PNQI vs. ILCB

Last updated Jun 4, 2026

PNQI (Invesco NASDAQ Internet ETF) and ILCB (iShares Morningstar U.S. Equity ETF) are both Large Cap Growth Equities funds - PNQI tracks the NASDAQ Internet Index while ILCB tracks the Morningstar US Large-Mid Cap Index. Both are passively managed. Over the past 10 years, PNQI returned 11.84%/yr vs 15.00%/yr for ILCB. A 0.71 correlation means they provide meaningful diversification when combined. PNQI charges 0.62%/yr vs 0.03%/yr for ILCB.

Performance

PNQI vs. ILCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ Internet ETF (PNQI) and iShares Morningstar U.S. Equity ETF (ILCB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNQI achieves a -11.20% return, which is significantly lower than ILCB's 11.12% return. Over the past 10 years, PNQI has underperformed ILCB with an annualized return of 11.84%, while ILCB has yielded a comparatively higher 15.00% annualized return.

PNQI

• 1D: -1.82%
• 1M: -2.33%
• YTD: -11.20%
• 6M: -11.73%
• 1Y: -2.63%
• 3Y*: 16.60%
• 5Y*: 0.11%
• 10Y*: 11.84%

ILCB

• 1D: -0.67%
• 1M: 5.29%
• YTD: 11.12%
• 6M: 11.10%
• 1Y: 28.03%
• 3Y*: 22.69%
• 5Y*: 13.45%
• 10Y*: 15.00%

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

PNQI vs. ILCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNQI Invesco NASDAQ Internet ETF	-11.20%	15.56%	29.44%	60.69%	-47.92%	-5.57%	61.36%	28.76%	-5.08%	40.05%
ILCB iShares Morningstar U.S. Equity ETF	11.12%	17.70%	24.96%	26.91%	-19.48%	24.07%	19.40%	32.68%	-8.51%	22.09%

Correlation

The correlation between PNQI and ILCB is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 16, 2008	0.71

The correlation between PNQI and ILCB shifts across timeframes, from 0.71 (all time) to 0.84 (5 years), reflecting how their relationship changes across market environments.

PNQI vs. ILCB - Sectors Allocation Comparison

Sectors	PNQI	ILCB
Technology	38.5%	35.5%
Communication Services	30.8%	11.4%
Consumer Cyclical	27.7%	10.1%
Financial Services	2.6%	11.7%
Real Estate	0.4%	1.8%
Industrials	0.1%	8.6%
Healthcare	0.0%	8.6%
Basic Materials	-	1.8%
Consumer Defensive	-	4.8%
Energy	-	3.5%
Utilities	-	2.3%

Return for Risk

PNQI vs. ILCB — Risk / Return Rank

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

PNQI

PNQI Risk / Return Rank: 7
PNQI Sharpe Ratio Rank: 7
PNQI Sortino Ratio Rank: 7
PNQI Omega Ratio Rank: 7
PNQI Calmar Ratio Rank: 8
PNQI Martin Ratio Rank: 8

ILCB

ILCB Risk / Return Rank: 69
ILCB Sharpe Ratio Rank: 70
ILCB Sortino Ratio Rank: 69
ILCB Omega Ratio Rank: 70
ILCB Calmar Ratio Rank: 62
ILCB Martin Ratio Rank: 75

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. ILCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Internet ETF (PNQI) and iShares Morningstar U.S. Equity ETF (ILCB). 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.

	PNQI	ILCB	Difference
Sharpe ratio: Return per unit of total volatility	-0.15	2.35	-2.49
Sortino ratio: Return per unit of downside risk	-0.08	3.20	-3.28
Omega ratio: Gain probability vs. loss probability	0.99	1.42	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.11	3.10	-3.20
Martin ratio: Return relative to average drawdown	-0.25	14.24	-14.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PNQI vs. ILCB - Sharpe Ratio Comparison

The current PNQI Sharpe Ratio is -0.15, which is lower than the ILCB Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of PNQI and ILCB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PNQI	ILCB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.15	2.35	-2.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.79	-0.79
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.83	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.64	-0.12

Drawdowns

PNQI vs. ILCB - Drawdown Comparison

The maximum PNQI drawdown since its inception was -59.70%, which is greater than ILCB's maximum drawdown of -51.53%. Use the drawdown chart below to compare losses from any high point for PNQI and ILCB.

Drawdown Indicators

	PNQI	ILCB	Difference
Max Drawdown Largest peak-to-trough decline	-59.70%	-51.53%	-8.17%
Max Drawdown (1Y) Largest decline over 1 year	-24.85%	-9.09%	-15.76%
Max Drawdown (3Y) Largest decline over 3 years	-24.85%	-19.05%	-5.80%
Max Drawdown (5Y) Largest decline over 5 years	-59.56%	-25.47%	-34.09%
Max Drawdown (10Y) Largest decline over 10 years	-59.70%	-35.30%	-24.40%
Current Drawdown Current decline from peak	-16.07%	-0.67%	-15.40%
Average Drawdown Average peak-to-trough decline	-12.96%	-6.24%	-6.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.52%	1.97%	+8.55%

Volatility

PNQI vs. ILCB - Volatility Comparison

Invesco NASDAQ Internet ETF (PNQI) has a higher volatility of 4.75% compared to iShares Morningstar U.S. Equity ETF (ILCB) at 2.88%. This indicates that PNQI's price experiences larger fluctuations and is considered to be riskier than ILCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNQI	ILCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	2.88%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	9.10%	+4.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.07%	12.02%	+6.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.81%	17.13%	+9.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.29%	18.16%	+7.13%

PNQI vs. ILCB - Expense Ratio Comparison

PNQI has a 0.62% expense ratio, which is higher than ILCB's 0.03% expense ratio.

Dividends

PNQI vs. ILCB - Dividend Comparison

PNQI's dividend yield for the trailing twelve months is around 0.02%, less than ILCB's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCB iShares Morningstar U.S. Equity ETF	0.97%	1.11%	1.19%	1.43%	1.65%	1.16%	1.26%	2.25%	2.17%	1.81%	1.97%	2.44%
PNQI Invesco NASDAQ Internet ETF	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PNQI and ILCB in my portfolio?

PNQI and ILCB have a correlation of 0.74, 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 ILCB?

PNQI has higher volatility (4.75%) compared to ILCB (2.88%). In terms of maximum drawdown, PNQI dropped -59.70% vs ILCB's -51.53%.

Which ETF is better, PNQI or ILCB?

On 10-year performance, ILCB leads with 15.00% vs 11.84% for PNQI. On fees, ILCB is cheaper at 0.03% per year. On volatility, ILCB has been the lower-risk option at 2.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PNQI or ILCB?

Over the 10-year period, ILCB has performed better with a 15.00% return vs 11.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PNQI or ILCB?

ILCB is cheaper with a 0.03% expense ratio, compared with 0.62% for PNQI.

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

ILCB has the higher dividend yield at 0.97%, compared with 0.02% for PNQI.

What is the main difference between PNQI and ILCB?

PNQI tracks NASDAQ Internet Index, while ILCB tracks Morningstar US Large-Mid Cap Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.62% for PNQI and 0.03% for ILCB.

Which has better risk-adjusted returns?

ILCB currently has the higher Sharpe Ratio (2.35 vs -0.15), 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.