PNQI vs. FDN

Last updated Aug 2, 2026

PNQI (Invesco NASDAQ Internet ETF) and FDN (First Trust Dow Jones Internet Index Fund) are both Large Cap Growth Equities funds - PNQI tracks the NASDAQ Internet Index while FDN tracks the Dow Jones Internet Composite Index. Both are passively managed. Over the past 10 years, PNQI returned 11.74%/yr vs 13.59%/yr for FDN. Their correlation of 0.91 means they have usually moved in the same direction. PNQI charges 0.62%/yr vs 0.49%/yr for FDN.

Performance

PNQI vs. FDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ Internet ETF (PNQI) and First Trust Dow Jones Internet Index Fund (FDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNQI achieves a -9.13% return, which is significantly lower than FDN's 2.08% return. Over the past 10 years, PNQI has underperformed FDN with an annualized return of 11.74%, while FDN has yielded a comparatively higher 13.59% annualized return.

PNQI

• 1D: 0.70%
• 1M: 3.25%
• 6M: -4.48%
• YTD: -9.13%
• 1Y: -4.33%
• 3Y*: 13.67%
• 5Y*: -0.37%
• 10Y*: 11.74%
• ALL TIME*: 13.59%

FDN

• 1D: 2.59%
• 1M: 2.90%
• 6M: 5.43%
• YTD: 2.08%
• 1Y: 3.80%
• 3Y*: 16.68%
• 5Y*: 2.58%
• 10Y*: 13.59%
• ALL TIME*: 13.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDN First Trust Dow Jones Internet Index Fund	$116.36M	$88.95M	$109.31M
PNQI Invesco NASDAQ Internet ETF	$4.40M	$3.35M	$2.63M

PNQI vs. FDN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNQI Invesco NASDAQ Internet ETF	-9.13%	15.56%	29.44%	60.69%	-47.92%	-5.57%	61.36%	28.76%	-5.08%	40.05%
FDN First Trust Dow Jones Internet Index Fund	2.08%	10.70%	30.35%	51.48%	-45.54%	6.55%	52.55%	19.25%	6.17%	37.64%

Correlation

The correlation between PNQI and FDN is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Jun 13, 2008	0.91

The correlation between PNQI and FDN has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

PNQI vs. FDN - Sectors Allocation Comparison

Sectors	PNQI	FDN
Technology	41.2%	45.2%
Communication Services	30.5%	25.2%
Consumer Cyclical	25.1%	25.5%
Financial Services	2.8%	1.9%
Real Estate	0.3%	-
Healthcare	0.0%	1.1%
Industrials	0.0%	1.0%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Utilities	-	-

Return for Risk

PNQI vs. FDN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PNQI

PNQI Risk / Return Rank: 7
PNQI Sharpe Ratio Rank: 6
PNQI Sortino Ratio Rank: 6
PNQI Omega Ratio Rank: 6
PNQI Calmar Ratio Rank: 7
PNQI Martin Ratio Rank: 7

FDN

FDN Risk / Return Rank: 11
FDN Sharpe Ratio Rank: 11
FDN Sortino Ratio Rank: 11
FDN Omega Ratio Rank: 11
FDN Calmar Ratio Rank: 11
FDN Martin Ratio Rank: 11

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PNQI vs. FDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Internet ETF (PNQI) and First Trust Dow Jones Internet Index Fund (FDN). 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.

	PNQI	FDN	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	0.02	-0.37
Sortino ratio: Return per unit of downside risk	-0.35	0.16	-0.51
Omega ratio: Gain probability vs. loss probability	0.96	1.02	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.28	0.02	-0.30
Martin ratio: Return relative to average drawdown	-0.55	0.04	-0.59

PNQI vs. FDN - Sharpe Ratio Comparison

The current PNQI Sharpe Ratio is -0.35, which is lower than the FDN Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of PNQI and FDN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PNQI vs. FDN - Drawdown Comparison

The maximum PNQI drawdown since its inception was -59.70%, roughly equal to the maximum FDN drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for PNQI and FDN.

Drawdown Indicators

	PNQI	FDN	Difference
Max Drawdown Largest peak-to-trough decline	-59.70%	-61.55%	+1.85%
Max Drawdown (1Y) Largest decline over 1 year	-24.85%	-21.31%	-3.54%
Max Drawdown (3Y) Largest decline over 3 years	-24.85%	-24.98%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	-59.34%	-53.97%	-5.37%
Max Drawdown (10Y) Largest decline over 10 years	-59.70%	-53.97%	-5.73%
Current Drawdown Current decline from peak	-14.12%	-5.17%	-8.95%
Average Drawdown Average peak-to-trough decline	-13.00%	-11.79%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.67%	8.91%	+3.76%

Volatility

PNQI vs. FDN - Volatility Comparison

Invesco NASDAQ Internet ETF (PNQI) has a higher volatility of 6.38% compared to First Trust Dow Jones Internet Index Fund (FDN) at 5.93%. This indicates that PNQI's price experiences larger fluctuations and is considered to be riskier than FDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNQI	FDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.38%	5.93%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	16.57%	16.19%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	20.14%	20.42%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.04%	27.42%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.37%	25.65%	-0.28%

PNQI vs. FDN - Expense Ratio Comparison

PNQI has a 0.62% expense ratio, which is higher than FDN's 0.49% expense ratio.

Dividends

PNQI vs. FDN - Dividend Comparison

Neither PNQI nor FDN has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDN First Trust Dow Jones Internet Index Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PNQI Invesco NASDAQ Internet ETF	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%

Frequently Asked Questions

Can I hold both PNQI and FDN in my portfolio?

PNQI and FDN have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNQI or FDN?

PNQI has higher volatility (6.38%) compared to FDN (5.93%). In terms of maximum drawdown, PNQI dropped -59.70% vs FDN's -61.55%.

Which ETF is better, PNQI or FDN?

On 10-year performance, FDN leads with 13.59% vs 11.74% for PNQI. On fees, FDN is cheaper at 0.49% per year. On volatility, FDN has been the lower-risk option at 5.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PNQI or FDN?

Over the 10-year period, FDN has performed better with a 13.59% return vs 11.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PNQI or FDN?

FDN is cheaper with a 0.49% expense ratio, compared with 0.62% for PNQI.

Which ETF pays a higher dividend yield, PNQI or FDN?

PNQI and FDN have nearly identical dividend yields, around 0.00%.

What is the main difference between PNQI and FDN?

PNQI tracks NASDAQ Internet Index, while FDN tracks Dow Jones Internet Composite Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.62% for PNQI and 0.49% for FDN.

Which has better risk-adjusted returns?

FDN currently has the higher Sharpe Ratio (0.02 vs -0.35), 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.