FNGD vs. TERG

Last updated Aug 3, 2026

FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. FNGD is passively managed, while TERG is actively managed. Their -0.46 correlation means they have often moved in opposite directions in the past. FNGD charges 0.95%/yr vs 0.75%/yr for TERG.

Performance

FNGD vs. TERG - Performance Comparison

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

Returns By Period

In the year-to-date period, FNGD achieves a -34.80% return, which is significantly lower than TERG's 118.24% return.

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%

TERG

• 1D: 1.38%
• 1M: -8.01%
• 6M: 44.99%
• YTD: 118.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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
TERG Leverage Shares 2X Long TER Daily ETF	$2.08M	$2.39M	$4.94M

FNGD vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	-34.80%	9.34%
TERG Leverage Shares 2X Long TER Daily ETF	118.24%	20.91%

Correlation

The correlation between FNGD and TERG is -0.46, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	-0.46

Return for Risk

FNGD vs. TERG — 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

TERG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) and Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	—	—
Sortino ratio: Return per unit of downside risk	-0.76	—	—
Omega ratio: Gain probability vs. loss probability	0.91	—	—
Calmar ratio: Return relative to maximum drawdown	-0.68	—	—
Martin ratio: Return relative to average drawdown	-1.26	—	—

Drawdowns

FNGD vs. TERG - Drawdown Comparison

The maximum FNGD drawdown since its inception was -100.00%, which is greater than TERG's maximum drawdown of -60.59%. Use the drawdown chart below to compare losses from any high point for FNGD and TERG.

Drawdown Indicators

	FNGD	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-60.59%	-39.41%
Max Drawdown (1Y) Largest decline over 1 year	-65.92%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-97.35%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.67%	—	—
Current Drawdown Current decline from peak	-100.00%	-48.67%	-51.33%
Average Drawdown Average peak-to-trough decline	-87.46%	-18.83%	-68.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.26%	—	—

Volatility

Volatility by Period

	FNGD	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	54.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	66.81%	158.05%	-91.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.78%	158.05%	-68.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.95%	158.05%	-67.10%

FNGD vs. TERG - Expense Ratio Comparison

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

Dividends

FNGD vs. TERG - Dividend Comparison

Neither FNGD nor TERG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNGD and TERG in my portfolio?

FNGD and TERG have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FNGD or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FNGD or TERG?

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

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

FNGD and TERG have nearly identical dividend yields, around 0.00%.

What is the main difference between FNGD and TERG?

They also come from different issuers: BMO and Leverage Shares. Their fees differ too: 0.95% for FNGD and 0.75% for TERG.