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 -63.63%/yr vs 19.77%/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 -36.98% return, which is significantly lower than IYW's 21.62% return.
FNGD
- 1D
- 4.78%
- 1M
- -5.44%
- 6M
- -39.84%
- YTD
- -36.98%
- 1Y
- -49.22%
- 3Y*
- -65.04%
- 5Y*
- -63.63%
- 10Y*
- —
IYW
- 1D
- -2.31%
- 1M
- -2.16%
- 6M
- 21.49%
- YTD
- 21.62%
- 1Y
- 37.18%
- 3Y*
- 29.52%
- 5Y*
- 19.77%
- 10Y*
- 24.97%
FNGD vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -36.98% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -16.61% |
IYW iShares U.S. Technology ETF | 21.62% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -7.75% |
Correlation
The correlation between FNGD and IYW is -0.87, 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 | -0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.90 |
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 -0.90 to -0.87 - 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 | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -3.13 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.28 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.10 | -2.85 |
| Martin ratioReturn relative to average drawdown | -1.49 | 6.49 | -7.98 |
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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% | -6.60% | -93.40% |
Average DrawdownAverage peak-to-trough decline | -87.39% | -34.52% | -52.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.13% | 5.74% | +27.39% |
Volatility
FNGD vs. IYW - Volatility Comparison
MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a higher volatility of 19.89% compared to iShares U.S. Technology ETF (IYW) at 8.80%. 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 | 19.89% | 8.80% | +11.09% |
Volatility (6M)Calculated over the trailing 6-month period | 53.82% | 19.41% | +34.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.42% | 23.09% | +42.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.65% | 26.38% | +63.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 91.04% | 25.29% | +65.75% |
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 -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNGD has higher volatility (19.89%) compared to IYW (8.80%). In terms of maximum drawdown, FNGD dropped -100.00% vs IYW's -81.90%.
On 5-year performance, IYW leads with 19.77% vs -63.63% for FNGD. On fees, IYW is cheaper at 0.38% per year. On volatility, IYW has been the lower-risk option at 8.80%. 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 19.77% return vs -63.63%. 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 (1.62 vs -0.75), 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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