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PNQI vs. FDN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PNQI vs. FDN

Last updated Jun 24, 2026

PNQI (Invesco NASDAQ Internet ETF) and FDN (First Trust Dow Jones Internet Index) are both Large Cap Growth Equities funds - PNQI tracks the NASDAQ Internet Index while FDN tracks the Dow Jones Internet Index. Both are passively managed. Over the past 10 years, PNQI returned 11.59%/yr vs 13.85%/yr for FDN. Their correlation of 0.91 suggests significant overlap in exposure. PNQI charges 0.62%/yr vs 0.52%/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 (FDN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PNQI achieves a -17.01% return, which is significantly lower than FDN's -3.99% return. Over the past 10 years, PNQI has underperformed FDN with an annualized return of 11.59%, while FDN has yielded a comparatively higher 13.85% annualized return.

PNQI

1D
0.05%
1M
-7.06%
YTD
-17.01%
6M
-17.53%
1Y
-10.24%
3Y*
13.16%
5Y*
-2.58%
10Y*
11.59%

FDN

1D
-0.49%
1M
-5.63%
YTD
-3.99%
6M
-4.90%
1Y
0.72%
3Y*
17.44%
5Y*
1.19%
10Y*
13.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PNQI vs. FDN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PNQI
Invesco NASDAQ Internet ETF		-17.01%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		-3.99%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 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.91

Correlation (3Y)
Calculated over the trailing 3-year period

0.93

Correlation (5Y)
Calculated over the trailing 5-year period

0.95

Correlation (10Y)
Calculated over the trailing 10-year period

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 0.91 to 0.95 - a consistent structural relationship.

PNQI vs. FDN - Sectors Allocation Comparison

Sectors
PNQI
FDN

Technology

39.8%
43.1%

Communication Services

30.4%
27.0%

Consumer Cyclical

27.0%
25.5%

Financial Services

2.4%
2.0%

Real Estate

0.4%

-

Industrials

0.1%
1.3%

Healthcare

0.0%
1.2%

Basic Materials

-

-

Consumer Defensive

-

-

Energy

-

-

Utilities

-

-

Technology

PNQI
39.8%
FDN
43.1%

Communication Services

PNQI
30.4%
FDN
27.0%

Consumer Cyclical

PNQI
27.0%
FDN
25.5%

Financial Services

PNQI
2.4%
FDN
2.0%

Real Estate

PNQI
0.4%
FDN

-

Industrials

PNQI
0.1%
FDN
1.3%

Healthcare

PNQI
0.0%
FDN
1.2%

Basic Materials

PNQI

-

FDN

-

Consumer Defensive

PNQI

-

FDN

-

Energy

PNQI

-

FDN

-

Utilities

PNQI

-

FDN

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco NASDAQ Internet ETF

First Trust Dow Jones Internet Index

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Often compared with FDN:
FDN vs. QQQFDN vs. FDNIFDN vs. VGTFDN vs. WEBLFDN vs. SKYYFDN vs. XLKFDN vs. KWEB

Return for Risk

PNQI vs. FDN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PNQI
PNQI Risk / Return Rank: 55
Overall Rank
PNQI Sharpe Ratio Rank: 44
Sharpe Ratio Rank
PNQI Sortino Ratio Rank: 44
Sortino Ratio Rank
PNQI Omega Ratio Rank: 44
Omega Ratio Rank
PNQI Calmar Ratio Rank: 55
Calmar Ratio Rank
PNQI Martin Ratio Rank: 55
Martin Ratio Rank
FDN
FDN Risk / Return Rank: 99
Overall Rank
FDN Sharpe Ratio Rank: 99
Sharpe Ratio Rank
FDN Sortino Ratio Rank: 99
Sortino Ratio Rank
FDN Omega Ratio Rank: 99
Omega Ratio Rank
FDN Calmar Ratio Rank: 99
Calmar Ratio Rank
FDN Martin Ratio Rank: 99
Martin Ratio Rank
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.

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 (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.

PNQIFDNDifference
Sharpe ratioReturn per unit of total volatility
-0.55
0.04

-0.58

Sortino ratioReturn per unit of downside risk
-0.64
0.18

-0.82

Omega ratioGain probability vs. loss probability

0.92

1.02

-0.10

Calmar ratioReturn relative to maximum drawdown

-0.41

0.03

-0.45

Martin ratioReturn relative to average drawdown

-0.90

0.09

-0.99

PNQI vs. FDN - Sharpe Ratio Comparison

The current PNQI Sharpe Ratio is -0.55, which is lower than the FDN Sharpe Ratio of 0.04. 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.

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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.

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Drawdown Indicators

PNQIFDNDifference

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

-59.56%

-53.97%

-5.59%

Max Drawdown (10Y)

Largest decline over 10 years

-59.70%

-53.97%

-5.73%

Current Drawdown

Current decline from peak

-21.57%

-10.81%

-10.76%

Average Drawdown

Average peak-to-trough decline

-12.98%

-11.81%

-1.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.38%

8.54%

+2.84%

Volatility

PNQI vs. FDN - Volatility Comparison

The current volatility for Invesco NASDAQ Internet ETF (PNQI) is 7.02%, while First Trust Dow Jones Internet Index (FDN) has a volatility of 7.48%. This indicates that PNQI experiences smaller price fluctuations and is considered to be less risky than FDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PNQIFDNDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.02%

7.48%

-0.46%

Volatility (6M)

Calculated over the trailing 6-month period

14.90%

15.51%

-0.61%

Volatility (1Y)

Calculated over the trailing 1-year period

18.80%

19.77%

-0.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.90%

27.36%

-0.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.32%

25.63%

-0.31%

PNQI vs. FDN - Expense Ratio Comparison

PNQI has a 0.62% expense ratio, which is higher than FDN's 0.52% expense ratio.

Dividends

PNQI vs. FDN - Dividend Comparison

Neither PNQI nor FDN has paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
FDN
First Trust Dow Jones Internet Index		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

With a correlation of 0.91, PNQI and FDN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

FDN has higher volatility (7.48%) compared to PNQI (7.02%). In terms of maximum drawdown, PNQI dropped -59.70% vs FDN's -61.55%.

On 10-year performance, FDN leads with 13.85% vs 11.59% for PNQI. On fees, FDN is cheaper at 0.52% per year. On volatility, PNQI has been the lower-risk option at 7.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FDN has performed better with a 13.85% return vs 11.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FDN is cheaper with a 0.52% expense ratio, compared with 0.62% for PNQI.

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

PNQI tracks NASDAQ Internet Index, while FDN tracks Dow Jones Internet Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.62% for PNQI and 0.52% for FDN.

FDN currently has the higher Sharpe Ratio (0.04 vs -0.55), 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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