MAX Auto Industry 3X Leveraged ETNs (CARU) Performance
CARU total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −46.5% since Dec 31, 2025
- 1 year
- −46.1% total return
- 3 years
- +2.3% a year
- Since first price
- −13.3% a year since 2023
CARU trailing returns vs SPY, QQQ, AGG
| Period | CARU total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −13.2% | −13.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −20.4% | −20.4% | +3.2% | +1.9% | −0.4% |
| 6 months | −33.1% | −33.1% | +7.8% | +8.4% | −1.5% |
| YTD | −46.5% | −46.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −46.1% | −46.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +6.9%+2.3%/yr | +6.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionJun 28, 2023 | −37.8%−13.3%/yr | −37.8% | — | — | — |
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: CARU vs SPY
From Jun 28, 2023: CARU grew to $6,222, SPY to $18,121.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
CARU returns by calendar year
2 of 2 full years positive. Best 2024 (+23.4%), worst 2025 (+7.3%). 2026 is year to date.
CARU annual returns table
| Year | CARU | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −46.5% | −53.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +7.3% | −56.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +23.4% | −38.5% | +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.
CARU largest drawdowns
Now 57.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 19, 2023 | −66.4% | Oct 30, 2023 | not yet | 3 months | 3.3 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
CARU risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | −14.3% | −15.0% |
| Volatility (annualized) | 66.7% | 65.8% |
| Sharpe ratio | 0.05 | 0.02 |
| Sortino ratio | 0.07 | 0.03 |
| Best month | +45.7% | +45.7% |
| Worst month | −49.0% | −49.0% |
| Best 12 months | +85.9% | +85.9% |
| Worst 12 months | −52.4% | −52.4% |
| Positive months | 50% | 49% |
| Beta vs S&P 500 | 3.65 | — |
| Correlation with S&P 500 | 0.68 | — |
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.
CARU rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 29 | −52.4% | +7.3% | +85.9% | 55% |
| 3-year (a year) | 5 | −14.3% | −8.2% | +6.5% | 20% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
CARU performance overview
MAX Auto Industry 3X Leveraged ETNs (CARU) returned −46.1% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned −13.3% a year, turning $10,000 into about $6,222. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −66.4%, from Jul 19, 2023 to Oct 30, 2023; the fund has not yet regained that high. Volatility has been 65.8% a year.
Related: CARU chart, CARU holdings. See the CARU overview for the latest quote and fund facts.
CARU performance FAQ
What is the CARU return over the past year?
CARU returned −46.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 46.1%.
How much would $10,000 invested in CARU be worth?
$10,000 invested in CARU at its first recorded close on June 28, 2023 would be worth about $6,222 on October 23, 2026 with distributions reinvested.
What was the worst year for CARU?
The worst calendar year was 2025, with a total return of +7.3%. The best was 2024 at +23.4%.
What is the biggest drawdown of CARU?
The largest peak-to-trough decline was −66.4% between July 19, 2023 and October 30, 2023. It has not yet recovered to that high; it is 57.8% below its peak.
How volatile is CARU?
Over the past 3 years CARU had an annualized volatility of 66.7% and a Sharpe ratio of 0.05 (excess return over 1–3 month T-bills per unit of risk).