IREZ vs. CARD

Last updated Jun 6, 2026

IREZ (Tradr 2X Short IREN Daily ETF) and CARD (Max Auto Industry -3X Inverse Leveraged ETN) are both Inverse Equities funds - IREZ tracks the IREN Limited (IREN) while CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%). Both are passively managed. At a 0.44 correlation, their price movements are largely independent. IREZ charges 1.49%/yr vs 0.95%/yr for CARD.

Performance

IREZ vs. CARD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Short IREN Daily ETF (IREZ) and Max Auto Industry -3X Inverse Leveraged ETN (CARD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IREZ

• 1D: 24.06%
• 1M: -8.08%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CARD

• 1D: 6.19%
• 1M: -1.41%
• YTD: 2.62%
• 6M: 6.48%
• 1Y: -37.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IREZ vs. CARD - Yearly Performance Comparison

	2026 (YTD)
IREZ Tradr 2X Short IREN Daily ETF	-75.26%
CARD Max Auto Industry -3X Inverse Leveraged ETN	18.73%

Correlation

The correlation between IREZ and CARD is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 23, 2026	0.44

Return for Risk

IREZ vs. CARD — Risk / Return Rank

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

CARD

CARD Risk / Return Rank: 4
CARD Sharpe Ratio Rank: 5
CARD Sortino Ratio Rank: 5
CARD Omega Ratio Rank: 5
CARD Calmar Ratio Rank: 3
CARD Martin Ratio Rank: 4

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.

IREZ vs. CARD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short IREN Daily ETF (IREZ) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IREZ	CARD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	-0.64	+0.19

Drawdowns

IREZ vs. CARD - Drawdown Comparison

The maximum IREZ drawdown since its inception was -87.43%, smaller than the maximum CARD drawdown of -93.51%. Use the drawdown chart below to compare losses from any high point for IREZ and CARD.

Drawdown Indicators

	IREZ	CARD	Difference
Max Drawdown Largest peak-to-trough decline	-87.43%	-93.51%	+6.08%
Max Drawdown (1Y) Largest decline over 1 year	—	-49.57%	—
Current Drawdown Current decline from peak	-81.65%	-92.29%	+10.64%
Average Drawdown Average peak-to-trough decline	-43.75%	-68.20%	+24.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	34.14%	—

Volatility

Volatility by Period

	IREZ	CARD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	22.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	49.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	216.02%	68.83%	+147.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	216.02%	80.51%	+135.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	216.02%	80.51%	+135.51%

IREZ vs. CARD - Expense Ratio Comparison

IREZ has a 1.49% expense ratio, which is higher than CARD's 0.95% expense ratio.

Dividends

IREZ vs. CARD - Dividend Comparison

Neither IREZ nor CARD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IREZ and CARD in my portfolio?

IREZ and CARD have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IREZ or CARD?

On fees, CARD is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IREZ or CARD?

CARD is cheaper with a 0.95% expense ratio, compared with 1.49% for IREZ.

Which ETF pays a higher dividend yield, IREZ or CARD?

IREZ and CARD have nearly identical dividend yields, around 0.00%.

What is the main difference between IREZ and CARD?

IREZ tracks IREN Limited (IREN), while CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%). They also come from different issuers: Tradr and Max. Their fees differ too: 1.49% for IREZ and 0.95% for CARD.