FNGD vs. SPXS
Compare and contrast key facts about MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and Direxion Daily S&P 500 Bear 3X Shares (SPXS).
FNGD and SPXS 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. SPXS is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (-300%). It was launched on Nov 5, 2008. Both FNGD and SPXS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
FNGD vs. SPXS - Performance Comparison
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FNGD vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN | 33.64% | -61.42% | -76.57% | -90.14% | 52.21% | -60.04% | -95.60% | -72.46% | -13.73% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 12.54% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 23.51% |
Returns By Period
In the year-to-date period, FNGD achieves a 33.64% return, which is significantly higher than SPXS's 12.54% return.
FNGD
- 1D
- -4.70%
- 1M
- 8.14%
- YTD
- 33.64%
- 6M
- 37.83%
- 1Y
- -59.80%
- 3Y*
- -66.39%
- 5Y*
- -60.34%
- 10Y*
- —
SPXS
- 1D
- -2.35%
- 1M
- 13.44%
- YTD
- 12.54%
- 6M
- 6.78%
- 1Y
- -42.12%
- 3Y*
- -36.76%
- 5Y*
- -31.62%
- 10Y*
- -39.93%
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FNGD vs. SPXS - Expense Ratio Comparison
FNGD has a 0.95% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Return for Risk
FNGD vs. SPXS — Risk / Return Rank
FNGD
SPXS
FNGD vs. SPXS - 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 S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.76 | -0.77 | +0.01 |
Sortino ratioReturn per unit of downside risk | -0.94 | -0.97 | +0.03 |
Omega ratioGain probability vs. loss probability | 0.87 | 0.86 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.74 | -0.66 | -0.09 |
Martin ratioReturn relative to average drawdown | -0.85 | -0.76 | -0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FNGD | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.76 | -0.77 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.68 | -0.63 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.75 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.75 | -0.81 | +0.06 |
Correlation
The correlation between FNGD and SPXS is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FNGD vs. SPXS - Dividend Comparison
FNGD has not paid dividends to shareholders, while SPXS's dividend yield for the trailing twelve months is around 3.25%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 3.25% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Drawdowns
FNGD vs. SPXS - Drawdown Comparison
The maximum FNGD drawdown since its inception was -100.00%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for FNGD and SPXS.
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Drawdown Indicators
| FNGD | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -82.53% | -65.10% | -17.43% |
Max Drawdown (5Y)Largest decline over 5 years | -99.53% | -87.42% | -12.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.52% | — |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -86.98% | -96.27% | +9.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 71.98% | 55.82% | +16.16% |
Volatility
FNGD vs. SPXS - Volatility Comparison
MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a higher volatility of 25.08% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 16.19%. This indicates that FNGD's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNGD | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.08% | 16.19% | +8.89% |
Volatility (6M)Calculated over the trailing 6-month period | 45.50% | 28.36% | +17.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 78.77% | 54.64% | +24.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 88.87% | 50.41% | +38.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 91.50% | 53.49% | +38.01% |