FNGD vs. SQQQ

Last updated Aug 3, 2026

FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds - FNGD tracks the NYSE FANG+ Index (Gross Total Return, -300% Daily) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 5 years, FNGD returned -63.24%/yr vs -44.46%/yr for SQQQ. Their correlation of 0.90 means they have usually moved in the same direction. Both charge a 0.95% expense ratio.

Performance

FNGD vs. SQQQ - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FNGD having a -34.80% return and SQQQ slightly higher at -34.61%.

FNGD

• 1D: -5.03%
• 1M: -4.69%
• 6M: -39.93%
• YTD: -34.80%
• 1Y: -48.33%
• 3Y*: -64.85%
• 5Y*: -63.24%
• 10Y*: —
• ALL TIME*: -69.95%

SQQQ

• 1D: -1.99%
• 1M: 9.46%
• 6M: -32.40%
• YTD: -34.61%
• 1Y: -52.32%
• 3Y*: -49.83%
• 5Y*: -44.46%
• 10Y*: -54.48%
• ALL TIME*: -52.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	$13.50M	$14.88M	$20.27M
SQQQ ProShares UltraPro Short QQQ	$2.40B	$2.29B	$2.66B

FNGD vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	-34.80%	-61.42%	-76.57%	-90.14%	52.21%	-60.04%	-95.60%	-72.46%	-16.61%
SQQQ ProShares UltraPro Short QQQ	-34.61%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-0.24%

Correlation

The correlation between FNGD and SQQQ is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 23, 2018	0.90

The correlation between FNGD and SQQQ has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

FNGD vs. SQQQ - Sectors Allocation Comparison

Sectors	FNGD	SQQQ
Technology	59.6%	-
Communication Services	30.0%	-
Consumer Cyclical	10.4%	-
Financial Services	10.0%	89.7%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGD vs. SQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FNGD

FNGD Risk / Return Rank: 4
FNGD Sharpe Ratio Rank: 4
FNGD Sortino Ratio Rank: 4
FNGD Omega Ratio Rank: 4
FNGD Calmar Ratio Rank: 4
FNGD Martin Ratio Rank: 2

SQQQ

SQQQ Risk / Return Rank: 2
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 3
SQQQ Calmar Ratio Rank: 2
SQQQ Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FNGD vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and ProShares UltraPro Short QQQ (SQQQ). 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	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	-0.86	+0.19
Sortino ratio: Return per unit of downside risk	-0.76	-1.25	+0.49
Omega ratio: Gain probability vs. loss probability	0.91	0.86	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.68	-0.81	+0.14
Martin ratio: Return relative to average drawdown	-1.26	-1.41	+0.15

FNGD vs. SQQQ - Sharpe Ratio Comparison

The current FNGD Sharpe Ratio is -0.67, which is comparable to the SQQQ Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of FNGD and SQQQ, 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. SQQQ - Drawdown Comparison

The maximum FNGD drawdown since its inception was -100.00%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for FNGD and SQQQ.

Drawdown Indicators

	FNGD	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-100.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-65.92%	-61.03%	-4.89%
Max Drawdown (3Y) Largest decline over 3 years	-97.35%	-92.51%	-4.84%
Max Drawdown (5Y) Largest decline over 5 years	-99.67%	-97.27%	-2.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.97%	—
Current Drawdown Current decline from peak	-100.00%	-100.00%	0.00%
Average Drawdown Average peak-to-trough decline	-87.46%	-92.78%	+5.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.26%	35.08%	+0.18%

Volatility

FNGD vs. SQQQ - Volatility Comparison

The current volatility for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) is 18.15%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that FNGD experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGD	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.15%	20.82%	-2.67%
Volatility (6M) Calculated over the trailing 6-month period	54.65%	48.09%	+6.56%
Volatility (1Y) Calculated over the trailing 1-year period	66.81%	57.98%	+8.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.78%	68.18%	+21.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.95%	66.74%	+24.21%

FNGD vs. SQQQ - Expense Ratio Comparison

Both FNGD and SQQQ have an expense ratio of 0.95%.

Dividends

FNGD vs. SQQQ - Dividend Comparison

FNGD has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 9.14%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SQQQ ProShares UltraPro Short QQQ	9.14%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both FNGD and SQQQ in my portfolio?

FNGD and SQQQ have a correlation of 0.87, 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 SQQQ?

SQQQ has higher volatility (20.82%) compared to FNGD (18.15%). In terms of maximum drawdown, FNGD dropped -100.00% vs SQQQ's -100.00%.

Which ETF is better, FNGD or SQQQ?

On 5-year performance, SQQQ leads with -44.46% vs -63.24% for FNGD. Both ETFs have the same 0.95% expense ratio. On volatility, FNGD has been the lower-risk option at 18.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGD or SQQQ?

Over the 5-year period, SQQQ has performed better with a -44.46% return vs -63.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGD or SQQQ?

FNGD and SQQQ have the same expense ratio: 0.95% per year.

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

SQQQ has the higher dividend yield at 9.14%, compared with 0.00% for FNGD.

What is the main difference between FNGD and SQQQ?

FNGD tracks NYSE FANG+ Index (Gross Total Return, -300% Daily), while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

FNGD currently has the higher Sharpe Ratio (-0.67 vs -0.86), 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.