LABD vs. FNGD
LABD (Direxion Daily S&P Biotech Bear 3x Shares) and FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) are both Leveraged Equities funds - LABD tracks the S&P Biotechnology Select Industry Index (-300%) while FNGD tracks the NYSE FANG+ Index (-300%). Both are passively managed. Over the past 5 years, LABD returned -46.59%/yr vs -63.24%/yr for FNGD. Their 0.52 correlation means they have sometimes moved together and sometimes differently. LABD charges 1.06%/yr vs 0.95%/yr for FNGD.
Performance
LABD vs. FNGD - Performance Comparison
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Returns By Period
In the year-to-date period, LABD achieves a -55.11% return, which is significantly lower than FNGD's -34.80% return.
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%
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%
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 |
LABD vs. FNGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between LABD and FNGD 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 LABD and FNGD 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
LABD vs. FNGD — Risk / Return Rank
LABD
FNGD
LABD vs. FNGD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bear 3x Shares (LABD) and MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD). 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.
| LABD | FNGD | 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 | 0.72 | 0.91 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.68 | -0.28 |
| Martin ratioReturn relative to average drawdown | -1.28 | -1.26 | -0.02 |
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Drawdowns
LABD vs. FNGD - Drawdown Comparison
The maximum LABD drawdown since its inception was -100.00%, roughly equal to the maximum FNGD drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for LABD and FNGD.
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Drawdown Indicators
| LABD | FNGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -89.59% | -65.92% | -23.67% |
Max Drawdown (3Y)Largest decline over 3 years | -97.43% | -97.35% | -0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -99.04% | -99.67% | +0.63% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -91.08% | -87.46% | -3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.04% | 35.26% | +31.78% |
Volatility
LABD vs. FNGD - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 24.34% compared to MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) at 18.15%. This indicates that LABD's price experiences larger fluctuations and is considered to be riskier than FNGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LABD | FNGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.34% | 18.15% | +6.19% |
Volatility (6M)Calculated over the trailing 6-month period | 65.59% | 54.65% | +10.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 80.29% | 66.81% | +13.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.73% | 89.78% | +6.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.74% | 90.95% | +4.79% |
LABD vs. FNGD - Expense Ratio Comparison
LABD has a 1.06% expense ratio, which is higher than FNGD's 0.95% expense ratio.
Dividends
LABD vs. FNGD - Dividend Comparison
LABD's dividend yield for the trailing twelve months is around 7.00%, while FNGD has not paid dividends to shareholders.
| 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
LABD and FNGD 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, LABD dropped -100.00% vs FNGD'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.
LABD tracks S&P Biotechnology Select Industry Index (-300%), while FNGD tracks NYSE FANG+ Index (-300%). They also come from different issuers: Direxion and BMO. Their fees differ too: 1.06% for LABD and 0.95% for FNGD.
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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