M
- -8.10%
- 1Y
- -39.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DOG vs. CARD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DOG ProShares Short Dow30 | -4.15% | -8.40% | -5.62% | -7.08% |
CARD Max Auto Industry -3X Inverse Leveraged ETN | -3.66% | -60.21% | -58.19% | -30.38% |
Correlation
The correlation between DOG and CARD is 0.69, 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 | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | 0.65 |
The correlation between DOG and CARD has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.
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Return for Risk
DOG vs. CARD — Risk / Return Rank
DOG
CARD
DOG vs. CARD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and Max Auto Industry -3X Inverse Leveraged ETN (CARD). 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.
| DOG | CARD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.05 | -0.57 | -0.48 |
Sortino ratioReturn per unit of downside risk | -1.42 | -0.54 | -0.88 |
Omega ratioGain probability vs. loss probability | 0.84 | 0.94 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.75 | -0.12 |
Martin ratioReturn relative to average drawdown | -1.43 | -1.10 | -0.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DOG | CARD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | -0.57 | -0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.57 | -0.66 | +0.09 |
Drawdowns
DOG vs. CARD - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.69%, roughly equal to the maximum CARD drawdown of -93.51%. Use the drawdown chart below to compare losses from any high point for DOG and CARD.
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Drawdown Indicators
| DOG | CARD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.69% | -93.51% | +0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -14.63% | -49.57% | +34.94% |
Max Drawdown (3Y)Largest decline over 3 years | -28.77% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -33.99% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -70.79% | — | — |
Current DrawdownCurrent decline from peak | -92.61% | -92.76% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -66.39% | -68.10% | +1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.89% | 33.82% | -24.93% |
Volatility
DOG vs. CARD - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 2.98%, while Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a volatility of 23.60%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than CARD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DOG | CARD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.98% | 23.60% | -20.62% |
Volatility (6M)Calculated over the trailing 6-month period | 9.37% | 50.31% | -40.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.13% | 68.78% | -56.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.79% | 80.58% | -65.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 80.58% | -63.09% |
DOG vs. CARD - Expense Ratio Comparison
Both DOG and CARD have an expense ratio of 0.95%.
Dividends
DOG vs. CARD - Dividend Comparison
DOG's dividend yield for the trailing twelve months is around 3.49%, while CARD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DOG ProShares Short Dow30 | 3.49% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
Frequently Asked Questions
DOG and CARD have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (23.60%) compared to DOG (2.98%). In terms of maximum drawdown, DOG dropped -92.69% vs CARD's -93.51%.
On 1-year performance, DOG leads with -12.72% vs -39.29% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DOG has performed better with a -12.72% return vs -39.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DOG and CARD have the same expense ratio: 0.95% per year.
DOG has the higher dividend yield at 3.49%, compared with 0.00% for CARD.
DOG tracks DJ Industrial Average (-100%), while CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%). They also come from different issuers: ProShares and Max.
CARD currently has the higher Sharpe Ratio (-0.57 vs -1.05), 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.
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