FRWD vs. PSI

Last updated Jun 5, 2026

FRWD (Nomura Transformational Technologies ETF) and PSI (Invesco Semiconductors ETF) are both exchange-traded funds - FRWD is a Technology Equities fund actively managed by Nomura, while PSI is a Semiconductors fund tracking the Dynamic Semiconductors Intellidex Index. FRWD is actively managed, while PSI is passively managed. A 0.74 correlation means they provide meaningful diversification when combined. FRWD charges 0.65%/yr vs 0.56%/yr for PSI.

Performance

FRWD vs. PSI - Performance Comparison

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

Returns By Period

FRWD

• 1D: -1.05%
• 1M: 15.16%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PSI

• 1D: -1.40%
• 1M: 15.64%
• YTD: 104.81%
• 6M: 101.91%
• 1Y: 200.06%
• 3Y*: 57.17%
• 5Y*: 31.49%
• 10Y*: 34.03%

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

FRWD vs. PSI - Yearly Performance Comparison

	2026 (YTD)
FRWD Nomura Transformational Technologies ETF	33.73%
PSI Invesco Semiconductors ETF	80.14%

Correlation

The correlation between FRWD and PSI is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 14, 2026	0.74

Return for Risk

FRWD vs. PSI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PSI

PSI Risk / Return Rank: 96
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 94
PSI Omega Ratio Rank: 94
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FRWD vs. PSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Transformational Technologies ETF (FRWD) and Invesco Semiconductors ETF (PSI). 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.

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

Sharpe Ratios by Period

	FRWD	PSI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	5.34	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.74	0.59	+3.15

Drawdowns

FRWD vs. PSI - Drawdown Comparison

The maximum FRWD drawdown since its inception was -18.49%, smaller than the maximum PSI drawdown of -62.96%. Use the drawdown chart below to compare losses from any high point for FRWD and PSI.

Drawdown Indicators

	FRWD	PSI	Difference
Max Drawdown Largest peak-to-trough decline	-18.49%	-62.96%	+44.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-15.48%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-41.07%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-44.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.85%	—
Current Drawdown Current decline from peak	-1.60%	-1.40%	-0.20%
Average Drawdown Average peak-to-trough decline	-5.24%	-15.93%	+10.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.26%	—

Volatility

Volatility by Period

	FRWD	PSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.12%	—
Volatility (1Y) Calculated over the trailing 1-year period	29.89%	37.72%	-7.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.89%	37.84%	-7.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.89%	35.09%	-5.20%

FRWD vs. PSI - Expense Ratio Comparison

FRWD has a 0.65% expense ratio, which is higher than PSI's 0.56% expense ratio.

Dividends

FRWD vs. PSI - Dividend Comparison

FRWD has not paid dividends to shareholders, while PSI's dividend yield for the trailing twelve months is around 0.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRWD Nomura Transformational Technologies ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSI Invesco Semiconductors ETF	0.05%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%

Frequently Asked Questions

Can I hold both FRWD and PSI in my portfolio?

FRWD and PSI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FRWD or PSI?

On fees, PSI is cheaper at 0.56% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRWD or PSI?

PSI is cheaper with a 0.56% expense ratio, compared with 0.65% for FRWD.

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

PSI has the higher dividend yield at 0.05%, compared with 0.00% for FRWD.

What is the main difference between FRWD and PSI?

FRWD is categorized as Technology Equities, while PSI is Semiconductors. They also come from different issuers: Nomura and Invesco. Their fees differ too: 0.65% for FRWD and 0.56% for PSI.