FNGO vs. AMZZ

Last updated Jun 4, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and AMZZ (GraniteShares 2x Long AMZN Daily ETF) are both Leveraged Equities funds. FNGO is passively managed, while AMZZ is actively managed. Over the past year, FNGO returned 54.81% vs 25.28% for AMZZ. A 0.71 correlation means they provide meaningful diversification when combined. FNGO charges 0.95%/yr vs 1.15%/yr for AMZZ.

Performance

FNGO vs. AMZZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and GraniteShares 2x Long AMZN Daily ETF (AMZZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGO achieves a 29.63% return, which is significantly higher than AMZZ's 9.44% return.

FNGO

• 1D: -2.35%
• 1M: 23.13%
• YTD: 29.63%
• 6M: 17.47%
• 1Y: 54.81%
• 3Y*: 62.64%
• 5Y*: 30.44%
• 10Y*: —

AMZZ

• 1D: -5.02%
• 1M: -16.12%
• YTD: 9.44%
• 6M: 7.26%
• 1Y: 25.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNGO vs. AMZZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	29.63%	25.49%	62.57%
AMZZ GraniteShares 2x Long AMZN Daily ETF	9.44%	-8.94%	38.36%

Correlation

The correlation between FNGO and AMZZ is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (All Time) Calculated using the full available price history since Mar 19, 2024	0.71

The correlation between FNGO and AMZZ has been stable across timeframes, ranging from 0.65 to 0.71 - a consistent structural relationship.

FNGO vs. AMZZ - Sectors Allocation Comparison

Sectors	FNGO	AMZZ
Technology	59.9%	-
Communication Services	28.8%	-
Consumer Cyclical	11.3%	66.7%
Financial Services	10.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGO vs. AMZZ — Risk / Return Rank

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

FNGO

FNGO Risk / Return Rank: 32
FNGO Sharpe Ratio Rank: 38
FNGO Sortino Ratio Rank: 36
FNGO Omega Ratio Rank: 35
FNGO Calmar Ratio Rank: 26
FNGO Martin Ratio Rank: 25

AMZZ

AMZZ Risk / Return Rank: 17
AMZZ Sharpe Ratio Rank: 15
AMZZ Sortino Ratio Rank: 19
AMZZ Omega Ratio Rank: 19
AMZZ Calmar Ratio Rank: 16
AMZZ Martin Ratio Rank: 15

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.

FNGO vs. AMZZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and GraniteShares 2x Long AMZN Daily ETF (AMZZ). 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.

	FNGO	AMZZ	Difference
Sharpe ratio: Return per unit of total volatility	1.39	0.43	+0.97
Sortino ratio: Return per unit of downside risk	1.94	0.99	+0.95
Omega ratio: Gain probability vs. loss probability	1.24	1.12	+0.12
Calmar ratio: Return relative to maximum drawdown	1.29	0.61	+0.68
Martin ratio: Return relative to average drawdown	3.39	1.37	+2.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNGO vs. AMZZ - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 1.39, which is higher than the AMZZ Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of FNGO and AMZZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FNGO	AMZZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	0.43	+0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.25	+0.42

Drawdowns

FNGO vs. AMZZ - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, which is greater than AMZZ's maximum drawdown of -55.28%. Use the drawdown chart below to compare losses from any high point for FNGO and AMZZ.

Drawdown Indicators

	FNGO	AMZZ	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-55.28%	-23.11%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-41.97%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-78.39%	—	—
Current Drawdown Current decline from peak	-2.94%	-18.02%	+15.08%
Average Drawdown Average peak-to-trough decline	-23.91%	-20.21%	-3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.21%	18.49%	-2.28%

Volatility

FNGO vs. AMZZ - Volatility Comparison

The current volatility for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) is 11.29%, while GraniteShares 2x Long AMZN Daily ETF (AMZZ) has a volatility of 14.66%. This indicates that FNGO experiences smaller price fluctuations and is considered to be less risky than AMZZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	AMZZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.29%	14.66%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	30.58%	40.44%	-9.86%
Volatility (1Y) Calculated over the trailing 1-year period	39.56%	59.66%	-20.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.24%	62.82%	-2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.54%	62.82%	-1.28%

FNGO vs. AMZZ - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is lower than AMZZ's 1.15% expense ratio.

Dividends

FNGO vs. AMZZ - Dividend Comparison

Neither FNGO nor AMZZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNGO and AMZZ in my portfolio?

FNGO and AMZZ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNGO or AMZZ?

AMZZ has higher volatility (14.66%) compared to FNGO (11.29%). In terms of maximum drawdown, FNGO dropped -78.39% vs AMZZ's -55.28%.

Which ETF is better, FNGO or AMZZ?

On 1-year performance, FNGO leads with 54.81% vs 25.28% for AMZZ. On fees, FNGO is cheaper at 0.95% per year. On volatility, FNGO has been the lower-risk option at 11.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGO or AMZZ?

Over the 1-year period, FNGO has performed better with a 54.81% return vs 25.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGO or AMZZ?

FNGO is cheaper with a 0.95% expense ratio, compared with 1.15% for AMZZ.

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

FNGO and AMZZ have nearly identical dividend yields, around 0.00%.

What is the main difference between FNGO and AMZZ?

They also come from different issuers: Bank of Montreal and GraniteShares. Their fees differ too: 0.95% for FNGO and 1.15% for AMZZ.

Which has better risk-adjusted returns?

FNGO currently has the higher Sharpe Ratio (1.39 vs 0.43), 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.