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 (Gross Total Return, -300% Daily) while LABD tracks the S&P Biotechnology Select Industry Index (-300%). Both are passively managed. Over the past 5 years, FNGD returned -63.24%/yr vs -46.59%/yr for LABD. Their 0.52 correlation means they have sometimes moved together and sometimes differently. 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 -34.80% return, which is significantly higher than LABD's -55.11% return.
FNGD
- 1D
- -5.03%
- 1M
- -4.69%
- 6M
- -39.93%
- YTD
- -34.80%
- 1Y
- -48.33%
- 3Y*
- -64.85%
- 5Y*
- -63.24%
- 10Y*
- —
- ALL TIME*
- -69.95%
LABD
- 1D
- 8.48%
- 1M
- 26.56%
- 6M
- -50.76%
- YTD
- -55.11%
- 1Y
- -85.49%
- 3Y*
- -58.18%
- 5Y*
- -46.59%
- 10Y*
- -56.42%
- ALL TIME*
- -55.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.50M | $14.88M | $20.27M | |
| $66.43M | $107.77M | $90.23M |
FNGD vs. LABD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -34.80% | -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 | -55.11% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | 31.75% |
Correlation
The correlation between FNGD and LABD is 0.31, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.31 |
Correlation (3Y) Balances recent behavior with more history. | 0.36 |
Correlation (5Y) Shows whether the relationship held over a longer 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 0.31 - 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 | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +1.77 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.72 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | -0.96 | +0.28 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.28 | +0.02 |
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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 | -87.46% | -91.08% | +3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.26% | 67.04% | -31.78% |
Volatility
FNGD vs. LABD - Volatility Comparison
The current volatility for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) is 18.15%, while Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a volatility of 24.34%. This indicates that FNGD experiences smaller price fluctuations and is considered to be less risky 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 | 18.15% | 24.34% | -6.19% |
Volatility (6M)Calculated over the trailing 6-month period | 54.65% | 65.59% | -10.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.81% | 80.29% | -13.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.78% | 96.73% | -6.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 90.95% | 95.74% | -4.79% |
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 7.00%.
| 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 | 7.00% | 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 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (24.34%) compared to FNGD (18.15%). In terms of maximum drawdown, FNGD dropped -100.00% vs LABD's -100.00%.
On 5-year performance, LABD leads with -46.59% vs -63.24% for FNGD. On fees, FNGD is cheaper at 0.95% per year. On volatility, FNGD has been the lower-risk option at 18.15%. 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 -46.59% return vs -63.24%. 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 7.00%, compared with 0.00% for FNGD.
FNGD tracks NYSE FANG+ Index (Gross Total Return, -300% Daily), 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 (-0.67 vs -1.07), 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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