FNGD vs. FNGO
FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) are both Leveraged Equities funds from BMO - FNGD tracks the NYSE FANG+ Index (Gross Total Return, -300% Daily) while FNGO tracks the NYSE FANG+ Index (+200%). Both are passively managed. Over the past 5 years, FNGD returned -63.24%/yr vs 23.80%/yr for FNGO. Their -0.96 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
FNGD vs. FNGO - Performance Comparison
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Returns By Period
In the year-to-date period, FNGD achieves a -34.80% return, which is significantly lower than FNGO's 12.30% 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%
FNGO
- 1D
- 3.64%
- 1M
- 1.33%
- 6M
- 20.30%
- YTD
- 12.30%
- 1Y
- 21.80%
- 3Y*
- 47.42%
- 5Y*
- 23.80%
- 10Y*
- —
- ALL TIME*
- 37.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.50M | $14.88M | $20.27M | |
| $408.43K | $444.96K | $770.86K |
FNGD vs. FNGO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | -34.80% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | 43.08% |
FNGO MicroSectors FANG+ Index 2X Leveraged ETN | 12.30% | 25.49% | 101.65% | 240.10% | -71.55% | 28.38% | 238.00% | 79.61% | -39.85% |
Correlation
The correlation between FNGD and FNGO is -0.99, 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. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018 | -0.96 |
The correlation between FNGD and FNGO has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.
FNGD vs. FNGO - Sectors Allocation Comparison
Sectors
FNGD
FNGO
Technology
Communication Services
Consumer Cyclical
Financial Services
Basic Materials
-
-
Consumer Defensive
-
-
Energy
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Utilities
-
-
Technology
FNGD
FNGO
Communication Services
FNGD
FNGO
Consumer Cyclical
FNGD
FNGO
Financial Services
FNGD
FNGO
Basic Materials
FNGD
-
FNGO
-
Consumer Defensive
FNGD
-
FNGO
-
Energy
FNGD
-
FNGO
-
Healthcare
FNGD
-
FNGO
-
Industrials
FNGD
-
FNGO
-
Real Estate
FNGD
-
FNGO
-
Utilities
FNGD
-
FNGO
-
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Return for Risk
FNGD vs. FNGO — Risk / Return Rank
FNGD
FNGO
FNGD vs. FNGO - 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 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.
| FNGD | FNGO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.09 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 0.38 | -1.05 |
| Martin ratioReturn relative to average drawdown | -1.26 | 0.92 | -2.18 |
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Drawdowns
FNGD vs. FNGO - Drawdown Comparison
The maximum FNGD drawdown since its inception was -100.00%, which is greater than FNGO's maximum drawdown of -78.39%. Use the drawdown chart below to compare losses from any high point for FNGD and FNGO.
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Drawdown Indicators
| FNGD | FNGO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -78.39% | -21.61% |
Max Drawdown (1Y)Largest decline over 1 year | -65.92% | -42.73% | -23.19% |
Max Drawdown (3Y)Largest decline over 3 years | -97.35% | -47.64% | -49.71% |
Max Drawdown (5Y)Largest decline over 5 years | -99.67% | -78.39% | -21.28% |
Current DrawdownCurrent decline from peak | -100.00% | -15.91% | -84.09% |
Average DrawdownAverage peak-to-trough decline | -87.46% | -23.75% | -63.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.26% | 17.55% | +17.71% |
Volatility
FNGD vs. FNGO - Volatility Comparison
MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a higher volatility of 18.15% compared to MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) at 12.24%. This indicates that FNGD's price experiences larger fluctuations and is considered to be riskier than FNGO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNGD | FNGO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.15% | 12.24% | +5.91% |
Volatility (6M)Calculated over the trailing 6-month period | 54.65% | 36.19% | +18.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.81% | 44.77% | +22.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.78% | 60.86% | +28.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 90.95% | 61.47% | +29.48% |
FNGD vs. FNGO - Expense Ratio Comparison
Both FNGD and FNGO have an expense ratio of 0.95%.
Dividends
FNGD vs. FNGO - Dividend Comparison
Neither FNGD nor FNGO has paid dividends to shareholders.
Frequently Asked Questions
FNGD and FNGO have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNGD has higher volatility (18.15%) compared to FNGO (12.24%). In terms of maximum drawdown, FNGD dropped -100.00% vs FNGO's -78.39%.
On 5-year performance, FNGO leads with 23.80% vs -63.24% for FNGD. Both ETFs have the same 0.95% expense ratio. On volatility, FNGO has been the lower-risk option at 12.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FNGO has performed better with a 23.80% return vs -63.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNGD and FNGO have the same expense ratio: 0.95% per year.
FNGD and FNGO have nearly identical dividend yields, around 0.00%.
FNGD tracks NYSE FANG+ Index (Gross Total Return, -300% Daily), while FNGO tracks NYSE FANG+ Index (+200%).
FNGO currently has the higher Sharpe Ratio (0.36 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.
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