SBB vs. CARD
SBB (ProShares Short SmallCap600) and CARD (Max Auto Industry -3X Inverse Leveraged ETN) are both Inverse Equities funds - SBB tracks the S&P SmallCap 600 Index (-100%) while CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%). Both are passively managed. Over the past year, SBB returned -22.27% vs -37.29% for CARD. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SBB vs. CARD - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -13.39% return, which is significantly lower than CARD's -3.37% return.
SBB
- 1D
- -1.22%
- 1M
- -1.20%
- YTD
- -13.39%
- 6M
- -12.19%
- 1Y
- -22.27%
- 3Y*
- -10.56%
- 5Y*
- -4.83%
- 10Y*
- -11.72%
CARD
- 1D
- -0.79%
- 1M
- -13.02%
- YTD
- -3.37%
- 6M
- -0.02%
- 1Y
- -37.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SBB vs. CARD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -13.39% | -3.56% | -3.73% | -8.32% |
CARD Max Auto Industry -3X Inverse Leveraged ETN | -3.37% | -60.21% | -58.19% | -30.38% |
Correlation
The correlation between SBB and CARD is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | 0.74 |
The correlation between SBB and CARD has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.
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Return for Risk
SBB vs. CARD — Risk / Return Rank
SBB
CARD
SBB vs. CARD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) 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.
| SBB | CARD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.95 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.75 | -0.23 |
| Martin ratioReturn relative to average drawdown | -1.69 | -1.10 | -0.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SBB | CARD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | -0.55 | -0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.66 | +0.15 |
Drawdowns
SBB vs. CARD - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, roughly equal to the maximum CARD drawdown of -93.51%. Use the drawdown chart below to compare losses from any high point for SBB and CARD.
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Drawdown Indicators
| SBB | CARD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -93.51% | -2.24% |
Max Drawdown (1Y)Largest decline over 1 year | -22.68% | -49.57% | +26.89% |
Max Drawdown (3Y)Largest decline over 3 years | -35.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -35.17% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -72.83% | — | — |
Current DrawdownCurrent decline from peak | -95.75% | -92.74% | -3.01% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -68.17% | -6.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.19% | 34.04% | -20.85% |
Volatility
SBB vs. CARD - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.55%, while Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a volatility of 22.78%. This indicates that SBB 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
| SBB | CARD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 22.78% | -18.23% |
Volatility (6M)Calculated over the trailing 6-month period | 12.02% | 49.82% | -37.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.82% | 68.57% | -50.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 80.47% | -58.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 80.47% | -57.21% |
SBB vs. CARD - Expense Ratio Comparison
Both SBB and CARD have an expense ratio of 0.95%.
Dividends
SBB vs. CARD - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.63%, 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% |
SBB ProShares Short SmallCap600 | 3.63% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% |
Frequently Asked Questions
SBB and CARD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (22.78%) compared to SBB (4.55%). In terms of maximum drawdown, SBB dropped -95.75% vs CARD's -93.51%.
On 1-year performance, SBB leads with -22.27% vs -37.29% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, SBB has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SBB has performed better with a -22.27% return vs -37.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SBB and CARD have the same expense ratio: 0.95% per year.
SBB has the higher dividend yield at 3.63%, compared with 0.00% for CARD.
SBB tracks S&P SmallCap 600 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 (-0.55 vs -1.25), 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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