FNGD vs. SOXL

Last updated Jun 24, 2026

FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - FNGD tracks the NYSE FANG+ Index (-300%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 5 years, FNGD returned -62.47%/yr vs 42.16%/yr for SOXL. At a correlation of -0.75, they often move in opposite directions. FNGD charges 0.95%/yr vs 0.75%/yr for SOXL.

Performance

FNGD vs. SOXL - 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 Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGD achieves a -27.13% return, which is significantly lower than SOXL's 450.61% return.

FNGD

• 1D: 7.44%
• 1M: 2.40%
• YTD: -27.13%
• 6M: -23.35%
• 1Y: -49.41%
• 3Y*: -65.49%
• 5Y*: -62.47%
• 10Y*: —

SOXL

• 1D: -23.06%
• 1M: 21.44%
• YTD: 450.61%
• 6M: 429.57%
• 1Y: 976.09%
• 3Y*: 120.84%
• 5Y*: 42.16%
• 10Y*: 64.56%

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

FNGD vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	-27.13%	-61.42%	-76.57%	-90.14%	52.21%	-60.04%	-95.60%	-72.46%	-16.61%
SOXL Direxion Daily Semiconductor Bull 3X ETF	450.61%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-54.15%

Correlation

The correlation between FNGD and SOXL is -0.60, 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	-0.60
Correlation (3Y) Calculated over the trailing 3-year period	-0.70
Correlation (5Y) Calculated over the trailing 5-year period	-0.76
Correlation (All Time) Calculated using the full available price history since Jan 23, 2018	-0.75

The correlation between FNGD and SOXL shifts across timeframes, from -0.76 (5 years) to -0.60 (1 year), reflecting how their relationship changes across market environments.

FNGD vs. SOXL - Sectors Allocation Comparison

Sectors	FNGD	SOXL
Technology	63.4%	100.0%
Communication Services	26.0%	-
Consumer Cyclical	10.6%	-
Financial Services	10.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGD vs. SOXL — 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: 3
FNGD Sortino Ratio Rank: 3
FNGD Omega Ratio Rank: 3
FNGD Calmar Ratio Rank: 3
FNGD Martin Ratio Rank: 1

SOXL

SOXL Risk / Return Rank: 96
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 90
SOXL Omega Ratio Rank: 92
SOXL Calmar Ratio Rank: 99
SOXL 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. SOXL - 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 Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	8.45	-9.20
Sortino ratio: Return per unit of downside risk	-1.00	4.03	-5.03
Omega ratio: Gain probability vs. loss probability	0.89	1.58	-0.69
Calmar ratio: Return relative to maximum drawdown	-0.75	22.69	-23.44
Martin ratio: Return relative to average drawdown	-1.52	72.83	-74.35

FNGD vs. SOXL - Sharpe Ratio Comparison

The current FNGD Sharpe Ratio is -0.76, which is lower than the SOXL Sharpe Ratio of 8.45. The chart below compares the historical Sharpe Ratios of FNGD and SOXL, 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. SOXL - Drawdown Comparison

The maximum FNGD drawdown since its inception was -100.00%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for FNGD and SOXL.

Drawdown Indicators

	FNGD	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-90.46%	-9.54%
Max Drawdown (1Y) Largest decline over 1 year	-65.92%	-43.47%	-22.45%
Max Drawdown (3Y) Largest decline over 3 years	-97.35%	-87.88%	-9.47%
Max Drawdown (5Y) Largest decline over 5 years	-99.67%	-90.46%	-9.21%
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	-100.00%	-23.06%	-76.94%
Average Drawdown Average peak-to-trough decline	-87.30%	-34.95%	-52.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.15%	13.52%	+20.63%

Volatility

FNGD vs. SOXL - Volatility Comparison

The current volatility for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) is 33.07%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. This indicates that FNGD experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGD	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.07%	68.39%	-35.32%
Volatility (6M) Calculated over the trailing 6-month period	53.22%	99.84%	-46.62%
Volatility (1Y) Calculated over the trailing 1-year period	65.50%	116.79%	-51.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.67%	110.35%	-20.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.30%	100.62%	-9.32%

FNGD vs. SOXL - Expense Ratio Comparison

FNGD has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

FNGD vs. SOXL - Dividend Comparison

FNGD has not paid dividends to shareholders, while SOXL's dividend yield for the trailing twelve months is around 0.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%

Frequently Asked Questions

Can I hold both FNGD and SOXL in my portfolio?

FNGD and SOXL have a correlation of -0.60, 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 SOXL?

SOXL has higher volatility (68.39%) compared to FNGD (33.07%). In terms of maximum drawdown, FNGD dropped -100.00% vs SOXL's -90.46%.

Which ETF is better, FNGD or SOXL?

On 5-year performance, SOXL leads with 42.16% vs -62.47% for FNGD. On fees, SOXL is cheaper at 0.75% per year. On volatility, FNGD has been the lower-risk option at 33.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGD or SOXL?

Over the 5-year period, SOXL has performed better with a 42.16% return vs -62.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGD or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for FNGD.

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

SOXL has the higher dividend yield at 0.03%, compared with 0.00% for FNGD.

What is the main difference between FNGD and SOXL?

FNGD tracks NYSE FANG+ Index (-300%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for FNGD and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (8.45 vs -0.76), 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.