ARKW vs. FNGO

Last updated Jun 13, 2026

ARKW (ARK Next Generation Internet ETF) and FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) are both exchange-traded funds - ARKW is a Mid Cap Growth Equities fund actively managed by ARK, while FNGO is a Leveraged Equities fund tracking the NYSE FANG+ Index (+200%). ARKW is actively managed, while FNGO is passively managed. Over the past 5 years, ARKW returned 0.46%/yr vs 25.62%/yr for FNGO. A 0.78 correlation means they provide meaningful diversification when combined. ARKW charges 0.76%/yr vs 0.95%/yr for FNGO.

Performance

ARKW vs. FNGO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARK Next Generation Internet ETF (ARKW) and MicroSectors FANG+ Index 2X Leveraged ETN (FNGO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARKW achieves a -4.37% return, which is significantly lower than FNGO's 8.91% return.

ARKW

• 1D: 0.87%
• 1M: -3.08%
• YTD: -4.37%
• 6M: -7.45%
• 1Y: 10.46%
• 3Y*: 36.42%
• 5Y*: 0.46%
• 10Y*: 22.51%

FNGO

• 1D: -1.60%
• 1M: -7.03%
• YTD: 8.91%
• 6M: 3.86%
• 1Y: 26.54%
• 3Y*: 49.78%
• 5Y*: 25.62%
• 10Y*: —

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

ARKW vs. FNGO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ARKW ARK Next Generation Internet ETF	-4.37%	38.93%	42.27%	96.89%	-67.49%	-18.85%	157.44%	35.76%	-13.02%
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	8.91%	25.49%	101.65%	240.10%	-71.55%	28.38%	238.00%	79.61%	-39.85%

Correlation

The correlation between ARKW and FNGO is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018	0.78

The correlation between ARKW and FNGO has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

ARKW vs. FNGO - Sectors Allocation Comparison

Sectors	ARKW	FNGO
Technology	45.1%	59.9%
Consumer Cyclical	16.3%	11.3%
Communication Services	14.9%	28.8%
Financial Services	14.2%	10.0%
Industrials	1.4%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

ARKW vs. FNGO — Risk / Return Rank

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

ARKW

ARKW Risk / Return Rank: 14
ARKW Sharpe Ratio Rank: 15
ARKW Sortino Ratio Rank: 15
ARKW Omega Ratio Rank: 15
ARKW Calmar Ratio Rank: 13
ARKW Martin Ratio Rank: 12

FNGO

FNGO Risk / Return Rank: 20
FNGO Sharpe Ratio Rank: 21
FNGO Sortino Ratio Rank: 22
FNGO Omega Ratio Rank: 22
FNGO Calmar Ratio Rank: 18
FNGO Martin Ratio Rank: 18

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.

ARKW vs. FNGO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARK Next Generation Internet ETF (ARKW) and MicroSectors FANG+ Index 2X Leveraged ETN (FNGO). 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.

	ARKW	FNGO	Difference
Sharpe ratio: Return per unit of total volatility	0.32	0.64	-0.32
Sortino ratio: Return per unit of downside risk	0.65	1.10	-0.45
Omega ratio: Gain probability vs. loss probability	1.08	1.13	-0.06
Calmar ratio: Return relative to maximum drawdown	0.29	0.62	-0.33
Martin ratio: Return relative to average drawdown	0.59	1.62	-1.03

ARKW vs. FNGO - Sharpe Ratio Comparison

The current ARKW Sharpe Ratio is 0.32, which is lower than the FNGO Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of ARKW and FNGO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ARKW vs. FNGO - Drawdown Comparison

The maximum ARKW drawdown since its inception was -80.52%, roughly equal to the maximum FNGO drawdown of -78.39%. Use the drawdown chart below to compare losses from any high point for ARKW and FNGO.

Drawdown Indicators

	ARKW	FNGO	Difference
Max Drawdown Largest peak-to-trough decline	-80.52%	-78.39%	-2.13%
Max Drawdown (1Y) Largest decline over 1 year	-36.21%	-42.73%	+6.52%
Max Drawdown (3Y) Largest decline over 3 years	-36.21%	-47.64%	+11.43%
Max Drawdown (5Y) Largest decline over 5 years	-77.36%	-78.39%	+1.03%
Max Drawdown (10Y) Largest decline over 10 years	-80.52%	—	—
Current Drawdown Current decline from peak	-23.35%	-18.46%	-4.89%
Average Drawdown Average peak-to-trough decline	-23.97%	-23.87%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.89%	16.45%	+1.44%

Volatility

ARKW vs. FNGO - Volatility Comparison

The current volatility for ARK Next Generation Internet ETF (ARKW) is 10.38%, while MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) has a volatility of 17.58%. This indicates that ARKW experiences smaller price fluctuations and is considered to be less risky than FNGO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARKW	FNGO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.38%	17.58%	-7.20%
Volatility (6M) Calculated over the trailing 6-month period	24.57%	33.63%	-9.06%
Volatility (1Y) Calculated over the trailing 1-year period	32.92%	41.88%	-8.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.59%	60.50%	-16.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.73%	61.61%	-23.88%

ARKW vs. FNGO - Expense Ratio Comparison

ARKW has a 0.76% expense ratio, which is lower than FNGO's 0.95% expense ratio.

Dividends

ARKW vs. FNGO - Dividend Comparison

ARKW's dividend yield for the trailing twelve months is around 1.66%, while FNGO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARKW ARK Next Generation Internet ETF	1.66%	1.59%	0.00%	0.00%	0.00%	0.17%	1.29%	0.00%	13.05%	2.05%	0.00%	2.29%
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARKW and FNGO in my portfolio?

ARKW and FNGO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARKW or FNGO?

FNGO has higher volatility (17.58%) compared to ARKW (10.38%). In terms of maximum drawdown, ARKW dropped -80.52% vs FNGO's -78.39%.

Which ETF is better, ARKW or FNGO?

On 5-year performance, FNGO leads with 25.62% vs 0.46% for ARKW. On fees, ARKW is cheaper at 0.76% per year. On volatility, ARKW has been the lower-risk option at 10.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARKW or FNGO?

Over the 5-year period, FNGO has performed better with a 25.62% return vs 0.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARKW or FNGO?

ARKW is cheaper with a 0.76% expense ratio, compared with 0.95% for FNGO.

Which ETF pays a higher dividend yield, ARKW or FNGO?

ARKW has the higher dividend yield at 1.66%, compared with 0.00% for FNGO.

What is the main difference between ARKW and FNGO?

ARKW is categorized as Mid Cap Growth Equities, while FNGO is Leveraged Equities. They also come from different issuers: ARK and Bank of Montreal. Their fees differ too: 0.76% for ARKW and 0.95% for FNGO.

Which has better risk-adjusted returns?

FNGO currently has the higher Sharpe Ratio (0.64 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.