ARKK vs. MOON

Last updated Jun 20, 2026

ARKK (ARK Innovation ETF) and MOON (Direxion Moonshot Innovators ETF) are both Technology Equities funds. ARKK is actively managed, while MOON is passively managed. At a 0.46 correlation, their price movements are largely independent. ARKK charges 0.75%/yr vs 0.65%/yr for MOON.

Performance

ARKK vs. MOON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARK Innovation ETF (ARKK) and Direxion Moonshot Innovators ETF (MOON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ARKK

• 1D: 2.17%
• 1M: 5.74%
• YTD: 4.25%
• 6M: -0.14%
• 1Y: 20.10%
• 3Y*: 22.20%
• 5Y*: -7.32%
• 10Y*: 15.99%

MOON

• 1D: -5.49%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ARKK vs. MOON - Yearly Performance Comparison

	2026 (YTD)
ARKK ARK Innovation ETF	7.65%
MOON Direxion Moonshot Innovators ETF	-15.19%

Correlation

The correlation between ARKK and MOON is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 8, 2026	0.46

ARKK vs. MOON - Sectors Allocation Comparison

Sectors	ARKK	MOON
Healthcare	28.1%	23.5%
Technology	25.9%	42.4%
Financial Services	16.2%	4.2%
Consumer Cyclical	14.1%	11.9%
Communication Services	10.0%	9.3%
Industrials	5.7%	7.5%
Basic Materials	-	1.2%
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

ARKK vs. MOON — Risk / Return Rank

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

ARKK

ARKK Risk / Return Rank: 17
ARKK Sharpe Ratio Rank: 17
ARKK Sortino Ratio Rank: 19
ARKK Omega Ratio Rank: 17
ARKK Calmar Ratio Rank: 16
ARKK Martin Ratio Rank: 15

MOON

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ARKK vs. MOON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARK Innovation ETF (ARKK) and Direxion Moonshot Innovators ETF (MOON). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ARKK	MOON	Difference
Sharpe ratio: Return per unit of total volatility	0.56	—	—
Sortino ratio: Return per unit of downside risk	0.99	—	—
Omega ratio: Gain probability vs. loss probability	1.12	—	—
Calmar ratio: Return relative to maximum drawdown	0.64	—	—
Martin ratio: Return relative to average drawdown	1.39	—	—

Drawdowns

ARKK vs. MOON - Drawdown Comparison

The maximum ARKK drawdown since its inception was -80.97%, which is greater than MOON's maximum drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for ARKK and MOON.

Drawdown Indicators

	ARKK	MOON	Difference
Max Drawdown Largest peak-to-trough decline	-80.97%	-15.19%	-65.78%
Max Drawdown (1Y) Largest decline over 1 year	-31.35%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-39.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-77.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.97%	—	—
Current Drawdown Current decline from peak	-48.07%	-15.19%	-32.88%
Average Drawdown Average peak-to-trough decline	-30.18%	-10.52%	-19.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.50%	—	—

Volatility

Volatility by Period

	ARKK	MOON	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	26.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	36.35%	13.68%	+22.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.44%	13.68%	+32.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.38%	13.68%	+26.70%

ARKK vs. MOON - Expense Ratio Comparison

ARKK has a 0.75% expense ratio, which is higher than MOON's 0.65% expense ratio.

Dividends

ARKK vs. MOON - Dividend Comparison

Neither ARKK nor MOON has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARKK ARK Innovation ETF	0.00%	0.00%	0.00%	0.70%	0.00%	0.55%	1.64%	0.38%	3.14%	1.32%	0.00%	2.27%
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARKK and MOON in my portfolio?

ARKK and MOON have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ARKK or MOON?

On fees, MOON is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ARKK or MOON?

MOON is cheaper with a 0.65% expense ratio, compared with 0.75% for ARKK.

Which ETF pays a higher dividend yield, ARKK or MOON?

ARKK and MOON have nearly identical dividend yields, around 0.00%.

What is the main difference between ARKK and MOON?

They also come from different issuers: ARK and Direxion. Their fees differ too: 0.75% for ARKK and 0.65% for MOON.