FNGG vs. FNGO

Last updated Jun 24, 2026

FNGG (Direxion Daily NYSE FANG+ Bull 2X Shares) and FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) are both Leveraged Equities funds - FNGG tracks the NYSE FANG+ Index (2x Leveraged) while FNGO tracks the NYSE FANG+ Index (+200%). Both are passively managed. Over the past 3 years, FNGG returned 48.04%/yr vs 48.86%/yr for FNGO. With a 0.95 correlation, they move nearly in lockstep. FNGG charges 0.97%/yr vs 0.95%/yr for FNGO.

Performance

FNGG vs. FNGO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) and MicroSectors FANG+ Index 2X Leveraged ETN (FNGO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGG achieves a 5.64% return, which is significantly lower than FNGO's 6.64% return.

FNGG

• 1D: -4.89%
• 1M: -7.16%
• YTD: 5.64%
• 6M: 2.41%
• 1Y: 24.87%
• 3Y*: 48.04%
• 5Y*: —
• 10Y*: —

FNGO

• 1D: -4.61%
• 1M: -6.82%
• YTD: 6.64%
• 6M: 2.85%
• 1Y: 25.87%
• 3Y*: 48.86%
• 5Y*: 22.32%
• 10Y*: —

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

FNGG vs. FNGO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares	5.64%	27.21%	98.76%	204.23%	-87.15%	-4.05%
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	6.64%	25.49%	101.65%	240.10%	-71.55%	10.71%

Correlation

The correlation between FNGG and FNGO is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.95

The correlation between FNGG and FNGO has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.

FNGG vs. FNGO - Sectors Allocation Comparison

Sectors	FNGG	FNGO
Technology	64.5%	63.4%
Communication Services	25.2%	26.0%
Consumer Cyclical	10.3%	10.6%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	10.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGG vs. FNGO — Risk / Return Rank

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

FNGG

FNGG Risk / Return Rank: 18
FNGG Sharpe Ratio Rank: 18
FNGG Sortino Ratio Rank: 19
FNGG Omega Ratio Rank: 19
FNGG Calmar Ratio Rank: 15
FNGG Martin Ratio Rank: 16

FNGO

FNGO Risk / Return Rank: 18
FNGO Sharpe Ratio Rank: 18
FNGO Sortino Ratio Rank: 20
FNGO Omega Ratio Rank: 19
FNGO Calmar Ratio Rank: 16
FNGO Martin Ratio Rank: 16

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. FNGO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) and MicroSectors FANG+ Index 2X Leveraged ETN (FNGO). 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	FNGO	Difference
Sharpe ratio: Return per unit of total volatility	0.57	0.59	-0.02
Sortino ratio: Return per unit of downside risk	1.04	1.07	-0.03
Omega ratio: Gain probability vs. loss probability	1.13	1.13	0.00
Calmar ratio: Return relative to maximum drawdown	0.58	0.61	-0.03
Martin ratio: Return relative to average drawdown	1.50	1.56	-0.06

FNGG vs. FNGO - Sharpe Ratio Comparison

The current FNGG Sharpe Ratio is 0.57, which is comparable to the FNGO Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of FNGG and FNGO, 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. FNGO - Drawdown Comparison

The maximum FNGG drawdown since its inception was -91.33%, which is greater than FNGO's maximum drawdown of -78.39%. Use the drawdown chart below to compare losses from any high point for FNGG and FNGO.

Drawdown Indicators

	FNGG	FNGO	Difference
Max Drawdown Largest peak-to-trough decline	-91.33%	-78.39%	-12.94%
Max Drawdown (1Y) Largest decline over 1 year	-43.01%	-42.73%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-47.03%	-47.64%	+0.61%
Max Drawdown (5Y) Largest decline over 5 years	—	-78.39%	—
Current Drawdown Current decline from peak	-21.87%	-20.15%	-1.72%
Average Drawdown Average peak-to-trough decline	-55.56%	-23.84%	-31.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.65%	16.61%	+0.04%

Volatility

FNGG vs. FNGO - Volatility Comparison

Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) and MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) have volatilities of 21.11% and 21.56%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGG	FNGO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.11%	21.56%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	35.05%	35.31%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	43.67%	43.90%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.80%	60.80%	+7.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.80%	61.71%	+6.09%

FNGG vs. FNGO - Expense Ratio Comparison

FNGG has a 0.97% expense ratio, which is higher than FNGO's 0.95% expense ratio.

Dividends

FNGG vs. FNGO - Dividend Comparison

FNGG's dividend yield for the trailing twelve months is around 11.22%, while FNGO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares	11.22%	11.89%	0.79%	0.88%	0.00%	4.99%
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNGG and FNGO in my portfolio?

With a correlation of 0.99, FNGG and FNGO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FNGG or FNGO?

FNGO has higher volatility (21.56%) compared to FNGG (21.11%). In terms of maximum drawdown, FNGG dropped -91.33% vs FNGO's -78.39%.

Which ETF is better, FNGG or FNGO?

On 3-year performance, FNGO leads with 48.86% vs 48.04% for FNGG. On fees, FNGO is cheaper at 0.95% per year. On volatility, FNGG has been the lower-risk option at 21.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGG or FNGO?

Over the 3-year period, FNGO has performed better with a 48.86% return vs 48.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGG or FNGO?

FNGO is cheaper with a 0.95% expense ratio, compared with 0.97% for FNGG.

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

FNGG has the higher dividend yield at 11.22%, compared with 0.00% for FNGO.

What is the main difference between FNGG and FNGO?

FNGG tracks NYSE FANG+ Index (2x Leveraged), while FNGO tracks NYSE FANG+ Index (+200%). They also come from different issuers: Direxion and Bank of Montreal. Their fees differ too: 0.97% for FNGG and 0.95% for FNGO.

Which has better risk-adjusted returns?

FNGO currently has the higher Sharpe Ratio (0.59 vs 0.57), 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.