NVDQ vs. CARD

Last updated Jul 16, 2026

NVDQ (T-Rex 2X Inverse NVIDIA Daily Target ETF) and CARD (Max Auto Industry -3X Inverse Leveraged ETN) are both Inverse Equities funds. NVDQ is actively managed, while CARD is passively managed. Over the past year, NVDQ returned -55.07% vs -36.75% for CARD. At a 0.27 correlation, their price movements are largely independent. NVDQ charges 1.05%/yr vs 0.95%/yr for CARD.

Performance

NVDQ vs. CARD - Performance Comparison

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

Returns By Period

In the year-to-date period, NVDQ achieves a -38.39% return, which is significantly lower than CARD's -9.48% return.

NVDQ

• 1D: -0.67%
• 1M: -3.36%
• 6M: -40.41%
• YTD: -38.39%
• 1Y: -55.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CARD

• 1D: -3.37%
• 1M: -1.81%
• 6M: -0.65%
• YTD: -9.48%
• 1Y: -36.75%
• 3Y*: -47.55%
• 5Y*: —
• 10Y*: —

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

NVDQ vs. CARD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	-38.39%	-74.63%	-93.80%	-28.84%
CARD Max Auto Industry -3X Inverse Leveraged ETN	-9.48%	-60.21%	-58.19%	-37.64%

Correlation

The correlation between NVDQ and CARD is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.27

Return for Risk

NVDQ vs. CARD — Risk / Return Rank

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

NVDQ

NVDQ Risk / Return Rank: 2
NVDQ Sharpe Ratio Rank: 3
NVDQ Sortino Ratio Rank: 3
NVDQ Omega Ratio Rank: 3
NVDQ Calmar Ratio Rank: 1
NVDQ Martin Ratio Rank: 0

CARD

CARD Risk / Return Rank: 4
CARD Sharpe Ratio Rank: 5
CARD Sortino Ratio Rank: 6
CARD Omega Ratio Rank: 6
CARD Calmar Ratio Rank: 2
CARD Martin Ratio Rank: 2

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.

NVDQ vs. CARD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) 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.

	NVDQ	CARD	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	-0.52	-0.26
Sortino ratio: Return per unit of downside risk	-1.05	-0.42	-0.63
Omega ratio: Gain probability vs. loss probability	0.88	0.95	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.88	-0.02
Martin ratio: Return relative to average drawdown	-1.63	-1.32	-0.31

NVDQ vs. CARD - Sharpe Ratio Comparison

The current NVDQ Sharpe Ratio is -0.78, which is lower than the CARD Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of NVDQ and CARD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NVDQ vs. CARD - Drawdown Comparison

The maximum NVDQ drawdown since its inception was -99.45%, which is greater than CARD's maximum drawdown of -93.51%. Use the drawdown chart below to compare losses from any high point for NVDQ and CARD.

Drawdown Indicators

	NVDQ	CARD	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-93.51%	-5.94%
Max Drawdown (1Y) Largest decline over 1 year	-61.65%	-42.02%	-19.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-93.51%	—
Current Drawdown Current decline from peak	-99.38%	-93.20%	-6.18%
Average Drawdown Average peak-to-trough decline	-88.53%	-69.19%	-19.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.77%	27.92%	+5.85%

Volatility

NVDQ vs. CARD - Volatility Comparison

T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) and Max Auto Industry -3X Inverse Leveraged ETN (CARD) have volatilities of 22.84% and 21.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDQ	CARD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.84%	21.83%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	55.75%	53.38%	+2.37%
Volatility (1Y) Calculated over the trailing 1-year period	71.32%	70.66%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.97%	80.35%	+14.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.97%	80.35%	+14.62%

NVDQ vs. CARD - Expense Ratio Comparison

NVDQ has a 1.05% expense ratio, which is higher than CARD's 0.95% expense ratio.

Dividends

NVDQ vs. CARD - Dividend Comparison

NVDQ's dividend yield for the trailing twelve months is around 0.42%, while CARD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CARD Max Auto Industry -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	0.42%	0.26%	4.59%	11.60%

Frequently Asked Questions

Can I hold both NVDQ and CARD in my portfolio?

NVDQ and CARD have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDQ or CARD?

NVDQ has higher volatility (22.84%) compared to CARD (21.83%). In terms of maximum drawdown, NVDQ dropped -99.45% vs CARD's -93.51%.

Which ETF is better, NVDQ or CARD?

On 1-year performance, CARD leads with -36.75% vs -55.07% for NVDQ. On fees, CARD is cheaper at 0.95% per year. On volatility, CARD has been the lower-risk option at 21.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDQ or CARD?

Over the 1-year period, CARD has performed better with a -36.75% return vs -55.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDQ or CARD?

CARD is cheaper with a 0.95% expense ratio, compared with 1.05% for NVDQ.

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

NVDQ has the higher dividend yield at 0.42%, compared with 0.00% for CARD.

What is the main difference between NVDQ and CARD?

They also come from different issuers: T-Rex and Max. Their fees differ too: 1.05% for NVDQ and 0.95% for CARD.

Which has better risk-adjusted returns?

CARD currently has the higher Sharpe Ratio (-0.52 vs -0.78), 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.