MAX Auto Industry -3X Inverse Leveraged ETNs (CARD) Performance
CARD total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +11.8% since Dec 31, 2025
- 1 year
- −2.7% total return
- 3 years
- −53.9% a year
- Since first price
- −46.0% a year since 2023
CARD trailing returns vs SPY, QQQ, AGG
| Period | CARD total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +11.0% | +11.0% | −1.0% | −5.0% | +0.9% |
| 3 months | +11.0% | +11.0% | +3.2% | +1.9% | −0.4% |
| 6 months | +9.7% | +9.7% | +7.8% | +8.4% | −1.5% |
| YTD | +11.8% | +11.8% | +12.3% | +15.1% | −1.0% |
| 1 year | −2.7% | −2.7% | +14.4% | +15.9% | −1.1% |
| 3 years | −90.2%−53.9%/yr | −90.2% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionJun 28, 2023 | −87.1%−46.0%/yr | −87.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: CARD vs SPY
From Jun 28, 2023: CARD grew to $1,295, SPY to $18,121.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CARD returns by calendar year
0 of 2 full years positive. Best 2024 (−58.2%), worst 2025 (−60.2%). 2026 is year to date.
CARD annual returns table
| Year | CARD | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +11.8% | −43.6% | +12.3% | +15.1% | −1.0% |
| 2025 | −60.2% | −77.1% | +17.7% | +20.8% | +7.2% |
| 2024 | −58.2% | −75.4% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
CARD largest drawdowns
Now 91.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 30, 2023 | −93.7% | Jul 29, 2026 | not yet | 2.7 years | 3.0 years so far |
| Jun 28, 2023 | −34.8% | Jul 19, 2023 | Aug 24, 2023 | 21 days | 57 days |
| Aug 24, 2023 | −29.3% | Sep 14, 2023 | Oct 5, 2023 | 21 days | 42 days |
| Oct 5, 2023 | −11.3% | Oct 10, 2023 | Oct 13, 2023 | 5 days | 8 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
CARD risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | −46.1% | −45.2% |
| Volatility (annualized) | 75.1% | 73.4% |
| Sharpe ratio | -0.53 | -0.53 |
| Sortino ratio | -0.79 | -0.79 |
| Best month | +77.9% | +77.9% |
| Worst month | −38.0% | −38.0% |
| Best 12 months | +9.0% | +9.0% |
| Worst 12 months | −73.5% | −73.5% |
| Positive months | 33% | 36% |
| Beta vs S&P 500 | -3.54 | — |
| Correlation with S&P 500 | -0.59 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
CARD rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 29 | −73.5% | −57.6% | +9.0% | 3% |
| 3-year (a year) | 5 | −55.6% | −49.8% | −46.1% | 0% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
CARD performance overview
MAX Auto Industry -3X Inverse Leveraged ETNs (CARD) returned −2.7% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned −46.0% a year, turning $10,000 into about $1,295. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −93.7%, from Oct 30, 2023 to Jul 29, 2026; the fund has not yet regained that high. Volatility has been 73.4% a year.
Related: CARD chart, CARD holdings. See the CARD overview for the latest quote and fund facts.
CARD performance FAQ
What is the CARD return over the past year?
CARD returned −2.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 2.7%.
How much would $10,000 invested in CARD be worth?
$10,000 invested in CARD at its first recorded close on June 28, 2023 would be worth about $1,295 on October 23, 2026 with distributions reinvested.
What was the worst year for CARD?
The worst calendar year was 2025, with a total return of −60.2%. The best was 2024 at −58.2%.
What is the biggest drawdown of CARD?
The largest peak-to-trough decline was −93.7% between October 30, 2023 and July 29, 2026. It has not yet recovered to that high; it is 91.6% below its peak.
How volatile is CARD?
Over the past 3 years CARD had an annualized volatility of 75.1% and a Sharpe ratio of -0.53 (excess return over 1–3 month T-bills per unit of risk).