FNGD vs. FXAIX

Last updated Jun 4, 2026

FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and FXAIX (Fidelity 500 Index Fund) are both funds - FNGD is a Leveraged Equities fund tracking the NYSE FANG+ Index (-300%), while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, FNGD returned -65.57%/yr vs 14.28%/yr for FXAIX. At a correlation of -0.79, they often move in opposite directions. FNGD charges 0.95%/yr vs 0.02%/yr for FXAIX.

Performance

FNGD vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGD achieves a -41.82% return, which is significantly lower than FXAIX's 11.71% return.

FNGD

• 1D: 3.34%
• 1M: -28.48%
• YTD: -41.82%
• 6M: -33.35%
• 1Y: -60.64%
• 3Y*: -69.29%
• 5Y*: -65.57%
• 10Y*: —

FXAIX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.71%
• 6M: 11.74%
• 1Y: 28.99%
• 3Y*: 22.75%
• 5Y*: 14.28%
• 10Y*: 15.66%

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

FNGD vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	-41.82%	-61.42%	-76.57%	-90.14%	52.21%	-60.04%	-95.60%	-72.46%	-13.73%
FXAIX Fidelity 500 Index Fund	11.71%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-10.08%

Correlation

The correlation between FNGD and FXAIX is -0.79, 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	-0.79
Correlation (3Y) Calculated over the trailing 3-year period	-0.81
Correlation (5Y) Calculated over the trailing 5-year period	-0.82
Correlation (All Time) Calculated using the full available price history since Jan 24, 2018	-0.79

The correlation between FNGD and FXAIX has been stable across timeframes, ranging from -0.82 to -0.79 - a consistent structural relationship.

Return for Risk

FNGD vs. FXAIX — 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

FXAIX

FXAIX Risk / Return Rank: 73
FXAIX Sharpe Ratio Rank: 76
FXAIX Sortino Ratio Rank: 67
FXAIX Omega Ratio Rank: 67
FXAIX Calmar Ratio Rank: 74
FXAIX Martin Ratio Rank: 83

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. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and Fidelity 500 Index Fund (FXAIX). 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	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	2.52	-3.56
Sortino ratio: Return per unit of downside risk	-1.75	3.42	-5.18
Omega ratio: Gain probability vs. loss probability	0.81	1.46	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.92	3.36	-4.28
Martin ratio: Return relative to average drawdown	-1.84	15.70	-17.53
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. FXAIX - Sharpe Ratio Comparison

The current FNGD Sharpe Ratio is -1.04, which is lower than the FXAIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FNGD and FXAIX, 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	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.04	2.52	-3.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.74	0.85	-1.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	0.82	-1.60

Drawdowns

FNGD vs. FXAIX - Drawdown Comparison

The maximum FNGD drawdown since its inception was -100.00%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FNGD and FXAIX.

Drawdown Indicators

	FNGD	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-33.79%	-66.21%
Max Drawdown (1Y) Largest decline over 1 year	-65.92%	-8.89%	-57.03%
Max Drawdown (3Y) Largest decline over 3 years	-97.37%	-18.76%	-78.61%
Max Drawdown (5Y) Largest decline over 5 years	-99.67%	-24.50%	-75.17%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-100.00%	0.00%	-100.00%
Average Drawdown Average peak-to-trough decline	-87.25%	-3.79%	-83.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.99%	1.90%	+31.09%

Volatility

FNGD vs. FXAIX - Volatility Comparison

MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a higher volatility of 17.47% compared to Fidelity 500 Index Fund (FXAIX) at 2.83%. This indicates that FNGD's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGD	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.47%	2.83%	+14.64%
Volatility (6M) Calculated over the trailing 6-month period	45.91%	8.97%	+36.94%
Volatility (1Y) Calculated over the trailing 1-year period	58.70%	11.86%	+46.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.78%	16.91%	+71.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.00%	18.07%	+72.93%

FNGD vs. FXAIX - Expense Ratio Comparison

FNGD has a 0.95% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

FNGD vs. FXAIX - Dividend Comparison

FNGD has not paid dividends to shareholders, while FXAIX's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXAIX Fidelity 500 Index Fund	1.03%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FNGD and FXAIX in my portfolio?

FNGD and FXAIX have a correlation of -0.79, 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 FXAIX?

FNGD has higher volatility (17.47%) compared to FXAIX (2.83%). In terms of maximum drawdown, FNGD dropped -100.00% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.52 vs -1.04), 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.