The company charted the performance of 10 so-called fad funds which have seen a temporary sales spike at some point since 2000.
It calculated the investment outcome as at January 1, 2009 based on an individual investing a £7,000 Isa allowance on the same date during its fad year.
Henderson global technology delivered -68 per cent, Axa Framlington health produced -33 per cent, Liontrust first income -5 per cent, Aberdeen property share -43 per cent and Norwich property, which spiked in both 2006 and 2007, saw returns of -24 per cent and -36 per cent respectively.
M&G high interest delivered 0 per cent return, Fidelity American special situations showed 1 per cent growth and BlackRock gold and general rocketed by 150 per cent. Volatility was also greater for themed Isas, at an average of 7.5 per cent.
Skandia head of proposition marketing Peter Jordan says the results are partly due to difficult market conditions but adds: “Over the last decade, we have conditioned ourselves to think that more risk means more return but currently this is often not the case.”