A 52% surge in Ark Innovation ETF over 12 months masks a five-year stretch with no recovery for investors who bought at the peak

Investors who bought the Ark Innovation ETF at or near its peak in February 2021 have seen no recovery as of 2026, despite the fund surging 52% over the prior 12 months. That recent gain outpaced the S&P 500’s 22% return over the same stretch, fueling renewed attention on Cathie Wood’s flagship fund. But the rally masks a deeper reality: ARKK remains 46% below its all-time high. The S&P 500, in contrast, has consistently reached new highs over the past two years. ARKK plunged more than 80% from its peak, a collapse that erased years of gains. While the fund has delivered a 13.8% compound annual return since its 2014 inception, the S&P 500 returned 13.6% over that same period—meaning ARKK’s long-term edge over the broad market is nearly negligible.