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 -47.75%/yr vs -62.88%/yr for FNGD. A 0.52 correlation means they provide meaningful diversification when combined. 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 -61.31% return, which is significantly lower than FNGD's -35.56% return.
LABD
- 1D
- 7.19%
- 1M
- -38.51%
- 6M
- -59.02%
- YTD
- -61.31%
- 1Y
- -87.02%
- 3Y*
- -59.73%
- 5Y*
- -47.75%
- 10Y*
- -58.40%
FNGD
- 1D
- 2.44%
- 1M
- -11.47%
- 6M
- -35.07%
- YTD
- -35.56%
- 1Y
- -49.24%
- 3Y*
- -65.19%
- 5Y*
- -62.88%
- 10Y*
- —
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 | -61.31% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | 31.75% |
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -35.56% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -16.61% |
Correlation
The correlation between LABD and FNGD is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year 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 0.28 - 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 | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 0.89 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.75 | -0.22 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.52 | +0.16 |
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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 | -91.03% | -87.38% | -3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 63.83% | 32.60% | +31.23% |
Volatility
LABD vs. FNGD - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) and MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) have volatilities of 24.76% and 25.56%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 24.76% | 25.56% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 65.13% | 53.43% | +11.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 79.49% | 65.22% | +14.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.77% | 89.65% | +7.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.76% | 91.07% | +4.69% |
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 8.12%, 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 | 8.12% | 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 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNGD has higher volatility (25.56%) compared to LABD (24.76%). In terms of maximum drawdown, LABD dropped -100.00% vs FNGD's -100.00%.
On 5-year performance, LABD leads with -47.75% vs -62.88% for FNGD. On fees, FNGD is cheaper at 0.95% per year. On volatility, LABD has been the lower-risk option at 24.76%. 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 -47.75% return vs -62.88%. 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 8.12%, 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 (-0.76 vs -1.10), 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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