TSDD vs. CARD

Last updated Jun 4, 2026

TSDD (GraniteShares 2x Short TSLA Daily ETF) and CARD (Max Auto Industry -3X Inverse Leveraged ETN) are both Inverse Equities funds. TSDD is actively managed, while CARD is passively managed. Over the past year, TSDD returned -62.89% vs -35.78% for CARD. A 0.63 correlation means they provide meaningful diversification when combined. TSDD charges 1.50%/yr vs 0.95%/yr for CARD.

Performance

TSDD vs. CARD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short TSLA Daily ETF (TSDD) 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, TSDD achieves a -4.27% return, which is significantly lower than CARD's -2.60% return.

TSDD

• 1D: 0.14%
• 1M: -17.41%
• YTD: -4.27%
• 6M: -7.92%
• 1Y: -62.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CARD

• 1D: 1.10%
• 1M: -13.67%
• YTD: -2.60%
• 6M: -2.07%
• 1Y: -35.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSDD vs. CARD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSDD GraniteShares 2x Short TSLA Daily ETF	-4.27%	-74.84%	-89.21%	-20.49%
CARD Max Auto Industry -3X Inverse Leveraged ETN	-2.60%	-60.21%	-58.19%	-29.30%

Correlation

The correlation between TSDD and CARD is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.63

The correlation between TSDD and CARD has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

Return for Risk

TSDD vs. CARD — Risk / Return Rank

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

TSDD

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

CARD

CARD Risk / Return Rank: 4
CARD Sharpe Ratio Rank: 4
CARD Sortino Ratio Rank: 5
CARD Omega Ratio Rank: 5
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.

TSDD vs. CARD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short TSLA Daily ETF (TSDD) 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.

	TSDD	CARD	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	-0.52	-0.16
Sortino ratio: Return per unit of downside risk	-0.87	-0.43	-0.44
Omega ratio: Gain probability vs. loss probability	0.90	0.95	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.72	-0.10
Martin ratio: Return relative to average drawdown	-1.05	-1.06	+0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSDD vs. CARD - Sharpe Ratio Comparison

The current TSDD Sharpe Ratio is -0.68, which is lower than the CARD Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of TSDD 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

	TSDD	CARD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	-0.52	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	-0.65	0.00

Drawdowns

TSDD vs. CARD - Drawdown Comparison

The maximum TSDD drawdown since its inception was -99.03%, which is greater than CARD's maximum drawdown of -93.51%. Use the drawdown chart below to compare losses from any high point for TSDD and CARD.

Drawdown Indicators

	TSDD	CARD	Difference
Max Drawdown Largest peak-to-trough decline	-99.03%	-93.51%	-5.52%
Max Drawdown (1Y) Largest decline over 1 year	-76.12%	-49.57%	-26.55%
Current Drawdown Current decline from peak	-98.90%	-92.68%	-6.22%
Average Drawdown Average peak-to-trough decline	-71.21%	-68.13%	-3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.88%	33.93%	+25.95%

Volatility

TSDD vs. CARD - Volatility Comparison

GraniteShares 2x Short TSLA Daily ETF (TSDD) has a higher volatility of 24.19% compared to Max Auto Industry -3X Inverse Leveraged ETN (CARD) at 22.80%. This indicates that TSDD's price experiences larger fluctuations and is considered to be riskier than CARD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSDD	CARD	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.19%	22.80%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	54.90%	50.05%	+4.85%
Volatility (1Y) Calculated over the trailing 1-year period	92.57%	68.70%	+23.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	114.46%	80.53%	+33.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	114.46%	80.53%	+33.93%

TSDD vs. CARD - Expense Ratio Comparison

TSDD has a 1.50% expense ratio, which is higher than CARD's 0.95% expense ratio.

Dividends

TSDD vs. CARD - Dividend Comparison

TSDD's dividend yield for the trailing twelve months is around 8.80%, 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%
TSDD GraniteShares 2x Short TSLA Daily ETF	8.80%	8.42%	0.00%	24.84%

Frequently Asked Questions

Can I hold both TSDD and CARD in my portfolio?

TSDD and CARD have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSDD or CARD?

TSDD has higher volatility (24.19%) compared to CARD (22.80%). In terms of maximum drawdown, TSDD dropped -99.03% vs CARD's -93.51%.

Which ETF is better, TSDD or CARD?

On 1-year performance, CARD leads with -35.78% vs -62.89% for TSDD. On fees, CARD is cheaper at 0.95% per year. On volatility, CARD has been the lower-risk option at 22.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSDD or CARD?

Over the 1-year period, CARD has performed better with a -35.78% return vs -62.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSDD or CARD?

CARD is cheaper with a 0.95% expense ratio, compared with 1.50% for TSDD.

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

TSDD has the higher dividend yield at 8.80%, compared with 0.00% for CARD.

What is the main difference between TSDD and CARD?

They also come from different issuers: GraniteShares and Max. Their fees differ too: 1.50% for TSDD and 0.95% for CARD.

Which has better risk-adjusted returns?

CARD currently has the higher Sharpe Ratio (-0.52 vs -0.68), 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.