FDN vs. PNQI

Last updated Aug 4, 2026

FDN (First Trust Dow Jones Internet Index Fund) and PNQI (Invesco NASDAQ Internet ETF) are both Large Cap Growth Equities funds - FDN tracks the Dow Jones Internet Composite Index while PNQI tracks the NASDAQ Internet Index. Both are passively managed. Over the past 10 years, FDN returned 13.65%/yr vs 11.72%/yr for PNQI. Their correlation of 0.91 means they have usually moved in the same direction. FDN charges 0.49%/yr vs 0.62%/yr for PNQI.

Performance

FDN vs. PNQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dow Jones Internet Index Fund (FDN) and Invesco NASDAQ Internet ETF (PNQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDN achieves a 5.08% return, which is significantly higher than PNQI's -7.26% return. Over the past 10 years, FDN has outperformed PNQI with an annualized return of 13.65%, while PNQI has yielded a comparatively lower 11.72% annualized return.

FDN

• 1D: 2.93%
• 1M: 5.92%
• 6M: 7.93%
• YTD: 5.08%
• 1Y: 6.84%
• 3Y*: 19.15%
• 5Y*: 3.08%
• 10Y*: 13.65%
• ALL TIME*: 13.94%

PNQI

• 1D: 2.07%
• 1M: 5.39%
• 6M: -2.80%
• YTD: -7.26%
• 1Y: -2.35%
• 3Y*: 15.72%
• 5Y*: -0.04%
• 10Y*: 11.72%
• ALL TIME*: 13.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDN First Trust Dow Jones Internet Index Fund	$122.99M	$91.40M	$110.17M
PNQI Invesco NASDAQ Internet ETF	$4.57M	$3.44M	$2.68M

FDN vs. PNQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDN First Trust Dow Jones Internet Index Fund	5.08%	10.70%	30.35%	51.48%	-45.54%	6.55%	52.55%	19.25%	6.17%	37.64%
PNQI Invesco NASDAQ Internet ETF	-7.26%	15.56%	29.44%	60.69%	-47.92%	-5.57%	61.36%	28.76%	-5.08%	40.05%

Correlation

The correlation between FDN and PNQI is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Jun 13, 2008	0.91

The correlation between FDN and PNQI has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

FDN vs. PNQI - Sectors Allocation Comparison

Sectors	FDN	PNQI
Technology	45.2%	41.2%
Consumer Cyclical	25.5%	25.1%
Communication Services	25.2%	30.5%
Financial Services	1.9%	2.8%
Healthcare	1.1%	0.0%
Industrials	1.0%	0.0%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	0.3%
Utilities	-	-

Return for Risk

FDN vs. PNQI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FDN

FDN Risk / Return Rank: 17
FDN Sharpe Ratio Rank: 18
FDN Sortino Ratio Rank: 18
FDN Omega Ratio Rank: 18
FDN Calmar Ratio Rank: 16
FDN Martin Ratio Rank: 16

PNQI

PNQI Risk / Return Rank: 9
PNQI Sharpe Ratio Rank: 9
PNQI Sortino Ratio Rank: 9
PNQI Omega Ratio Rank: 9
PNQI Calmar Ratio Rank: 10
PNQI Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FDN vs. PNQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dow Jones Internet Index Fund (FDN) and Invesco NASDAQ Internet ETF (PNQI). 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.

	FDN	PNQI	Difference
Sharpe ratio: Return per unit of total volatility	0.34	-0.12	+0.46
Sortino ratio: Return per unit of downside risk	0.59	-0.03	+0.62
Omega ratio: Gain probability vs. loss probability	1.07	1.00	+0.08
Calmar ratio: Return relative to maximum drawdown	0.32	-0.10	+0.42
Martin ratio: Return relative to average drawdown	0.77	-0.19	+0.96

FDN vs. PNQI - Sharpe Ratio Comparison

The current FDN Sharpe Ratio is 0.34, which is higher than the PNQI Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of FDN and PNQI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FDN vs. PNQI - Drawdown Comparison

The maximum FDN drawdown since its inception was -61.55%, roughly equal to the maximum PNQI drawdown of -59.70%. Use the drawdown chart below to compare losses from any high point for FDN and PNQI.

Drawdown Indicators

	FDN	PNQI	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-59.70%	-1.85%
Max Drawdown (1Y) Largest decline over 1 year	-21.31%	-24.85%	+3.54%
Max Drawdown (3Y) Largest decline over 3 years	-24.98%	-24.85%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	-53.97%	-59.34%	+5.37%
Max Drawdown (10Y) Largest decline over 10 years	-53.97%	-59.70%	+5.73%
Current Drawdown Current decline from peak	-2.38%	-12.35%	+9.97%
Average Drawdown Average peak-to-trough decline	-11.79%	-13.00%	+1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.91%	12.69%	-3.78%

Volatility

FDN vs. PNQI - Volatility Comparison

First Trust Dow Jones Internet Index Fund (FDN) and Invesco NASDAQ Internet ETF (PNQI) have volatilities of 6.44% and 6.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDN	PNQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.44%	6.59%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	16.34%	16.61%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	20.36%	20.07%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.46%	27.07%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.67%	25.39%	+0.28%

FDN vs. PNQI - Expense Ratio Comparison

FDN has a 0.49% expense ratio, which is lower than PNQI's 0.62% expense ratio.

Dividends

FDN vs. PNQI - Dividend Comparison

Neither FDN nor PNQI has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDN First Trust Dow Jones Internet Index Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PNQI Invesco NASDAQ Internet ETF	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%

Frequently Asked Questions

Can I hold both FDN and PNQI in my portfolio?

FDN and PNQI have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDN or PNQI?

PNQI has higher volatility (6.59%) compared to FDN (6.44%). In terms of maximum drawdown, FDN dropped -61.55% vs PNQI's -59.70%.

Which ETF is better, FDN or PNQI?

On 10-year performance, FDN leads with 13.65% vs 11.72% for PNQI. On fees, FDN is cheaper at 0.49% per year. On volatility, FDN has been the lower-risk option at 6.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDN or PNQI?

Over the 10-year period, FDN has performed better with a 13.65% return vs 11.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDN or PNQI?

FDN is cheaper with a 0.49% expense ratio, compared with 0.62% for PNQI.

Which ETF pays a higher dividend yield, FDN or PNQI?

FDN and PNQI have nearly identical dividend yields, around 0.00%.

What is the main difference between FDN and PNQI?

FDN tracks Dow Jones Internet Composite Index, while PNQI tracks NASDAQ Internet Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.49% for FDN and 0.62% for PNQI.

Which has better risk-adjusted returns?

FDN currently has the higher Sharpe Ratio (0.34 vs -0.12), 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.