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 -62.47%/yr vs -43.25%/yr for LABD. A 0.53 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 -27.13% return, which is significantly higher than LABD's -53.78% return.
FNGD
- 1D
- 7.44%
- 1M
- 2.40%
- YTD
- -27.13%
- 6M
- -23.35%
- 1Y
- -49.41%
- 3Y*
- -65.49%
- 5Y*
- -62.47%
- 10Y*
- —
LABD
- 1D
- -3.10%
- 1M
- -32.29%
- YTD
- -53.78%
- 6M
- -50.39%
- 1Y
- -87.04%
- 3Y*
- -56.99%
- 5Y*
- -43.25%
- 10Y*
- -59.09%
FNGD vs. LABD - 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% |
LABD Direxion Daily S&P Biotech Bear 3x Shares | -53.78% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | 31.75% |
Correlation
The correlation between FNGD and LABD is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
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 | 0.53 |
Over the past year, the correlation between FNGD and LABD has dropped to 0.30 - well below their long-term average of 0.53, 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 | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +1.73 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.70 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -1.00 | +0.25 |
| Martin ratioReturn relative to average drawdown | -1.52 | -1.37 | -0.15 |
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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 -99.99%. 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% | -99.99% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -65.92% | -86.75% | +20.83% |
Max Drawdown (3Y)Largest decline over 3 years | -97.35% | -96.40% | -0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -99.67% | -98.65% | -1.02% |
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 | -87.30% | -90.99% | +3.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.15% | 64.00% | -29.85% |
Volatility
FNGD vs. LABD - Volatility Comparison
MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a higher volatility of 33.07% compared to Direxion Daily S&P Biotech Bear 3x Shares (LABD) at 29.98%. This indicates that FNGD's price experiences larger fluctuations and is considered to be riskier than LABD based on this measure. 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 | 33.07% | 29.98% | +3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 53.22% | 65.23% | -12.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.50% | 78.79% | -13.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.67% | 96.66% | -6.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 91.30% | 95.97% | -4.67% |
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 9.79%.
| 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 | 9.79% | 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 0.30, 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 LABD (29.98%). In terms of maximum drawdown, FNGD dropped -100.00% vs LABD's -99.99%.
On 5-year performance, LABD leads with -43.25% vs -62.47% for FNGD. On fees, FNGD is cheaper at 0.95% per year. On volatility, LABD has been the lower-risk option at 29.98%. 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 -43.25% return vs -62.47%. 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 9.79%, 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 -1.11), 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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