FRWD vs. VOX

Last updated Jun 25, 2026

FRWD (Nomura Transformational Technologies ETF) and VOX (Vanguard Communication Services ETF) are both exchange-traded funds - FRWD is a Technology Equities fund actively managed by Nomura, while VOX is a Communications Equities fund tracking the MSCI US Investable Market Communication Services 25/50 Index. FRWD is actively managed, while VOX is passively managed. A 0.52 correlation means they provide meaningful diversification when combined. FRWD charges 0.65%/yr vs 0.09%/yr for VOX.

Performance

FRWD vs. VOX - Performance Comparison

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

Returns By Period

FRWD

• 1D: -0.33%
• 1M: 4.81%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VOX

• 1D: -0.92%
• 1M: -7.36%
• YTD: -6.22%
• 6M: -6.67%
• 1Y: 10.24%
• 3Y*: 21.44%
• 5Y*: 5.76%
• 10Y*: 8.32%

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

FRWD vs. VOX - Yearly Performance Comparison

	2026 (YTD)
FRWD Nomura Transformational Technologies ETF	29.52%
VOX Vanguard Communication Services ETF	-7.02%

Correlation

The correlation between FRWD and VOX is 0.52, 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 13, 2026	0.52

Return for Risk

FRWD vs. VOX — Risk / Return Rank

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

FRWD

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

VOX

VOX Risk / Return Rank: 20
VOX Sharpe Ratio Rank: 20
VOX Sortino Ratio Rank: 20
VOX Omega Ratio Rank: 19
VOX Calmar Ratio Rank: 19
VOX Martin Ratio Rank: 23

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. VOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Transformational Technologies ETF (FRWD) and Vanguard Communication Services ETF (VOX). 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.

	FRWD	VOX	Difference
Sharpe ratio: Return per unit of total volatility	—	0.65	—
Sortino ratio: Return per unit of downside risk	—	1.03	—
Omega ratio: Gain probability vs. loss probability	—	1.12	—
Calmar ratio: Return relative to maximum drawdown	—	0.76	—
Martin ratio: Return relative to average drawdown	—	2.66	—

Drawdowns

FRWD vs. VOX - Drawdown Comparison

The maximum FRWD drawdown since its inception was -18.49%, smaller than the maximum VOX drawdown of -57.18%. Use the drawdown chart below to compare losses from any high point for FRWD and VOX.

Drawdown Indicators

	FRWD	VOX	Difference
Max Drawdown Largest peak-to-trough decline	-18.49%	-57.18%	+38.69%
Max Drawdown (1Y) Largest decline over 1 year	—	-13.56%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-21.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.76%	—
Current Drawdown Current decline from peak	-5.98%	-9.37%	+3.39%
Average Drawdown Average peak-to-trough decline	-5.13%	-11.90%	+6.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.86%	—

Volatility

Volatility by Period

	FRWD	VOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	33.97%	15.80%	+18.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.97%	21.24%	+12.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.97%	20.92%	+13.05%

FRWD vs. VOX - Expense Ratio Comparison

FRWD has a 0.65% expense ratio, which is higher than VOX's 0.09% expense ratio.

Dividends

FRWD vs. VOX - Dividend Comparison

FRWD has not paid dividends to shareholders, while VOX's dividend yield for the trailing twelve months is around 1.05%.

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%
VOX Vanguard Communication Services ETF	1.05%	0.95%	1.05%	1.03%	0.88%	0.93%	0.73%	0.90%	2.77%	3.83%	2.67%	3.55%

Frequently Asked Questions

Can I hold both FRWD and VOX in my portfolio?

FRWD and VOX have a correlation of 0.52, 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 VOX?

On fees, VOX is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRWD or VOX?

VOX is cheaper with a 0.09% expense ratio, compared with 0.65% for FRWD.

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

VOX has the higher dividend yield at 1.05%, compared with 0.00% for FRWD.

What is the main difference between FRWD and VOX?

FRWD is categorized as Technology Equities, while VOX is Communications Equities. They also come from different issuers: Nomura and Vanguard. Their fees differ too: 0.65% for FRWD and 0.09% for VOX.