FNGD vs. FNGU

Last updated Aug 2, 2026

FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and FNGU (MicroSectors FANG+ 3X Leveraged ETNs) are both Leveraged Equities funds from BMO - FNGD tracks the NYSE FANG+ Index (-300%) while FNGU tracks the NYSE FANG+ Index (Gross Total Return) (300%). Both are passively managed. Over the past year, FNGD returned -48.33% vs 13.50% for FNGU. Their -0.99 correlation means they have often moved in opposite directions in the past. FNGD charges 0.95%/yr vs 2.60%/yr for FNGU.

Performance

FNGD vs. FNGU - 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+ 3X Leveraged ETNs (FNGU). 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 FNGU's 5.54% 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%

FNGU

• 1D: 5.13%
• 1M: 0.64%
• 6M: 18.28%
• YTD: 5.54%
• 1Y: 13.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.98%

*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)
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	$13.50M	$14.88M	$20.27M
FNGU MicroSectors FANG+ 3X Leveraged ETNs	$92.08M	$119.18M	$153.90M

FNGD vs. FNGU - Yearly Performance Comparison

	2026 (YTD)	2025
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	-34.80%	-52.69%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	5.54%	3.02%

Correlation

The correlation between FNGD and FNGU is -1.00, 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.	-1.00
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.99

The correlation between FNGD and FNGU has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

FNGD vs. FNGU - Sectors Allocation Comparison

Sectors	FNGD	FNGU
Technology	59.6%	60.6%
Communication Services	30.0%	29.8%
Consumer Cyclical	10.4%	9.6%
Financial Services	10.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGD vs. FNGU — 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

FNGU

FNGU Risk / Return Rank: 14
FNGU Sharpe Ratio Rank: 12
FNGU Sortino Ratio Rank: 17
FNGU Omega Ratio Rank: 17
FNGU Calmar Ratio Rank: 12
FNGU Martin Ratio Rank: 12

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. FNGU - 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+ 3X Leveraged ETNs (FNGU). 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	FNGU	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	0.07	-0.73
Sortino ratio: Return per unit of downside risk	-0.76	0.56	-1.32
Omega ratio: Gain probability vs. loss probability	0.91	1.07	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.68	0.07	-0.75
Martin ratio: Return relative to average drawdown	-1.26	0.16	-1.42

FNGD vs. FNGU - Sharpe Ratio Comparison

The current FNGD Sharpe Ratio is -0.67, which is lower than the FNGU Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of FNGD and FNGU, 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. FNGU - Drawdown Comparison

The maximum FNGD drawdown since its inception was -100.00%, which is greater than FNGU's maximum drawdown of -61.30%. Use the drawdown chart below to compare losses from any high point for FNGD and FNGU.

Drawdown Indicators

	FNGD	FNGU	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-61.30%	-38.70%
Max Drawdown (1Y) Largest decline over 1 year	-65.92%	-59.55%	-6.37%
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%	-26.25%	-73.75%
Average Drawdown Average peak-to-trough decline	-87.46%	-22.61%	-64.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.26%	26.68%	+8.58%

Volatility

FNGD vs. FNGU - Volatility Comparison

MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU) have volatilities of 18.15% and 17.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGD	FNGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.15%	17.87%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	54.65%	53.81%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	66.81%	65.86%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.78%	79.67%	+10.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.95%	79.67%	+11.28%

FNGD vs. FNGU - Expense Ratio Comparison

FNGD has a 0.95% expense ratio, which is lower than FNGU's 2.60% expense ratio.

Dividends

FNGD vs. FNGU - Dividend Comparison

Neither FNGD nor FNGU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNGD and FNGU in my portfolio?

FNGD and FNGU have a correlation of -1.00, 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 FNGU?

FNGD has higher volatility (18.15%) compared to FNGU (17.87%). In terms of maximum drawdown, FNGD dropped -100.00% vs FNGU's -61.30%.

Which ETF is better, FNGD or FNGU?

On 1-year performance, FNGU leads with 13.50% vs -48.33% for FNGD. On fees, FNGD is cheaper at 0.95% per year. On volatility, FNGU has been the lower-risk option at 17.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGD or FNGU?

Over the 1-year period, FNGU has performed better with a 13.50% 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 FNGU?

FNGD is cheaper with a 0.95% expense ratio, compared with 2.60% for FNGU.

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

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

What is the main difference between FNGD and FNGU?

FNGD tracks NYSE FANG+ Index (-300%), while FNGU tracks NYSE FANG+ Index (Gross Total Return) (300%). Their fees differ too: 0.95% for FNGD and 2.60% for FNGU.

Which has better risk-adjusted returns?

FNGU currently has the higher Sharpe Ratio (0.07 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.