FNGG vs. FNGS

Last updated Jul 14, 2026

FNGG (Direxion Daily NYSE FANG+ Bull 2X Shares) and FNGS (MicroSectors FANG+ ETN) are both exchange-traded funds - FNGG is a Leveraged Equities fund tracking the NYSE FANG+ Index (2x Leveraged), while FNGS is a Large Cap Growth Equities fund tracking the NYSE FANG+ Index. Both are passively managed. Over the past 3 years, FNGG returned 47.72%/yr vs 29.28%/yr for FNGS. Their correlation of 0.95 suggests significant overlap in exposure. FNGG charges 0.97%/yr vs 0.58%/yr for FNGS.

Performance

FNGG vs. FNGS - 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+ ETN (FNGS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGG achieves a 14.01% return, which is significantly higher than FNGS's 10.39% return.

FNGG

• 1D: -1.75%
• 1M: 5.15%
• 6M: 14.11%
• YTD: 14.01%
• 1Y: 24.63%
• 3Y*: 47.72%
• 5Y*: —
• 10Y*: —

FNGS

• 1D: -0.50%
• 1M: 3.37%
• 6M: 9.86%
• YTD: 10.39%
• 1Y: 16.52%
• 3Y*: 29.28%
• 5Y*: 18.67%
• 10Y*: —

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

FNGG vs. FNGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares	14.01%	27.21%	98.76%	204.23%	-87.15%	-4.05%
FNGS MicroSectors FANG+ ETN	10.39%	18.64%	51.99%	95.24%	-40.32%	6.16%

Correlation

The correlation between FNGG and FNGS is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.95

The correlation between FNGG and FNGS has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

FNGG vs. FNGS - Sectors Allocation Comparison

Sectors	FNGG	FNGS
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. FNGS — Risk / Return Rank

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

FNGG

FNGG Risk / Return Rank: 20
FNGG Sharpe Ratio Rank: 20
FNGG Sortino Ratio Rank: 22
FNGG Omega Ratio Rank: 22
FNGG Calmar Ratio Rank: 18
FNGG Martin Ratio Rank: 18

FNGS

FNGS Risk / Return Rank: 23
FNGS Sharpe Ratio Rank: 26
FNGS Sortino Ratio Rank: 24
FNGS Omega Ratio Rank: 25
FNGS Calmar Ratio Rank: 20
FNGS Martin Ratio Rank: 21

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. FNGS - 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+ ETN (FNGS). 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	FNGS	Difference
Sharpe ratio: Return per unit of total volatility	0.57	0.74	-0.17
Sortino ratio: Return per unit of downside risk	1.04	1.14	-0.11
Omega ratio: Gain probability vs. loss probability	1.13	1.14	-0.02
Calmar ratio: Return relative to maximum drawdown	0.58	0.72	-0.15
Martin ratio: Return relative to average drawdown	1.44	1.98	-0.53

FNGG vs. FNGS - Sharpe Ratio Comparison

The current FNGG Sharpe Ratio is 0.57, which is comparable to the FNGS Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of FNGG and FNGS, 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. FNGS - Drawdown Comparison

The maximum FNGG drawdown since its inception was -91.33%, which is greater than FNGS's maximum drawdown of -48.98%. Use the drawdown chart below to compare losses from any high point for FNGG and FNGS.

Drawdown Indicators

	FNGG	FNGS	Difference
Max Drawdown Largest peak-to-trough decline	-91.33%	-48.98%	-42.35%
Max Drawdown (1Y) Largest decline over 1 year	-43.01%	-22.93%	-20.08%
Max Drawdown (3Y) Largest decline over 3 years	-47.03%	-26.77%	-20.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-48.98%	—
Current Drawdown Current decline from peak	-15.68%	-6.58%	-9.10%
Average Drawdown Average peak-to-trough decline	-55.17%	-10.82%	-44.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.12%	8.38%	+8.74%

Volatility

FNGG vs. FNGS - Volatility Comparison

Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) has a higher volatility of 15.56% compared to MicroSectors FANG+ ETN (FNGS) at 8.13%. This indicates that FNGG's price experiences larger fluctuations and is considered to be riskier than FNGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGG	FNGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.56%	8.13%	+7.43%
Volatility (6M) Calculated over the trailing 6-month period	35.05%	17.98%	+17.07%
Volatility (1Y) Calculated over the trailing 1-year period	43.33%	22.39%	+20.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.49%	30.24%	+37.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.49%	31.13%	+36.36%

FNGG vs. FNGS - Expense Ratio Comparison

FNGG has a 0.97% expense ratio, which is higher than FNGS's 0.58% expense ratio.

Dividends

FNGG vs. FNGS - Dividend Comparison

FNGG's dividend yield for the trailing twelve months is around 10.44%, while FNGS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FNGG Direxion Daily NYSE FANG+ Bull 2X Shares	10.44%	11.89%	0.79%	0.88%	0.00%	4.99%
FNGS MicroSectors FANG+ ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNGG and FNGS in my portfolio?

With a correlation of 0.98, FNGG and FNGS 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 FNGS?

FNGG has higher volatility (15.56%) compared to FNGS (8.13%). In terms of maximum drawdown, FNGG dropped -91.33% vs FNGS's -48.98%.

Which ETF is better, FNGG or FNGS?

On 3-year performance, FNGG leads with 47.72% vs 29.28% for FNGS. On fees, FNGS is cheaper at 0.58% per year. On volatility, FNGS has been the lower-risk option at 8.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGG or FNGS?

Over the 3-year period, FNGG has performed better with a 47.72% return vs 29.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGG or FNGS?

FNGS is cheaper with a 0.58% expense ratio, compared with 0.97% for FNGG.

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

FNGG has the higher dividend yield at 10.44%, compared with 0.00% for FNGS.

What is the main difference between FNGG and FNGS?

FNGG is categorized as Leveraged Equities, while FNGS is Large Cap Growth Equities. FNGG tracks NYSE FANG+ Index (2x Leveraged), while FNGS tracks NYSE FANG+ Index. They also come from different issuers: Direxion and BMO. Their fees differ too: 0.97% for FNGG and 0.58% for FNGS.

Which has better risk-adjusted returns?

FNGS currently has the higher Sharpe Ratio (0.74 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.