FRWD vs SPY
Comparison between Nomura Transformational Technologies ETF (FRWD, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
FRWD vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
FRWD
$285M
Winner
SPY
$781B
Expense Ratio
FRWD
0.65%
Winner
SPY
0.09%
Max Drawdown
Winner
FRWD
18.49%
SPY
56.47%
Sharpe Ratio
Winner
FRWD
1.40
SPY
1.25
5Y Beta
FRWD
2.08
Winner
SPY
1.00
P/E Ratio
FRWD
43.94
Winner
SPY
28.78
Forward P/E
FRWD
24.86
Winner
SPY
21.23
PEG Ratio
FRWD
0.28
SPY
N/A
5Y Dividends CAGR
FRWD
N/A
SPY
6.00%
5Y EPS CAGR
Winner
FRWD
34.63%
SPY
25.62%
Debt to Equity
FRWD
N/A
SPY
31.92%
P/S Ratio
FRWD
4.51
Winner
SPY
3.76
P/B Ratio
FRWD
12.90
Winner
SPY
5.64
FRWD vs SPY - Holdings Comparison
FRWD and SPY have 17 common holdings. Overlap is 25.87%
FRWD's top 25 holdings weight is 99.42%. SPY's top 25 holdings weight is 51.74%.
| Rank | FRWD | SPY |
|---|---|---|
| #1 | NVIDIA CORP (NVDA) - 8.39% | NVIDIA CORP (NVDA) - 7.89% |
| #2 | ADVANCED MICRO DEVICES INC (AMD) - 7.40% | APPLE INC (AAPL) - 7.37% |
| #3 | SEAGATE TECHNOLOGY HOLDINGS PLC (STX) - 6.98% | MICROSOFT CORP (MSFT) - 4.50% |
| #4 | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR (TSM) - 6.10% | AMAZON.COM INC (AMZN) - 3.82% |
| #5 | LAM RESEARCH CORP (LRCX) - 5.72% | ALPHABET INC CLASS A (GOOGL) - 3.33% |
| #6 | ASML HOLDING NV ADR (ASML) - 4.79% | BROADCOM INC (AVGO) - 2.86% |
| #7 | BROADCOM INC (AVGO) - 4.71% | ALPHABET INC CLASS C (GOOG) - 2.68% |
| #8 | MICRON TECHNOLOGY INC (MU) - 4.60% | META PLATFORMS INC CLASS A (META) - 2.29% |
| #9 | WESTERN DIGITAL CORP (WDC) - 4.36% | TESLA INC (TSLA) - 1.70% |
| #10 | TEXAS INSTRUMENTS INC (TXN) - 3.94% | MICRON TECHNOLOGY INC (MU) - 1.56% |
| #11 | NETFLIX INC (NFLX) - 3.79% | JPMORGAN CHASE & CO (JPM) - 1.42% |
| #12 | SAMSUNG ELECTRONICS CO LTD (n/a) - 3.76% | ELI LILLY AND CO (LLY) - 1.40% |
| #13 | DOORDASH INC ORDINARY SHARES CLASS A (DASH) - 3.64% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37% |
| #14 | ALPHABET INC CLASS A (GOOGL) - 3.44% | ADVANCED MICRO DEVICES INC (AMD) - 1.32% |
| #15 | MICROSOFT CORP (MSFT) - 3.13% | EXXONMOBIL HOLDINGS CORP (XOM) - 0.92% |
| #16 | AMAZON.COM INC (AMZN) - 3.05% | JOHNSON & JOHNSON (JNJ) - 0.91% |
| #17 | KRATOS DEFENSE & SECURITY SOLUTIONS INC (KTOS) - 2.90% | VISA INC CLASS A (V) - 0.90% |
| #18 | SPOTIFY TECHNOLOGY SA (SPOT) - 2.68% | WALMART INC (WMT) - 0.76% |
| #19 | CELESTICA INC ORDINARY SHARES (SUBORDINATE VOTING) (CLS) - 2.63% | INTEL CORP (INTC) - 0.75% |
| #20 | MERCADOLIBRE INC (MELI) - 2.57% | APPLIED MATERIALS INC (AMAT) - 0.70% |
| #21 | SPACE EXPLORATION TECHNOLOGIES CORP CLASS A (SPCX) - 2.51% | CISCO SYSTEMS INC (CSCO) - 0.68% |
| #22 | BOOKING HOLDINGS INC (BKNG) - 2.25% | MASTERCARD INC CLASS A (MA) - 0.66% |
| #23 | SHOPIFY INC REGISTERED SHS -A- SUBORD VTG (SHOP) - 2.16% | ABBVIE INC (ABBV) - 0.66% |
| #24 | SERVICENOW INC (NOW) - 1.99% | CATERPILLAR INC (CAT) - 0.65% |
| #25 | CADENCE DESIGN SYSTEMS INC (CDNS) - 1.93% | LAM RESEARCH CORP (LRCX) - 0.64% |
| Total Holdings | 27 | 505 |
