FNGG vs. FDL

Last updated Jun 23, 2026

FNGG (Direxion Daily NYSE FANG+ Bull 2X Shares) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FNGG is a Leveraged Equities fund tracking the NYSE FANG+ Index (2x Leveraged), while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 3 years, FNGG returned 50.53%/yr vs 18.63%/yr for FDL. At a 0.19 correlation, their price movements are largely independent. FNGG charges 0.97%/yr vs 0.43%/yr for FDL.

Performance

FNGG vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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 FNGG having a 11.08% return and FDL slightly higher at 11.33%.

FNGG

• 1D: -5.43%
• 1M: -2.38%
• YTD: 11.08%
• 6M: 9.63%
• 1Y: 34.32%
• 3Y*: 50.53%
• 5Y*: —
• 10Y*: —

FDL

• 1D: -0.16%
• 1M: -3.91%
• YTD: 11.33%
• 6M: 11.38%
• 1Y: 21.02%
• 3Y*: 18.63%
• 5Y*: 12.95%
• 10Y*: 10.99%

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

FNGG vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares	11.08%	27.21%	98.76%	204.23%	-87.15%	-4.05%
FDL First Trust Morningstar Dividend Leaders Index Fund	11.33%	14.79%	17.98%	2.94%	6.66%	9.22%

Correlation

The correlation between FNGG and FDL is -0.24, 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	-0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.19

The correlation between FNGG and FDL shifts across timeframes, from -0.24 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

FNGG vs. FDL - Sectors Allocation Comparison

Sectors	FNGG	FDL
Technology	64.5%	1.4%
Communication Services	25.2%	10.6%
Consumer Cyclical	10.3%	4.7%
Basic Materials	-	0.3%
Consumer Defensive	-	14.4%
Energy	-	25.7%
Financial Services	-	15.2%
Healthcare	-	17.6%
Industrials	-	3.9%
Real Estate	-	-
Utilities	-	6.5%

Return for Risk

FNGG vs. FDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FNGG

FNGG Risk / Return Rank: 21
FNGG Sharpe Ratio Rank: 23
FNGG Sortino Ratio Rank: 24
FNGG Omega Ratio Rank: 23
FNGG Calmar Ratio Rank: 19
FNGG Martin Ratio Rank: 18

FDL

FDL Risk / Return Rank: 65
FDL Sharpe Ratio Rank: 57
FDL Sortino Ratio Rank: 62
FDL Omega Ratio Rank: 53
FDL Calmar Ratio Rank: 88
FDL Martin Ratio Rank: 66

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.

FNGG vs. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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.

	FNGG	FDL	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.84	-1.04
Sortino ratio: Return per unit of downside risk	1.29	2.80	-1.51
Omega ratio: Gain probability vs. loss probability	1.16	1.32	-0.16
Calmar ratio: Return relative to maximum drawdown	0.80	4.94	-4.14
Martin ratio: Return relative to average drawdown	2.07	11.71	-9.63

FNGG vs. FDL - Sharpe Ratio Comparison

The current FNGG Sharpe Ratio is 0.79, which is lower than the FDL Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of FNGG and FDL, 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

FNGG vs. FDL - Drawdown Comparison

The maximum FNGG drawdown since its inception was -91.33%, which is greater than FDL's maximum drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FNGG and FDL.

Drawdown Indicators

	FNGG	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-91.33%	-65.93%	-25.40%
Max Drawdown (1Y) Largest decline over 1 year	-43.01%	-4.27%	-38.74%
Max Drawdown (3Y) Largest decline over 3 years	-47.03%	-12.24%	-34.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-17.85%	-4.24%	-13.61%
Average Drawdown Average peak-to-trough decline	-55.59%	-9.64%	-45.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.60%	1.80%	+14.80%

Volatility

FNGG vs. FDL - Volatility Comparison

Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) has a higher volatility of 20.62% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 3.52%. This indicates that FNGG's price experiences larger fluctuations and is considered to be riskier than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGG	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.62%	3.52%	+17.10%
Volatility (6M) Calculated over the trailing 6-month period	34.72%	8.03%	+26.69%
Volatility (1Y) Calculated over the trailing 1-year period	43.47%	11.51%	+31.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.79%	14.30%	+53.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.79%	17.13%	+50.66%

FNGG vs. FDL - Expense Ratio Comparison

FNGG has a 0.97% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

FNGG vs. FDL - Dividend Comparison

FNGG's dividend yield for the trailing twelve months is around 10.67%, more than FDL's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.74%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares	10.67%	11.89%	0.79%	0.88%	0.00%	4.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNGG and FDL in my portfolio?

FNGG and FDL have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNGG or FDL?

FNGG has higher volatility (20.62%) compared to FDL (3.52%). In terms of maximum drawdown, FNGG dropped -91.33% vs FDL's -65.93%.

Which ETF is better, FNGG or FDL?

On 3-year performance, FNGG leads with 50.53% vs 18.63% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 3.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGG or FDL?

Over the 3-year period, FNGG has performed better with a 50.53% return vs 18.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGG or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.97% for FNGG.

Which ETF pays a higher dividend yield, FNGG or FDL?

FNGG has the higher dividend yield at 10.67%, compared with 3.74% for FDL.

What is the main difference between FNGG and FDL?

FNGG is categorized as Leveraged Equities, while FDL is Large Cap Value Equities. FNGG tracks NYSE FANG+ Index (2x Leveraged), while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Direxion and First Trust. Their fees differ too: 0.97% for FNGG and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (1.84 vs 0.79), 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.