FNGD vs. FNGS

Last updated Jun 3, 2026

FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and FNGS (MicroSectors FANG+ ETN) are both exchange-traded funds - FNGD is a Leveraged Equities fund tracking the NYSE FANG+ Index (-300%), while FNGS is a Large Cap Growth Equities fund tracking the NYSE FANG+ Index. Both are passively managed. Over the past 5 years, FNGD returned -66.27%/yr vs 22.72%/yr for FNGS. At a correlation of -0.99, they often move in opposite directions. FNGD charges 0.95%/yr vs 0.58%/yr for FNGS.

Performance

FNGD vs. FNGS - 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 FANG+ ETN (FNGS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGD achieves a -43.70% return, which is significantly lower than FNGS's 17.41% return.

FNGD

• 1D: 1.51%
• 1M: -31.76%
• YTD: -43.70%
• 6M: -34.07%
• 1Y: -62.82%
• 3Y*: -69.63%
• 5Y*: -66.27%
• 10Y*: —

FNGS

• 1D: -0.64%
• 1M: 12.77%
• YTD: 17.41%
• 6M: 11.25%
• 1Y: 32.20%
• 3Y*: 35.74%
• 5Y*: 22.72%
• 10Y*: —

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

FNGD vs. FNGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	-43.70%	-61.42%	-76.57%	-90.14%	52.21%	-60.04%	-95.60%	-27.64%
FNGS MicroSectors FANG+ ETN	17.41%	18.64%	51.99%	95.24%	-40.32%	16.96%	101.99%	10.91%

Correlation

The correlation between FNGD and FNGS is -0.98, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.98
Correlation (3Y) Calculated over the trailing 3-year period	-0.98
Correlation (5Y) Calculated over the trailing 5-year period	-0.99
Correlation (All Time) Calculated using the full available price history since Nov 14, 2019	-0.99

The correlation between FNGD and FNGS has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.

FNGD vs. FNGS - Sectors Allocation Comparison

Sectors	FNGD	FNGS
Technology	59.9%	59.9%
Communication Services	28.8%	28.8%
Consumer Cyclical	11.3%	11.3%
Financial Services	10.0%	10.0%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGD vs. FNGS — Risk / Return Rank

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

FNGD

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

FNGS

FNGS Risk / Return Rank: 38
FNGS Sharpe Ratio Rank: 45
FNGS Sortino Ratio Rank: 43
FNGS Omega Ratio Rank: 43
FNGS Calmar Ratio Rank: 30
FNGS Martin Ratio Rank: 29

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. FNGS - 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+ ETN (FNGS). 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.

	FNGD	FNGS	Difference
Sharpe ratio Return per unit of total volatility	-1.07	1.58	-2.66
Sortino ratio Return per unit of downside risk	-1.88	2.17	-4.05
Omega ratio Gain probability vs. loss probability	0.79	1.28	-0.48
Calmar ratio Return relative to maximum drawdown	-0.97	1.47	-2.44
Martin ratio Return relative to average drawdown	-1.91	4.25	-6.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNGD vs. FNGS - Sharpe Ratio Comparison

The current FNGD Sharpe Ratio is -1.07, which is lower than the FNGS Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of FNGD and FNGS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FNGD	FNGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.07	1.58	-2.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.75	0.76	-1.51
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	1.06	-1.85

Drawdowns

FNGD vs. FNGS - Drawdown Comparison

The maximum FNGD drawdown since its inception was -100.00%, which is greater than FNGS's maximum drawdown of -48.98%. Use the drawdown chart below to compare losses from any high point for FNGD and FNGS.

Drawdown Indicators

	FNGD	FNGS	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-48.98%	-51.02%
Max Drawdown (1Y) Largest decline over 1 year	-65.92%	-22.93%	-42.99%
Max Drawdown (3Y) Largest decline over 3 years	-97.37%	-26.77%	-70.60%
Max Drawdown (5Y) Largest decline over 5 years	-99.67%	-48.98%	-50.69%
Current Drawdown Current decline from peak	-100.00%	-0.64%	-99.36%
Average Drawdown Average peak-to-trough decline	-87.24%	-10.87%	-76.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.47%	7.92%	+25.55%

Volatility

FNGD vs. FNGS - Volatility Comparison

MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a higher volatility of 16.71% compared to MicroSectors FANG+ ETN (FNGS) at 5.42%. This indicates that FNGD's price experiences larger fluctuations and is considered to be riskier than FNGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGD	FNGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.71%	5.42%	+11.29%
Volatility (6M) Calculated over the trailing 6-month period	45.80%	15.65%	+30.15%
Volatility (1Y) Calculated over the trailing 1-year period	58.66%	20.49%	+38.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.79%	29.96%	+58.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.02%	31.13%	+59.89%

FNGD vs. FNGS - Expense Ratio Comparison

FNGD has a 0.95% expense ratio, which is higher than FNGS's 0.58% expense ratio.

Dividends

FNGD vs. FNGS - Dividend Comparison

Neither FNGD nor FNGS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNGD and FNGS in my portfolio?

FNGD and FNGS have a correlation of -0.98, 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 FNGS?

FNGD has higher volatility (16.71%) compared to FNGS (5.42%). In terms of maximum drawdown, FNGD dropped -100.00% vs FNGS's -48.98%.

Which ETF is better, FNGD or FNGS?

On 5-year performance, FNGS leads with 22.72% vs -66.27% for FNGD. On fees, FNGS is cheaper at 0.58% per year. On volatility, FNGS has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGD or FNGS?

Over the 5-year period, FNGS has performed better with a 22.72% return vs -66.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGD or FNGS?

FNGS is cheaper with a 0.58% expense ratio, compared with 0.95% for FNGD.

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

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

What is the main difference between FNGD and FNGS?

FNGD is categorized as Leveraged Equities, while FNGS is Large Cap Growth Equities. FNGD tracks NYSE FANG+ Index (-300%), while FNGS tracks NYSE FANG+ Index. Their fees differ too: 0.95% for FNGD and 0.58% for FNGS.

Which has better risk-adjusted returns?

FNGS currently has the higher Sharpe Ratio (1.58 vs -1.07), 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.