FNGD vs. BERZ

Last updated Jul 12, 2026

FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) are both exchange-traded funds - FNGD is a Leveraged Equities fund tracking the NYSE FANG+ Index (-300%), while BERZ is a Inverse Equities fund tracking the Solactive FANG Innovation Index. Both are passively managed. Over the past 3 years, FNGD returned -66.90%/yr vs -74.89%/yr for BERZ. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

FNGD vs. BERZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGD achieves a -37.10% return, which is significantly higher than BERZ's -59.05% return.

FNGD

• 1D: -0.75%
• 1M: -13.58%
• 6M: -36.74%
• YTD: -37.10%
• 1Y: -50.45%
• 3Y*: -66.90%
• 5Y*: -63.21%
• 10Y*: —

BERZ

• 1D: -0.98%
• 1M: -3.93%
• 6M: -55.69%
• YTD: -59.05%
• 1Y: -78.93%
• 3Y*: -74.89%
• 5Y*: —
• 10Y*: —

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

FNGD vs. BERZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	-37.10%	-61.42%	-76.57%	-90.14%	52.21%	-30.64%
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-59.05%	-78.81%	-65.95%	-89.12%	102.85%	-28.36%

Correlation

The correlation between FNGD and BERZ is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021	0.92

The correlation between FNGD and BERZ has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

FNGD vs. BERZ - Sectors Allocation Comparison

Sectors	FNGD	BERZ
Technology	63.4%	60.8%
Communication Services	26.0%	26.2%
Consumer Cyclical	10.6%	13.0%
Financial Services	10.0%	13.3%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGD vs. BERZ — Risk / Return Rank

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

FNGD

FNGD Risk / Return Rank: 3
FNGD Sharpe Ratio Rank: 3
FNGD Sortino Ratio Rank: 3
FNGD Omega Ratio Rank: 3
FNGD Calmar Ratio Rank: 3
FNGD Martin Ratio Rank: 1

BERZ

BERZ Risk / Return Rank: 1
BERZ Sharpe Ratio Rank: 2
BERZ Sortino Ratio Rank: 0
BERZ Omega Ratio Rank: 1
BERZ Calmar Ratio Rank: 1
BERZ Martin Ratio Rank: 1

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.

FNGD vs. BERZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ). 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	BERZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.77	-0.97	+0.20
Sortino ratio: Return per unit of downside risk	-1.02	-2.07	+1.06
Omega ratio: Gain probability vs. loss probability	0.89	0.78	+0.10
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.95	+0.19
Martin ratio: Return relative to average drawdown	-1.54	-1.51	-0.03

FNGD vs. BERZ - Sharpe Ratio Comparison

The current FNGD Sharpe Ratio is -0.77, which is comparable to the BERZ Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of FNGD and BERZ, 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. BERZ - Drawdown Comparison

The maximum FNGD drawdown since its inception was -100.00%, roughly equal to the maximum BERZ drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for FNGD and BERZ.

Drawdown Indicators

	FNGD	BERZ	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.80%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-65.92%	-83.72%	+17.80%
Max Drawdown (3Y) Largest decline over 3 years	-97.35%	-98.87%	+1.52%
Max Drawdown (5Y) Largest decline over 5 years	-99.67%	—	—
Current Drawdown Current decline from peak	-100.00%	-99.75%	-0.25%
Average Drawdown Average peak-to-trough decline	-87.37%	-72.08%	-15.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.38%	52.51%	-20.13%

Volatility

FNGD vs. BERZ - Volatility Comparison

The current volatility for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) is 26.70%, while MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a volatility of 28.98%. This indicates that FNGD experiences smaller price fluctuations and is considered to be less risky than BERZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGD	BERZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.70%	28.98%	-2.28%
Volatility (6M) Calculated over the trailing 6-month period	53.45%	65.13%	-11.68%
Volatility (1Y) Calculated over the trailing 1-year period	65.16%	81.95%	-16.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.61%	92.62%	-3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.09%	92.62%	-1.53%

FNGD vs. BERZ - Expense Ratio Comparison

Both FNGD and BERZ have an expense ratio of 0.95%.

Dividends

FNGD vs. BERZ - Dividend Comparison

Neither FNGD nor BERZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNGD and BERZ in my portfolio?

FNGD and BERZ have a correlation of 0.87, 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 BERZ?

BERZ has higher volatility (28.98%) compared to FNGD (26.70%). In terms of maximum drawdown, FNGD dropped -100.00% vs BERZ's -99.80%.

Which ETF is better, FNGD or BERZ?

On 3-year performance, FNGD leads with -66.90% vs -74.89% for BERZ. Both ETFs have the same 0.95% expense ratio. On volatility, FNGD has been the lower-risk option at 26.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGD or BERZ?

Over the 3-year period, FNGD has performed better with a -66.90% return vs -74.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGD or BERZ?

FNGD and BERZ have the same expense ratio: 0.95% per year.

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

FNGD and BERZ have nearly identical dividend yields, around 0.00%.

What is the main difference between FNGD and BERZ?

FNGD is categorized as Leveraged Equities, while BERZ is Inverse Equities. FNGD tracks NYSE FANG+ Index (-300%), while BERZ tracks Solactive FANG Innovation Index.

Which has better risk-adjusted returns?

FNGD currently has the higher Sharpe Ratio (-0.77 vs -0.97), 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.