EUM vs. CARD
EUM (ProShares Short MSCI Emerging Markets) and CARD (Max Auto Industry -3X Inverse Leveraged ETN) are both Inverse Equities funds - EUM tracks the MSCI Emerging Markets Index (-100%) while CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%). Both are passively managed. Over the past 3 years, EUM returned -12.92%/yr vs -47.16%/yr for CARD. Their 0.49 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
EUM vs. CARD - Performance Comparison
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Returns By Period
In the year-to-date period, EUM achieves a -16.68% return, which is significantly lower than CARD's -8.92% return.
EUM
- 1D
- -0.60%
- 1M
- 2.23%
- 6M
- -10.10%
- YTD
- -16.68%
- 1Y
- -26.27%
- 3Y*
- -12.92%
- 5Y*
- -5.31%
- 10Y*
- -9.09%
- ALL TIME*
- -9.58%
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 | |
| $1.63M | $1.99M | $1.68M |
EUM vs. CARD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | -16.68% | -22.61% | -0.83% | -0.61% |
CARD Max Auto Industry -3X Inverse Leveraged ETN | -8.92% | -60.21% | -58.19% | -32.77% |
Correlation
The correlation between EUM and CARD is 0.52, 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. | 0.52 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023 | 0.49 |
The correlation between EUM and CARD has been stable across timeframes, ranging from 0.49 to 0.52 - a consistent structural relationship.
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Return for Risk
EUM vs. CARD — Risk / Return Rank
EUM
CARD
EUM vs. CARD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) 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.
| EUM | CARD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -1.13 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.96 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | -0.81 | +0.04 |
| Martin ratioReturn relative to average drawdown | -1.38 | -1.23 | -0.15 |
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Drawdowns
EUM vs. CARD - Drawdown Comparison
The maximum EUM drawdown since its inception was -93.19%, roughly equal to the maximum CARD drawdown of -93.74%. Use the drawdown chart below to compare losses from any high point for EUM and CARD.
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Drawdown Indicators
| EUM | CARD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.19% | -93.74% | +0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -33.23% | -44.14% | +10.91% |
Max Drawdown (3Y)Largest decline over 3 years | -47.97% | -93.74% | +45.77% |
Max Drawdown (5Y)Largest decline over 5 years | -50.87% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -66.12% | — | — |
Current DrawdownCurrent decline from peak | -92.48% | -93.16% | +0.68% |
Average DrawdownAverage peak-to-trough decline | -77.28% | -69.56% | -7.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.64% | 29.16% | -10.52% |
Volatility
EUM vs. CARD - Volatility Comparison
The current volatility for ProShares Short MSCI Emerging Markets (EUM) is 9.05%, while Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a volatility of 23.32%. This indicates that EUM 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
| EUM | CARD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.05% | 23.32% | -14.27% |
Volatility (6M)Calculated over the trailing 6-month period | 22.60% | 54.55% | -31.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.87% | 72.06% | -47.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.05% | 80.51% | -60.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.84% | 80.51% | -59.67% |
EUM vs. CARD - Expense Ratio Comparison
Both EUM and CARD have an expense ratio of 0.95%.
Dividends
EUM vs. CARD - Dividend Comparison
EUM's dividend yield for the trailing twelve months is around 4.05%, while CARD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
EUM ProShares Short MSCI Emerging Markets | 4.05% | 3.98% | 4.22% | 3.86% | 0.82% | 0.00% | 0.15% | 1.35% | 0.88% |
Frequently Asked Questions
EUM and CARD have a correlation of 0.52, 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 EUM (9.05%). In terms of maximum drawdown, EUM dropped -93.19% vs CARD's -93.74%.
On 3-year performance, EUM leads with -12.92% vs -47.16% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, EUM has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EUM has performed better with a -12.92% return vs -47.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUM and CARD have the same expense ratio: 0.95% per year.
EUM has the higher dividend yield at 4.05%, compared with 0.00% for CARD.
EUM tracks MSCI Emerging Markets Index (-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 -1.03), 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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