NVDS vs. CARD

Last updated Jul 14, 2026

NVDS (Tradr 1.25X NVDA Bear Daily ETF) and CARD (Max Auto Industry -3X Inverse Leveraged ETN) are both Inverse Equities funds - NVDS tracks the NVIDIA Corporation (-125%) while CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%). Both are passively managed. Over the past 3 years, NVDS returned -61.55%/yr vs -46.63%/yr for CARD. At a 0.28 correlation, their price movements are largely independent. NVDS charges 1.15%/yr vs 0.95%/yr for CARD.

Performance

NVDS vs. CARD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 1.25X NVDA Bear Daily ETF (NVDS) 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, NVDS achieves a -21.24% return, which is significantly lower than CARD's -4.58% return.

NVDS

• 1D: 5.35%
• 1M: -0.21%
• 6M: -22.24%
• YTD: -21.24%
• 1Y: -38.07%
• 3Y*: -61.55%
• 5Y*: —
• 10Y*: —

CARD

• 1D: 3.15%
• 1M: -2.03%
• 6M: 9.69%
• YTD: -4.58%
• 1Y: -31.37%
• 3Y*: -46.63%
• 5Y*: —
• 10Y*: —

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

NVDS vs. CARD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDS Tradr 1.25X NVDA Bear Daily ETF	-21.24%	-58.18%	-80.03%	-22.24%
CARD Max Auto Industry -3X Inverse Leveraged ETN	-4.58%	-60.21%	-58.19%	-32.77%

Correlation

The correlation between NVDS and CARD is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.28

Return for Risk

NVDS vs. CARD — Risk / Return Rank

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

NVDS

NVDS Risk / Return Rank: 3
NVDS Sharpe Ratio Rank: 4
NVDS Sortino Ratio Rank: 4
NVDS Omega Ratio Rank: 4
NVDS Calmar Ratio Rank: 3
NVDS Martin Ratio Rank: 1

CARD

CARD Risk / Return Rank: 5
CARD Sharpe Ratio Rank: 5
CARD Sortino Ratio Rank: 6
CARD Omega Ratio Rank: 6
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.

NVDS vs. CARD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 1.25X NVDA Bear Daily ETF (NVDS) 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.

	NVDS	CARD	Difference
Sharpe ratio: Return per unit of total volatility	-0.71	-0.45	-0.27
Sortino ratio: Return per unit of downside risk	-0.86	-0.26	-0.60
Omega ratio: Gain probability vs. loss probability	0.90	0.97	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.78	-0.75	-0.03
Martin ratio: Return relative to average drawdown	-1.51	-1.13	-0.37

NVDS vs. CARD - Sharpe Ratio Comparison

The current NVDS Sharpe Ratio is -0.71, which is lower than the CARD Sharpe Ratio of -0.45. The chart below compares the historical Sharpe Ratios of NVDS 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

NVDS vs. CARD - Drawdown Comparison

The maximum NVDS drawdown since its inception was -99.40%, which is greater than CARD's maximum drawdown of -93.51%. Use the drawdown chart below to compare losses from any high point for NVDS and CARD.

Drawdown Indicators

	NVDS	CARD	Difference
Max Drawdown Largest peak-to-trough decline	-99.40%	-93.51%	-5.89%
Max Drawdown (1Y) Largest decline over 1 year	-48.88%	-42.02%	-6.86%
Max Drawdown (3Y) Largest decline over 3 years	-95.83%	-93.51%	-2.32%
Current Drawdown Current decline from peak	-99.28%	-92.83%	-6.45%
Average Drawdown Average peak-to-trough decline	-83.79%	-69.12%	-14.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.28%	27.71%	-2.43%

Volatility

NVDS vs. CARD - Volatility Comparison

The current volatility for Tradr 1.25X NVDA Bear Daily ETF (NVDS) is 16.55%, while Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a volatility of 22.93%. This indicates that NVDS 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.

Volatility by Period

	NVDS	CARD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.55%	22.93%	-6.38%
Volatility (6M) Calculated over the trailing 6-month period	41.40%	53.32%	-11.92%
Volatility (1Y) Calculated over the trailing 1-year period	53.61%	70.71%	-17.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.71%	80.43%	-11.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.71%	80.43%	-11.72%

NVDS vs. CARD - Expense Ratio Comparison

NVDS has a 1.15% expense ratio, which is higher than CARD's 0.95% expense ratio.

Dividends

NVDS vs. CARD - Dividend Comparison

NVDS's dividend yield for the trailing twelve months is around 18.02%, while CARD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CARD Max Auto Industry -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%
NVDS Tradr 1.25X NVDA Bear Daily ETF	18.02%	14.19%	14.11%	14.69%	5.72%

Frequently Asked Questions

Can I hold both NVDS and CARD in my portfolio?

NVDS and CARD have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDS or CARD?

CARD has higher volatility (22.93%) compared to NVDS (16.55%). In terms of maximum drawdown, NVDS dropped -99.40% vs CARD's -93.51%.

Which ETF is better, NVDS or CARD?

On 3-year performance, CARD leads with -46.63% vs -61.55% for NVDS. On fees, CARD is cheaper at 0.95% per year. On volatility, NVDS has been the lower-risk option at 16.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDS or CARD?

Over the 3-year period, CARD has performed better with a -46.63% return vs -61.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDS or CARD?

CARD is cheaper with a 0.95% expense ratio, compared with 1.15% for NVDS.

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

NVDS has the higher dividend yield at 18.02%, compared with 0.00% for CARD.

What is the main difference between NVDS and CARD?

NVDS tracks NVIDIA Corporation (-125%), while CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%). They also come from different issuers: AXS and Max. Their fees differ too: 1.15% for NVDS and 0.95% for CARD.

Which has better risk-adjusted returns?

CARD currently has the higher Sharpe Ratio (-0.45 vs -0.71), 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.