SEF vs. CARD

Last updated Jun 3, 2026

SEF (ProShares Short Financials) and CARD (Max Auto Industry -3X Inverse Leveraged ETN) are both Inverse Equities funds - SEF tracks the Dow Jones U.S. Financials Index (-100%) while CARD tracks the Prime Auto Industry Index - Benchmark TR Net (--300%). Both are passively managed. Over the past year, SEF returned 2.29% vs -39.29% for CARD. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

SEF vs. CARD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Financials (SEF) 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, SEF achieves a 7.71% return, which is significantly higher than CARD's -3.66% return.

SEF

• 1D: 0.01%
• 1M: 1.48%
• YTD: 7.71%
• 6M: 3.95%
• 1Y: 2.29%
• 3Y*: -10.66%
• 5Y*: -5.46%
• 10Y*: -11.60%

CARD

• 1D: 3.00%
• 1M: -9.70%
• YTD: -3.66%
• 6M: -8.10%
• 1Y: -39.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEF vs. CARD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SEF ProShares Short Financials	7.71%	-9.82%	-17.81%	-10.72%
CARD Max Auto Industry -3X Inverse Leveraged ETN	-3.66%	-60.21%	-58.19%	-30.38%

Correlation

The correlation between SEF and CARD is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Jun 29, 2023	0.56

The correlation between SEF and CARD has been stable across timeframes, ranging from 0.53 to 0.56 - a consistent structural relationship.

Return for Risk

SEF vs. CARD — Risk / Return Rank

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

SEF

SEF Risk / Return Rank: 11
SEF Sharpe Ratio Rank: 11
SEF Sortino Ratio Rank: 11
SEF Omega Ratio Rank: 10
SEF Calmar Ratio Rank: 11
SEF Martin Ratio Rank: 10

CARD

CARD Risk / Return Rank: 4
CARD Sharpe Ratio Rank: 4
CARD Sortino Ratio Rank: 4
CARD Omega Ratio Rank: 5
CARD Calmar Ratio Rank: 2
CARD Martin Ratio Rank: 3

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.

SEF vs. CARD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) 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.

	SEF	CARD	Difference
Sharpe ratio Return per unit of total volatility	0.16	-0.57	+0.73
Sortino ratio Return per unit of downside risk	0.35	-0.54	+0.89
Omega ratio Gain probability vs. loss probability	1.04	0.94	+0.10
Calmar ratio Return relative to maximum drawdown	0.22	-0.75	+0.97
Martin ratio Return relative to average drawdown	0.41	-1.10	+1.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEF vs. CARD - Sharpe Ratio Comparison

The current SEF Sharpe Ratio is 0.16, which is higher than the CARD Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of SEF 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.

Sharpe Ratios by Period

	SEF	CARD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	-0.57	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.31	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	-0.66	+0.17

Drawdowns

SEF vs. CARD - Drawdown Comparison

The maximum SEF drawdown since its inception was -96.51%, roughly equal to the maximum CARD drawdown of -93.51%. Use the drawdown chart below to compare losses from any high point for SEF and CARD.

Drawdown Indicators

	SEF	CARD	Difference
Max Drawdown Largest peak-to-trough decline	-96.51%	-93.51%	-3.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.72%	-49.57%	+39.85%
Max Drawdown (3Y) Largest decline over 3 years	-39.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-41.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.66%	—	—
Current Drawdown Current decline from peak	-96.13%	-92.76%	-3.37%
Average Drawdown Average peak-to-trough decline	-82.71%	-68.10%	-14.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	33.82%	-28.69%

Volatility

SEF vs. CARD - Volatility Comparison

The current volatility for ProShares Short Financials (SEF) is 2.92%, while Max Auto Industry -3X Inverse Leveraged ETN (CARD) has a volatility of 23.60%. This indicates that SEF 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

	SEF	CARD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	23.60%	-20.68%
Volatility (6M) Calculated over the trailing 6-month period	10.83%	50.31%	-39.48%
Volatility (1Y) Calculated over the trailing 1-year period	14.30%	68.78%	-54.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	80.58%	-62.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.52%	80.58%	-60.06%

SEF vs. CARD - Expense Ratio Comparison

Both SEF and CARD have an expense ratio of 0.95%.

Dividends

SEF vs. CARD - Dividend Comparison

SEF's dividend yield for the trailing twelve months is around 3.38%, 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%
SEF ProShares Short Financials	3.38%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%

Frequently Asked Questions

Can I hold both SEF and CARD in my portfolio?

SEF and CARD have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEF or CARD?

CARD has higher volatility (23.60%) compared to SEF (2.92%). In terms of maximum drawdown, SEF dropped -96.51% vs CARD's -93.51%.

Which ETF is better, SEF or CARD?

On 1-year performance, SEF leads with 2.29% vs -39.29% for CARD. Both ETFs have the same 0.95% expense ratio. On volatility, SEF has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEF or CARD?

Over the 1-year period, SEF has performed better with a 2.29% return vs -39.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEF or CARD?

SEF and CARD have the same expense ratio: 0.95% per year.

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

SEF has the higher dividend yield at 3.38%, compared with 0.00% for CARD.

What is the main difference between SEF and CARD?

SEF tracks Dow Jones U.S. Financials Index (-100%), while CARD tracks Prime Auto Industry Index - Benchmark TR Net (--300%). They also come from different issuers: ProShares and Max.

Which has better risk-adjusted returns?

SEF currently has the higher Sharpe Ratio (0.16 vs -0.57), 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.