FRWD vs. MOON

Last updated Jul 17, 2026

FRWD (Nomura Transformational Technologies ETF) and MOON (Direxion Moonshot Innovators ETF) are both Technology Equities funds. FRWD is actively managed, while MOON is passively managed. Both charge a 0.65% expense ratio.

Performance

FRWD vs. MOON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura Transformational Technologies ETF (FRWD) and Direxion Moonshot Innovators ETF (MOON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FRWD

• 1D: -3.81%
• 1M: -8.81%
• 6M: 22.79%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MOON

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FRWD vs. MOON - Yearly Performance Comparison

	2026 (YTD)
FRWD Nomura Transformational Technologies ETF	21.77%
MOON Direxion Moonshot Innovators ETF	0.00%

Return for Risk

FRWD vs. MOON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Transformational Technologies ETF (FRWD) and Direxion Moonshot Innovators ETF (MOON). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

Drawdown Indicators

	FRWD	MOON	Difference
Max Drawdown Largest peak-to-trough decline	-18.49%	—	—
Current Drawdown Current decline from peak	-11.60%	—	—
Average Drawdown Average peak-to-trough decline	-5.30%	—	—

Volatility

Volatility by Period

	FRWD	MOON	Difference
Volatility (1Y) Calculated over the trailing 1-year period	34.70%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.70%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.70%	—	—

FRWD vs. MOON - Expense Ratio Comparison

Both FRWD and MOON have an expense ratio of 0.65%.

Dividends

FRWD vs. MOON - Dividend Comparison

Neither FRWD nor MOON has paid dividends to shareholders.

Position	TTM	2024	2023	2022	2021
FRWD Nomura Transformational Technologies ETF	0.00%	0.00%	0.00%	0.00%	0.00%
MOON Direxion Moonshot Innovators ETF	0.00%	0.62%	1.41%	0.00%	1.64%

Frequently Asked Questions

Which ETF is better, FRWD or MOON?

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRWD or MOON?

FRWD and MOON have the same expense ratio: 0.65% per year.

Which ETF pays a higher dividend yield, FRWD or MOON?

FRWD and MOON have nearly identical dividend yields, around 0.00%.

What is the main difference between FRWD and MOON?

They also come from different issuers: Nomura and Direxion.