FNGD vs. ARMG

Last updated Aug 3, 2026

FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and ARMG (Leverage Shares 2X Long ARM Daily ETF) are both Leveraged Equities funds. FNGD is passively managed, while ARMG is actively managed. Over the past year, FNGD returned -48.33% vs 59.59% for ARMG. Their -0.54 correlation means they have often moved in opposite directions in the past. FNGD charges 0.95%/yr vs 0.75%/yr for ARMG.

Performance

FNGD vs. ARMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and Leverage Shares 2X Long ARM Daily ETF (ARMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGD achieves a -34.80% return, which is significantly lower than ARMG's 190.00% return.

FNGD

• 1D: -5.03%
• 1M: -4.69%
• 6M: -39.93%
• YTD: -34.80%
• 1Y: -48.33%
• 3Y*: -64.85%
• 5Y*: -63.24%
• 10Y*: —
• ALL TIME*: -69.95%

ARMG

• 1D: -1.25%
• 1M: -46.26%
• 6M: 220.35%
• YTD: 190.00%
• 1Y: 59.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARMG Leverage Shares 2X Long ARM Daily ETF	$14.17M	$20.37M	$65.80M
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	$13.50M	$14.88M	$20.27M

FNGD vs. ARMG - Yearly Performance Comparison

	2026 (YTD)	2025
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	-34.80%	-63.28%
ARMG Leverage Shares 2X Long ARM Daily ETF	190.00%	-62.65%

Correlation

The correlation between FNGD and ARMG is -0.48, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.48
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	-0.54

The correlation between FNGD and ARMG has been stable across timeframes, ranging from -0.54 to -0.48 - a consistent structural relationship.

Return for Risk

FNGD vs. ARMG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FNGD

FNGD Risk / Return Rank: 4
FNGD Sharpe Ratio Rank: 4
FNGD Sortino Ratio Rank: 4
FNGD Omega Ratio Rank: 4
FNGD Calmar Ratio Rank: 4
FNGD Martin Ratio Rank: 2

ARMG

ARMG Risk / Return Rank: 29
ARMG Sharpe Ratio Rank: 19
ARMG Sortino Ratio Rank: 45
ARMG Omega Ratio Rank: 41
ARMG Calmar Ratio Rank: 23
ARMG Martin Ratio Rank: 20

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FNGD vs. ARMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and Leverage Shares 2X Long ARM Daily ETF (ARMG). 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.

	FNGD	ARMG	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	0.35	-1.01
Sortino ratio: Return per unit of downside risk	-0.76	1.63	-2.39
Omega ratio: Gain probability vs. loss probability	0.91	1.19	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.68	0.66	-1.34
Martin ratio: Return relative to average drawdown	-1.26	1.23	-2.50

FNGD vs. ARMG - Sharpe Ratio Comparison

The current FNGD Sharpe Ratio is -0.67, which is lower than the ARMG Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of FNGD and ARMG, 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

FNGD vs. ARMG - Drawdown Comparison

The maximum FNGD drawdown since its inception was -100.00%, which is greater than ARMG's maximum drawdown of -80.28%. Use the drawdown chart below to compare losses from any high point for FNGD and ARMG.

Drawdown Indicators

	FNGD	ARMG	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-80.28%	-19.72%
Max Drawdown (1Y) Largest decline over 1 year	-65.92%	-76.64%	+10.72%
Max Drawdown (3Y) Largest decline over 3 years	-97.35%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.67%	—	—
Current Drawdown Current decline from peak	-100.00%	-73.55%	-26.45%
Average Drawdown Average peak-to-trough decline	-87.46%	-52.13%	-35.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.26%	41.08%	-5.82%

Volatility

FNGD vs. ARMG - Volatility Comparison

The current volatility for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) is 18.15%, while Leverage Shares 2X Long ARM Daily ETF (ARMG) has a volatility of 50.86%. This indicates that FNGD experiences smaller price fluctuations and is considered to be less risky than ARMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGD	ARMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.15%	50.86%	-32.71%
Volatility (6M) Calculated over the trailing 6-month period	54.65%	128.29%	-73.64%
Volatility (1Y) Calculated over the trailing 1-year period	66.81%	149.49%	-82.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.78%	145.42%	-55.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.95%	145.42%	-54.47%

FNGD vs. ARMG - Expense Ratio Comparison

FNGD has a 0.95% expense ratio, which is higher than ARMG's 0.75% expense ratio.

Dividends

FNGD vs. ARMG - Dividend Comparison

FNGD has not paid dividends to shareholders, while ARMG's dividend yield for the trailing twelve months is around 1.68%.

Position	TTM	2025
ARMG Leverage Shares 2X Long ARM Daily ETF	1.68%	4.86%
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNGD and ARMG in my portfolio?

FNGD and ARMG have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNGD or ARMG?

ARMG has higher volatility (50.86%) compared to FNGD (18.15%). In terms of maximum drawdown, FNGD dropped -100.00% vs ARMG's -80.28%.

Which ETF is better, FNGD or ARMG?

On 1-year performance, ARMG leads with 59.59% vs -48.33% for FNGD. On fees, ARMG is cheaper at 0.75% per year. On volatility, FNGD has been the lower-risk option at 18.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGD or ARMG?

Over the 1-year period, ARMG has performed better with a 59.59% return vs -48.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGD or ARMG?

ARMG is cheaper with a 0.75% expense ratio, compared with 0.95% for FNGD.

Which ETF pays a higher dividend yield, FNGD or ARMG?

ARMG has the higher dividend yield at 1.68%, compared with 0.00% for FNGD.

What is the main difference between FNGD and ARMG?

They also come from different issuers: BMO and Leverage Shares. Their fees differ too: 0.95% for FNGD and 0.75% for ARMG.

Which has better risk-adjusted returns?

ARMG currently has the higher Sharpe Ratio (0.35 vs -0.67), 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.