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 -43.68%/yr vs -63.34%/yr for FNGD. A 0.53 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 -52.30% return, which is significantly lower than FNGD's -32.18% return.
LABD
- 1D
- -11.43%
- 1M
- -30.12%
- YTD
- -52.30%
- 6M
- -47.57%
- 1Y
- -86.60%
- 3Y*
- -56.54%
- 5Y*
- -43.68%
- 10Y*
- -58.96%
FNGD
- 1D
- 7.85%
- 1M
- -4.69%
- YTD
- -32.18%
- 6M
- -30.47%
- 1Y
- -54.47%
- 3Y*
- -66.30%
- 5Y*
- -63.34%
- 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 | -52.30% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | 31.75% |
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -32.18% | -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 price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2018 | 0.53 |
Over the past year, the correlation between LABD and FNGD has dropped to 0.31 - well below their long-term average of 0.53, 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 | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 0.86 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.83 | -0.17 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.60 | +0.25 |
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Drawdowns
LABD vs. FNGD - Drawdown Comparison
The maximum LABD drawdown since its inception was -99.99%, 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 | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -86.62% | -65.92% | -20.70% |
Max Drawdown (3Y)Largest decline over 3 years | -96.29% | -97.35% | +1.06% |
Max Drawdown (5Y)Largest decline over 5 years | -98.61% | -99.67% | +1.06% |
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 | -90.99% | -87.29% | -3.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 63.77% | 35.32% | +28.45% |
Volatility
LABD vs. FNGD - Volatility Comparison
The current volatility for Direxion Daily S&P Biotech Bear 3x Shares (LABD) is 29.95%, while MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a volatility of 32.28%. This indicates that LABD experiences smaller price fluctuations and is considered to be less risky 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 | 29.95% | 32.28% | -2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 65.24% | 52.78% | +12.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 78.91% | 65.18% | +13.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.66% | 89.62% | +7.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 96.07% | 91.28% | +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 9.48%, 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 | 9.48% | 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.
FNGD has higher volatility (32.28%) compared to LABD (29.95%). In terms of maximum drawdown, LABD dropped -99.99% vs FNGD's -100.00%.
On 5-year performance, LABD leads with -43.68% vs -63.34% for FNGD. On fees, FNGD is cheaper at 0.95% per year. On volatility, LABD has been the lower-risk option at 29.95%. 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 -43.68% return vs -63.34%. 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 9.48%, 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 (-0.84 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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