SDD vs. CARD
SDD (ProShares UltraShort SmallCap600) and CARD (Max Auto Industry -3X Inverse Leveraged ETN) are both Inverse Equities funds - SDD tracks the S&P Small Cap 600 (-200%) while CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%). Both are passively managed. Over the past year, SDD returned -41.53% vs -37.79% for CARD. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SDD vs. CARD - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -23.94% return, which is significantly lower than CARD's 2.62% return.
SDD
- 1D
- 3.63%
- 1M
- 2.05%
- YTD
- -23.94%
- 6M
- -22.77%
- 1Y
- -41.53%
- 3Y*
- -23.30%
- 5Y*
- -14.95%
- 10Y*
- -26.75%
CARD
- 1D
- 6.19%
- 1M
- -1.41%
- YTD
- 2.62%
- 6M
- 6.48%
- 1Y
- -37.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SDD vs. CARD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -23.94% | -14.69% | -13.60% | -19.12% |
CARD Max Auto Industry -3X Inverse Leveraged ETN | 2.62% | -60.21% | -58.19% | -30.38% |
Correlation
The correlation between SDD and CARD is 0.72, 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 | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023 | 0.74 |
The correlation between SDD and CARD has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.
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Return for Risk
SDD vs. CARD — Risk / Return Rank
SDD
CARD
SDD vs. CARD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) 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.
| SDD | CARD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.95 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.76 | -0.19 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.11 | -0.45 |
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
| SDD | CARD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | -0.55 | -0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.64 | +0.06 |
Drawdowns
SDD vs. CARD - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, which is greater than CARD's maximum drawdown of -93.51%. Use the drawdown chart below to compare losses from any high point for SDD and CARD.
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Drawdown Indicators
| SDD | CARD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -93.51% | -6.42% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -49.57% | +5.83% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | — | — |
Current DrawdownCurrent decline from peak | -99.93% | -92.29% | -7.64% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -68.20% | -18.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 34.14% | -7.46% |
Volatility
SDD vs. CARD - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 9.35%, while Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a volatility of 22.85%. This indicates that SDD 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
| SDD | CARD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 22.85% | -13.50% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 49.91% | -25.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 68.83% | -32.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 80.51% | -37.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 80.51% | -35.35% |
SDD vs. CARD - Expense Ratio Comparison
Both SDD and CARD have an expense ratio of 0.95%.
Dividends
SDD vs. CARD - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.11%, 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% |
SDD ProShares UltraShort SmallCap600 | 6.11% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% |
Frequently Asked Questions
SDD and CARD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARD has higher volatility (22.85%) compared to SDD (9.35%). In terms of maximum drawdown, SDD dropped -99.93% vs CARD's -93.51%.
On 1-year performance, CARD leads with -37.79% vs -41.53% for SDD. Both ETFs have the same 0.95% expense ratio. On volatility, SDD has been the lower-risk option at 9.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CARD has performed better with a -37.79% return vs -41.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDD and CARD have the same expense ratio: 0.95% per year.
SDD has the higher dividend yield at 6.11%, compared with 0.00% for CARD.
SDD tracks S&P Small Cap 600 (-200%), 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 -1.15), 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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