MOON vs. FEPI

Last updated Jun 4, 2026

MOON (Direxion Moonshot Innovators ETF) and FEPI (REX FANG & Innovation Equity Premium Income ETF) are both Technology Equities funds. MOON is passively managed, while FEPI is actively managed. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

MOON vs. FEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Moonshot Innovators ETF (MOON) and REX FANG & Innovation Equity Premium Income ETF (FEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MOON

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FEPI

• 1D: -0.75%
• 1M: 5.91%
• YTD: 10.42%
• 6M: 11.37%
• 1Y: 33.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MOON vs. FEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	-8.56%	12.74%
FEPI REX FANG & Innovation Equity Premium Income ETF	10.42%	18.33%	15.69%	11.70%

Correlation

The correlation between MOON and FEPI is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 12, 2023	0.18

MOON vs. FEPI - Sectors Allocation Comparison

Sectors	MOON	FEPI
Technology	42.4%	62.1%
Healthcare	23.5%	-
Consumer Cyclical	11.9%	13.0%
Communication Services	9.3%	24.9%
Industrials	7.5%	-
Financial Services	4.2%	-
Basic Materials	1.2%	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MOON vs. FEPI — Risk / Return Rank

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

FEPI

FEPI Risk / Return Rank: 54
FEPI Sharpe Ratio Rank: 58
FEPI Sortino Ratio Rank: 54
FEPI Omega Ratio Rank: 58
FEPI Calmar Ratio Rank: 51
FEPI Martin Ratio Rank: 51

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.

MOON vs. FEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Moonshot Innovators ETF (MOON) and REX FANG & Innovation Equity Premium Income ETF (FEPI). 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

	MOON	FEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.16	—

Drawdowns

Drawdown Indicators

	MOON	FEPI	Difference
Max Drawdown Largest peak-to-trough decline	—	-23.56%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-12.91%	—
Current Drawdown Current decline from peak	—	-1.45%	—
Average Drawdown Average peak-to-trough decline	—	-3.51%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.84%	—

Volatility

Volatility by Period

	MOON	FEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	16.54%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	19.02%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	19.02%	—

MOON vs. FEPI - Expense Ratio Comparison

Both MOON and FEPI have an expense ratio of 0.65%.

Dividends

MOON vs. FEPI - Dividend Comparison

MOON has not paid dividends to shareholders, while FEPI's dividend yield for the trailing twelve months is around 23.92%.

Position	TTM	2025	2024	2023	2022	2021
FEPI REX FANG & Innovation Equity Premium Income ETF	23.92%	25.48%	27.18%	4.21%	0.00%	0.00%
MOON Direxion Moonshot Innovators ETF	0.00%	0.00%	0.62%	1.41%	0.00%	1.64%

Frequently Asked Questions

Can I hold both MOON and FEPI in my portfolio?

MOON and FEPI have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MOON or FEPI?

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MOON or FEPI?

MOON and FEPI have the same expense ratio: 0.65% per year.

Which ETF pays a higher dividend yield, MOON or FEPI?

FEPI has the higher dividend yield at 23.92%, compared with 0.00% for MOON.

What is the main difference between MOON and FEPI?

They also come from different issuers: Direxion and REX.