FNGD vs. IYW
FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - FNGD is a Leveraged Equities fund tracking the NYSE FANG+ Index (-300%), while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 5 years, FNGD returned -62.47%/yr vs 20.32%/yr for IYW. At a correlation of -0.89, they often move in opposite directions. FNGD charges 0.95%/yr vs 0.38%/yr for IYW.
Performance
FNGD vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, FNGD achieves a -27.13% return, which is significantly lower than IYW's 21.96% return.
FNGD
- 1D
- 7.44%
- 1M
- 2.40%
- YTD
- -27.13%
- 6M
- -23.35%
- 1Y
- -49.41%
- 3Y*
- -65.49%
- 5Y*
- -62.47%
- 10Y*
- —
IYW
- 1D
- -3.91%
- 1M
- 0.69%
- YTD
- 21.96%
- 6M
- 20.43%
- 1Y
- 47.04%
- 3Y*
- 32.10%
- 5Y*
- 20.32%
- 10Y*
- 25.94%
FNGD vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -27.13% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -16.61% |
IYW iShares U.S. Technology ETF | 21.96% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -7.75% |
Correlation
The correlation between FNGD and IYW is -0.89, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2018 | -0.89 |
The correlation between FNGD and IYW has been stable across timeframes, ranging from -0.91 to -0.89 - a consistent structural relationship.
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Return for Risk
FNGD vs. IYW — Risk / Return Rank
FNGD
IYW
FNGD vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and iShares U.S. Technology ETF (IYW). 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.
| FNGD | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.87 | ||
| Sortino ratioReturn per unit of downside risk | -3.68 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.36 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.65 | -3.41 |
| Martin ratioReturn relative to average drawdown | -1.52 | 8.46 | -9.98 |
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Drawdowns
FNGD vs. IYW - Drawdown Comparison
The maximum FNGD drawdown since its inception was -100.00%, which is greater than IYW's maximum drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for FNGD and IYW.
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Drawdown Indicators
| FNGD | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -81.90% | -18.10% |
Max Drawdown (1Y)Largest decline over 1 year | -65.92% | -17.81% | -48.11% |
Max Drawdown (3Y)Largest decline over 3 years | -97.35% | -26.47% | -70.88% |
Max Drawdown (5Y)Largest decline over 5 years | -99.67% | -39.44% | -60.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.44% | — |
Current DrawdownCurrent decline from peak | -100.00% | -6.35% | -93.65% |
Average DrawdownAverage peak-to-trough decline | -87.30% | -34.59% | -52.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.15% | 5.57% | +28.58% |
Volatility
FNGD vs. IYW - Volatility Comparison
MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a higher volatility of 33.07% compared to iShares U.S. Technology ETF (IYW) at 11.15%. This indicates that FNGD's price experiences larger fluctuations and is considered to be riskier than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNGD | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.07% | 11.15% | +21.92% |
Volatility (6M)Calculated over the trailing 6-month period | 53.22% | 18.45% | +34.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.50% | 22.34% | +43.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.67% | 26.24% | +63.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 91.30% | 25.26% | +66.04% |
FNGD vs. IYW - Expense Ratio Comparison
FNGD has a 0.95% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
FNGD vs. IYW - Dividend Comparison
FNGD has not paid dividends to shareholders, while IYW's dividend yield for the trailing twelve months is around 0.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
Frequently Asked Questions
FNGD and IYW 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.
FNGD has higher volatility (33.07%) compared to IYW (11.15%). In terms of maximum drawdown, FNGD dropped -100.00% vs IYW's -81.90%.
On 5-year performance, IYW leads with 20.32% vs -62.47% for FNGD. On fees, IYW is cheaper at 0.38% per year. On volatility, IYW has been the lower-risk option at 11.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IYW has performed better with a 20.32% return vs -62.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 0.95% for FNGD.
IYW has the higher dividend yield at 0.11%, compared with 0.00% for FNGD.
FNGD is categorized as Leveraged Equities, while IYW is Technology Equities. FNGD tracks NYSE FANG+ Index (-300%), while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.95% for FNGD and 0.38% for IYW.
IYW currently has the higher Sharpe Ratio (2.12 vs -0.76), 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.
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