FNGD vs. MUU

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and Direxion Daily MU Bull 2X Shares (MUU).

FNGD and MUU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FNGD is a passively managed fund by BMO that tracks the performance of the NYSE FANG+ Index (-300%). It was launched on Jan 22, 2018. MUU is an actively managed fund by Direxion. It was launched on Oct 9, 2024.

Performance

FNGD vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

FNGD vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	40.23%	-61.42%	-29.95%
MUU Direxion Daily MU Bull 2X Shares	19.95%	599.03%	-43.09%

Returns By Period

In the year-to-date period, FNGD achieves a 40.23% return, which is significantly higher than MUU's 19.95% return.

FNGD

• 1D: -13.84%
• 1M: 10.30%
• YTD: 40.23%
• 6M: 44.34%
• 1Y: -59.51%
• 3Y*: -65.85%
• 5Y*: -59.96%
• 10Y*: —

MUU

• 1D: 9.69%
• 1M: -37.04%
• YTD: 19.95%
• 6M: 205.62%
• 1Y: 790.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNGD vs. MUU - Expense Ratio Comparison

FNGD has a 0.95% expense ratio, which is lower than MUU's 1.06% expense ratio.

MUU

Direxion Daily MU Bull 2X Shares

FNGD

MicroSectors FANG+™ Index -3X Inverse Leveraged ETN

Return for Risk

FNGD vs. MUU — 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: 2
FNGD Sortino Ratio Rank: 2
FNGD Omega Ratio Rank: 2
FNGD Calmar Ratio Rank: 2
FNGD Martin Ratio Rank: 6

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 99
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 99
MUU Martin Ratio Rank: 98

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. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and Direxion Daily MU Bull 2X Shares (MUU). 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	MUU	Difference
Sharpe ratio Return per unit of total volatility	-0.76	6.16	-6.92
Sortino ratio Return per unit of downside risk	-0.93	3.70	-4.63
Omega ratio Gain probability vs. loss probability	0.87	1.49	-0.63
Calmar ratio Return relative to maximum drawdown	-0.72	14.42	-15.14
Martin ratio Return relative to average drawdown	-0.82	40.98	-41.81
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. MUU - Sharpe Ratio Comparison

The current FNGD Sharpe Ratio is -0.76, which is lower than the MUU Sharpe Ratio of 6.16. The chart below compares the historical Sharpe Ratios of FNGD and MUU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FNGD	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.76	6.16	-6.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	1.52	-2.27

Correlation

The correlation between FNGD and MUU is -0.51. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

FNGD vs. MUU - Dividend Comparison

FNGD has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 4.03%.

	TTM	2025	2024
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%
MUU Direxion Daily MU Bull 2X Shares	4.03%	4.27%	0.31%

Drawdowns

FNGD vs. MUU - Drawdown Comparison

The maximum FNGD drawdown since its inception was -100.00%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for FNGD and MUU.

Drawdown Indicators

	FNGD	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-75.07%	-24.93%
Max Drawdown (1Y) Largest decline over 1 year	-82.53%	-52.72%	-29.81%
Max Drawdown (5Y) Largest decline over 5 years	-99.53%	—	—
Current Drawdown Current decline from peak	-99.99%	-48.14%	-51.85%
Average Drawdown Average peak-to-trough decline	-86.98%	-25.05%	-61.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	71.84%	18.55%	+53.29%

Volatility

FNGD vs. MUU - Volatility Comparison

The current volatility for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) is 24.51%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 46.74%. This indicates that FNGD experiences smaller price fluctuations and is considered to be less risky than MUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGD	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.51%	46.74%	-22.23%
Volatility (6M) Calculated over the trailing 6-month period	45.21%	98.12%	-52.91%
Volatility (1Y) Calculated over the trailing 1-year period	78.65%	129.66%	-51.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.85%	127.08%	-38.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.51%	127.08%	-35.57%