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 3 years, DOG returned -7.85%/yr vs -47.16%/yr for CARD. Their 0.64 correlation means they have sometimes moved together and sometimes differently. 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 -6.75% return, which is significantly higher than CARD's -8.92% return.
DOG
- 1D
- -0.51%
- 1M
- 1.03%
- 6M
- -5.42%
- YTD
- -6.75%
- 1Y
- -13.86%
- 3Y*
- -7.85%
- 5Y*
- -5.65%
- 10Y*
- -11.12%
- ALL TIME*
- -10.34%
CARD
- 1D
- 3.59%
- 1M
- 1.66%
- 6M
- -6.13%
- YTD
- -8.92%
- 1Y
- -38.90%
- 3Y*
- -47.16%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -52.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $47.33K | $47.63K | $45.90K | |
| $40.27M | $36.96M | $41.35M |
DOG vs. CARD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DOG ProShares Short Dow30 | -6.75% | -8.40% | -5.62% | -6.91% |
CARD Max Auto Industry -3X Inverse Leveraged ETN | -8.92% | -60.21% | -58.19% | -32.77% |
Correlation
The correlation between DOG and CARD is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | 0.64 |
The correlation between DOG and CARD has been stable across timeframes, ranging from 0.64 to 0.66 - 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.
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.
| DOG | CARD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.96 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.81 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.48 | -1.23 | -0.25 |
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Drawdowns
DOG vs. CARD - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.90%, roughly equal to the maximum CARD drawdown of -93.74%. 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 | -92.90% | -93.74% | +0.84% |
Max Drawdown (1Y)Largest decline over 1 year | -15.02% | -44.14% | +29.12% |
Max Drawdown (3Y)Largest decline over 3 years | -30.86% | -93.74% | +62.88% |
Max Drawdown (5Y)Largest decline over 5 years | -35.93% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -70.07% | — | — |
Current DrawdownCurrent decline from peak | -92.81% | -93.16% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -66.59% | -69.56% | +2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.60% | 29.16% | -20.56% |
Volatility
DOG vs. CARD - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 3.74%, while Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a volatility of 23.32%. 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 | 3.74% | 23.32% | -19.58% |
Volatility (6M)Calculated over the trailing 6-month period | 9.94% | 54.55% | -44.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 72.06% | -59.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.83% | 80.51% | -65.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 80.51% | -63.02% |
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 3.38%, 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 | 3.38% | 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 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (23.32%) compared to DOG (3.74%). In terms of maximum drawdown, DOG dropped -92.90% vs CARD's -93.74%.
On 3-year performance, DOG leads with -7.85% vs -47.16% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DOG has performed better with a -7.85% return vs -47.16%. 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 3.38%, 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 (-0.50 vs -1.01), 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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