FNGD vs. LABD
FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and LABD (Direxion Daily S&P Biotech Bear 3x Shares) are both Leveraged Equities funds - FNGD tracks the NYSE FANG+ Index (-300%) while LABD tracks the S&P Biotechnology Select Industry Index (-300%). Both are passively managed. Over the past 5 years, FNGD returned -62.88%/yr vs -47.75%/yr for LABD. A 0.52 correlation means they provide meaningful diversification when combined. FNGD charges 0.95%/yr vs 1.06%/yr for LABD.
Performance
FNGD vs. LABD - Performance Comparison
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Returns By Period
In the year-to-date period, FNGD achieves a -35.56% return, which is significantly higher than LABD's -61.31% return.
FNGD
- 1D
- 2.44%
- 1M
- -11.47%
- 6M
- -35.07%
- YTD
- -35.56%
- 1Y
- -49.24%
- 3Y*
- -65.19%
- 5Y*
- -62.88%
- 10Y*
- —
LABD
- 1D
- 7.19%
- 1M
- -38.51%
- 6M
- -59.02%
- YTD
- -61.31%
- 1Y
- -87.02%
- 3Y*
- -59.73%
- 5Y*
- -47.75%
- 10Y*
- -58.40%
FNGD vs. LABD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -35.56% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -16.61% |
LABD Direxion Daily S&P Biotech Bear 3x Shares | -61.31% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | 31.75% |
Correlation
The correlation between FNGD and LABD is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2018 | 0.52 |
Over the past year, the correlation between FNGD and LABD has dropped to 0.28 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.
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Return for Risk
FNGD vs. LABD — Risk / Return Rank
FNGD
LABD
FNGD vs. LABD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and Direxion Daily S&P Biotech Bear 3x Shares (LABD). 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 | LABD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +1.72 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.70 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.97 | +0.22 |
| Martin ratioReturn relative to average drawdown | -1.52 | -1.36 | -0.16 |
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Drawdowns
FNGD vs. LABD - Drawdown Comparison
The maximum FNGD drawdown since its inception was -100.00%, roughly equal to the maximum LABD drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for FNGD and LABD.
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Drawdown Indicators
| FNGD | LABD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -65.92% | -89.59% | +23.67% |
Max Drawdown (3Y)Largest decline over 3 years | -97.35% | -97.43% | +0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -99.67% | -99.04% | -0.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.99% | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.99% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -87.38% | -91.03% | +3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.60% | 63.83% | -31.23% |
Volatility
FNGD vs. LABD - Volatility Comparison
MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and Direxion Daily S&P Biotech Bear 3x Shares (LABD) have volatilities of 25.56% and 24.76%, 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.
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Volatility by Period
| FNGD | LABD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.56% | 24.76% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 53.43% | 65.13% | -11.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.22% | 79.49% | -14.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.65% | 96.77% | -7.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 91.07% | 95.76% | -4.69% |
FNGD vs. LABD - Expense Ratio Comparison
FNGD has a 0.95% expense ratio, which is lower than LABD's 1.06% expense ratio.
Dividends
FNGD vs. LABD - Dividend Comparison
FNGD has not paid dividends to shareholders, while LABD's dividend yield for the trailing twelve months is around 8.12%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
LABD Direxion Daily S&P Biotech Bear 3x Shares | 8.12% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% |
Frequently Asked Questions
FNGD and LABD have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNGD has higher volatility (25.56%) compared to LABD (24.76%). In terms of maximum drawdown, FNGD dropped -100.00% vs LABD's -100.00%.
On 5-year performance, LABD leads with -47.75% vs -62.88% for FNGD. On fees, FNGD is cheaper at 0.95% per year. On volatility, LABD has been the lower-risk option at 24.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, LABD has performed better with a -47.75% return vs -62.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNGD is cheaper with a 0.95% expense ratio, compared with 1.06% for LABD.
LABD has the higher dividend yield at 8.12%, compared with 0.00% for FNGD.
FNGD tracks NYSE FANG+ Index (-300%), while LABD tracks S&P Biotechnology Select Industry Index (-300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for FNGD and 1.06% for LABD.
FNGD currently has the higher Sharpe Ratio (-0.76 vs -1.10), 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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