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FNGD vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNGD vs. SPY

Last updated Jun 23, 2026

FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FNGD is a Leveraged Equities fund tracking the NYSE FANG+ Index (-300%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, FNGD returned -63.34%/yr vs 13.51%/yr for SPY. At a correlation of -0.79, they often move in opposite directions. FNGD charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

FNGD vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FNGD achieves a -32.18% return, which is significantly lower than SPY's 9.74% return.

FNGD

1D
7.85%
1M
-4.69%
YTD
-32.18%
6M
-30.47%
1Y
-54.47%
3Y*
-66.30%
5Y*
-63.34%
10Y*
—

SPY

1D
-0.31%
1M
0.09%
YTD
9.74%
6M
9.27%
1Y
26.65%
3Y*
21.27%
5Y*
13.51%
10Y*
15.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FNGD vs. SPY - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
FNGD
MicroSectors FANG+™ Index -3X Inverse Leveraged ETN		-32.18%-61.42%-76.57%-90.14%52.21%-60.04%-95.60%-72.46%-16.61%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-9.91%

Correlation

The correlation between FNGD and SPY 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

-0.82

Correlation (5Y)
Calculated over the trailing 5-year period

-0.82

Correlation (All Time)
Calculated using the full available price history since Jan 23, 2018

-0.79

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

FNGD vs. SPY - Sectors Allocation Comparison

Sectors
FNGD
SPY

Technology

63.4%
39.0%

Communication Services

26.0%
10.6%

Consumer Cyclical

10.6%
9.9%

Financial Services

10.0%
11.1%

Basic Materials

-

1.7%

Consumer Defensive

-

4.5%

Energy

-

3.1%

Healthcare

-

8.3%

Industrials

-

7.8%

Real Estate

-

1.8%

Utilities

-

2.1%

Technology

FNGD
63.4%
SPY
39.0%

Communication Services

FNGD
26.0%
SPY
10.6%

Consumer Cyclical

FNGD
10.6%
SPY
9.9%

Financial Services

FNGD
10.0%
SPY
11.1%

Basic Materials

FNGD

-

SPY
1.7%

Consumer Defensive

FNGD

-

SPY
4.5%

Energy

FNGD

-

SPY
3.1%

Healthcare

FNGD

-

SPY
8.3%

Industrials

FNGD

-

SPY
7.8%

Real Estate

FNGD

-

SPY
1.8%

Utilities

FNGD

-

SPY
2.1%

Compare stocks, funds, or ETFs

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MicroSectors FANG+™ Index -3X Inverse Leveraged ETN

State Street SPDR S&P 500 ETF

Often compared with FNGD:
FNGD vs. FNGUFNGD vs. SOXSFNGD vs. BERZFNGD vs. SQQQFNGD vs. GLLFNGD vs. TECSFNGD vs. AAPL
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

FNGD vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNGD
FNGD Risk / Return Rank: 22
Overall Rank
FNGD Sharpe Ratio Rank: 22
Sharpe Ratio Rank
FNGD Sortino Ratio Rank: 22
Sortino Ratio Rank
FNGD Omega Ratio Rank: 22
Omega Ratio Rank
FNGD Calmar Ratio Rank: 22
Calmar Ratio Rank
FNGD Martin Ratio Rank: 11
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
Martin Ratio Rank
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and State Street SPDR S&P 500 ETF (SPY). 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.

FNGDSPYDifference
Sharpe ratioReturn per unit of total volatility
-0.84
2.16

-3.00

Sortino ratioReturn per unit of downside risk
-1.22
2.91

-4.13

Omega ratioGain probability vs. loss probability

0.86

1.39

-0.53

Calmar ratioReturn relative to maximum drawdown

-0.83

3.01

-3.84

Martin ratioReturn relative to average drawdown

-1.60

13.54

-15.14

FNGD vs. SPY - Sharpe Ratio Comparison

The current FNGD Sharpe Ratio is -0.84, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FNGD and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FNGD vs. SPY - Drawdown Comparison

The maximum FNGD drawdown since its inception was -100.00%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FNGD and SPY.

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Drawdown Indicators

FNGDSPYDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-55.19%

-44.81%

Max Drawdown (1Y)

Largest decline over 1 year

-65.92%

-8.88%

-57.04%

Max Drawdown (3Y)

Largest decline over 3 years

-97.35%

-18.76%

-78.59%

Max Drawdown (5Y)

Largest decline over 5 years

-99.67%

-24.50%

-75.17%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

-100.00%

-1.75%

-98.25%

Average Drawdown

Average peak-to-trough decline

-87.29%

-9.04%

-78.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

35.32%

1.97%

+33.35%

Volatility

FNGD vs. SPY - Volatility Comparison

MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) has a higher volatility of 32.28% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that FNGD's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FNGDSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

32.28%

4.64%

+27.64%

Volatility (6M)

Calculated over the trailing 6-month period

52.78%

9.75%

+43.03%

Volatility (1Y)

Calculated over the trailing 1-year period

65.18%

12.43%

+52.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

89.62%

17.14%

+72.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

91.28%

17.99%

+73.29%

FNGD vs. SPY - Expense Ratio Comparison

FNGD has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FNGD vs. SPY - Dividend Comparison

FNGD has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

PositionTTM20252024202320222021202020192018201720162015
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%
SPY
State Street SPDR S&P 500 ETF		1.01%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

FNGD and SPY 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.

FNGD has higher volatility (32.28%) compared to SPY (4.64%). In terms of maximum drawdown, FNGD dropped -100.00% vs SPY's -55.19%.

On 5-year performance, SPY leads with 13.51% vs -63.34% for FNGD. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SPY has performed better with a 13.51% return vs -63.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for FNGD.

SPY has the higher dividend yield at 1.01%, compared with 0.00% for FNGD.

FNGD is categorized as Leveraged Equities, while SPY is S&P 500. FNGD tracks NYSE FANG+ Index (-300%), while SPY tracks S&P 500 Index. They also come from different issuers: BMO and State Street. Their fees differ too: 0.95% for FNGD and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.16 vs -0.84), 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.

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