PNQI vs. IYW
PNQI (Invesco NASDAQ Internet ETF) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - PNQI is a Large Cap Growth Equities fund tracking the NASDAQ Internet Index, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 10 years, PNQI returned 11.81%/yr vs 25.18%/yr for IYW. A 0.79 correlation means they provide meaningful diversification when combined. PNQI charges 0.62%/yr vs 0.38%/yr for IYW.
Performance
PNQI vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, PNQI achieves a -10.24% return, which is significantly lower than IYW's 22.66% return. Over the past 10 years, PNQI has underperformed IYW with an annualized return of 11.81%, while IYW has yielded a comparatively higher 25.18% annualized return.
PNQI
- 1D
- 0.38%
- 1M
- 6.49%
- 6M
- -10.75%
- YTD
- -10.24%
- 1Y
- -6.25%
- 3Y*
- 13.75%
- 5Y*
- -0.97%
- 10Y*
- 11.81%
IYW
- 1D
- -2.12%
- 1M
- 0.00%
- 6M
- 21.00%
- YTD
- 22.66%
- 1Y
- 39.98%
- 3Y*
- 30.38%
- 5Y*
- 19.51%
- 10Y*
- 25.18%
PNQI vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PNQI Invesco NASDAQ Internet ETF | -10.24% | 15.56% | 29.44% | 60.69% | -47.92% | -5.57% | 61.36% | 28.76% | -5.08% | 40.05% |
IYW iShares U.S. Technology ETF | 22.66% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
Correlation
The correlation between PNQI and IYW is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2008 | 0.79 |
Over the past year, the correlation between PNQI and IYW has dropped to 0.59 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.
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Return for Risk
PNQI vs. IYW — Risk / Return Rank
PNQI
IYW
PNQI vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Internet ETF (PNQI) and iShares U.S. Technology ETF (IYW). 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 | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.61 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.30 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 2.26 | -2.51 |
| Martin ratioReturn relative to average drawdown | -0.52 | 7.02 | -7.53 |
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Drawdowns
PNQI vs. IYW - Drawdown Comparison
The maximum PNQI drawdown since its inception was -59.70%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for PNQI and IYW.
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Drawdown Indicators
| PNQI | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.70% | -81.90% | +22.20% |
Max Drawdown (1Y)Largest decline over 1 year | -24.85% | -17.81% | -7.04% |
Max Drawdown (3Y)Largest decline over 3 years | -24.85% | -26.47% | +1.62% |
Max Drawdown (5Y)Largest decline over 5 years | -59.56% | -39.44% | -20.12% |
Max Drawdown (10Y)Largest decline over 10 years | -59.70% | -39.44% | -20.26% |
Current DrawdownCurrent decline from peak | -15.16% | -5.81% | -9.35% |
Average DrawdownAverage peak-to-trough decline | -12.99% | -34.54% | +21.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.11% | 5.71% | +6.40% |
Volatility
PNQI vs. IYW - Volatility Comparison
The current volatility for Invesco NASDAQ Internet ETF (PNQI) is 7.67%, while iShares U.S. Technology ETF (IYW) has a volatility of 9.81%. This indicates that PNQI experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PNQI | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.67% | 9.81% | -2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 15.84% | 19.23% | -3.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.38% | 22.98% | -3.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.00% | 26.36% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.33% | 25.29% | +0.04% |
PNQI vs. IYW - Expense Ratio Comparison
PNQI has a 0.62% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
PNQI vs. IYW - Dividend Comparison
PNQI has not paid dividends to shareholders, while IYW's dividend yield for the trailing twelve months is around 0.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.10% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
PNQI and IYW have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYW has higher volatility (9.81%) compared to PNQI (7.67%). In terms of maximum drawdown, PNQI dropped -59.70% vs IYW's -81.90%.
On 10-year performance, IYW leads with 25.18% vs 11.81% for PNQI. On fees, IYW is cheaper at 0.38% per year. On volatility, PNQI has been the lower-risk option at 7.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYW has performed better with a 25.18% return vs 11.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 0.62% for PNQI.
IYW has the higher dividend yield at 0.10%, compared with 0.00% for PNQI.
PNQI is categorized as Large Cap Growth Equities, while IYW is Technology Equities. PNQI tracks NASDAQ Internet Index, while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.62% for PNQI and 0.38% for IYW.
IYW currently has the higher Sharpe Ratio (1.75 vs -0.32), 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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