FRWD vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
FRWD
-7.62%
Winner
SPY
+0.52%
3M
Winner
FRWD
+17.20%
SPY
+6.55%
6M
Winner
FRWD
+26.34%
SPY
+9.76%
1Y
FRWD
N/A
SPY
+20.32%
5Y(CAGR)
FRWD
N/A
SPY
+13.01%
10Y(CAGR)
FRWD
N/A
SPY
+15.06%
Max(CAGR)
Winner
FRWD
+58.34%
SPY
+8.50%
FRWD vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | FRWD | SPY |
|---|---|---|
| 2026 | +26.85% | +10.11% |
| 2025 | N/A | +18.00% |
| 2024 | N/A | +25.59% |
| 2023 | N/A | +26.72% |
| 2022 | N/A | -18.64% |
| 2021 | N/A | +30.52% |
| 2020 | N/A | +17.28% |
| 2019 | N/A | +31.09% |
| 2018 | N/A | -5.24% |
| 2017 | N/A | +20.78% |
| 2016 | N/A | +13.59% |
| 2015 | N/A | +1.31% |
| 2014 | N/A | +14.56% |
| 2013 | N/A | +29.00% |
| 2012 | N/A | +14.17% |
| 2011 | N/A | +0.85% |
| 2010 | N/A | +13.14% |
| 2009 | N/A | +22.67% |
| 2008 | N/A | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
FRWD vs SPY Drawdown Comparison
The maximum drawdown for FRWD was -18.49%, occurring on Mar 30, 2026. Recovery took 53 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current FRWD drawdown is -8.32%. The current SPY drawdown is -1.24%.
| Rank | FRWD | SPY |
|---|---|---|
| #1 | -18.49% Jan 28, 2026 - Apr 15, 2026 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -12.65% Jun 18, 2026 - Jul 17, 2026 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -9.94% Jun 2, 2026 - Jun 15, 2026 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -5.01% May 14, 2026 - May 22, 2026 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -2.67% Apr 24, 2026 - May 1, 2026 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -1.87% Jan 16, 2026 - Jan 22, 2026 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -1.81% Jun 15, 2026 - Jun 18, 2026 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -1.60% May 11, 2026 - May 14, 2026 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -1.53% Jan 13, 2026 - Jan 16, 2026 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -1.34% May 6, 2026 - May 8, 2026 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -0.89% Apr 22, 2026 - Apr 24, 2026 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -0.59% Apr 17, 2026 - Apr 22, 2026 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -0.09% May 1, 2026 - May 5, 2026 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | N/A | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | N/A | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between FRWD and SPY is 0.97 which considered as a very strong positive correlation - the stocks move almost identically together.
0.97
-101
Select Stocks to Compare
Popular: FRWD vs SPY
More Comparisons
Compare with similar stocks
Compare FRWD with:
Compare SPY with:
Popular suggestions:
SPY vs VOO
SPDR S&P 500 ETF Trust vs VANGUARD 500 INDEX FUND ETF SHARES
SPY vs BRK-B
SPDR S&P 500 ETF Trust vs Berkshire Hathaway Inc - Class B
SPY vs SCHD
SPDR S&P 500 ETF Trust vs SCHWAB U.S. DIVIDEND EQUITY ETF
SPY vs GLD
SPDR S&P 500 ETF Trust vs SPDR Gold Shares ETF
SPY vs SPYG
SPDR S&P 500 ETF Trust vs STATE STREET(R) SPDR(R) PORTFOLIO S&P 500(R) GROWTH ETF