FNGO vs. FDL

Last updated Jun 24, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - FNGO is a Leveraged Equities fund tracking the NYSE FANG+ Index (+200%), while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 5 years, FNGO returned 22.32%/yr vs 13.08%/yr for FDL. At a 0.24 correlation, their price movements are largely independent. FNGO charges 0.95%/yr vs 0.43%/yr for FDL.

Performance

FNGO vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGO achieves a 6.64% return, which is significantly lower than FDL's 12.67% return.

FNGO

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

FDL

• 1D: 1.20%
• 1M: -2.75%
• YTD: 12.67%
• 6M: 13.02%
• 1Y: 22.39%
• 3Y*: 19.10%
• 5Y*: 13.08%
• 10Y*: 11.12%

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

FNGO vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	6.64%	25.49%	101.65%	240.10%	-71.55%	28.38%	238.00%	79.61%	-39.85%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.67%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.03%

Correlation

The correlation between FNGO and FDL is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018	0.24

The correlation between FNGO and FDL shifts across timeframes, from -0.23 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

FNGO vs. FDL - Sectors Allocation Comparison

Sectors	FNGO	FDL
Technology	63.4%	1.4%
Communication Services	26.0%	10.6%
Consumer Cyclical	10.6%	4.7%
Financial Services	10.0%	15.2%
Basic Materials	-	0.3%
Consumer Defensive	-	14.4%
Energy	-	25.7%
Healthcare	-	17.6%
Industrials	-	3.9%
Real Estate	-	-
Utilities	-	6.5%

Return for Risk

FNGO vs. FDL — Risk / Return Rank

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

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

FDL

FDL Risk / Return Rank: 69
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 68
FDL Omega Ratio Rank: 57
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 69

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. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) 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.

	FNGO	FDL	Difference
Sharpe ratio: Return per unit of total volatility	0.59	1.95	-1.36
Sortino ratio: Return per unit of downside risk	1.07	2.96	-1.89
Omega ratio: Gain probability vs. loss probability	1.13	1.34	-0.21
Calmar ratio: Return relative to maximum drawdown	0.61	5.26	-4.66
Martin ratio: Return relative to average drawdown	1.56	12.40	-10.84

FNGO vs. FDL - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.59, which is lower than the FDL Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of FNGO 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

FNGO vs. FDL - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, which is greater than FDL's maximum drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for FNGO and FDL.

Drawdown Indicators

	FNGO	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-65.93%	-12.46%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-4.27%	-38.46%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-12.24%	-35.40%
Max Drawdown (5Y) Largest decline over 5 years	-78.39%	-16.46%	-61.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.40%	—
Current Drawdown Current decline from peak	-20.15%	-3.09%	-17.06%
Average Drawdown Average peak-to-trough decline	-23.84%	-9.64%	-14.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.61%	1.81%	+14.80%

Volatility

FNGO vs. FDL - Volatility Comparison

MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) has a higher volatility of 21.56% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 3.72%. This indicates that FNGO'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

	FNGO	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.56%	3.72%	+17.84%
Volatility (6M) Calculated over the trailing 6-month period	35.31%	8.09%	+27.22%
Volatility (1Y) Calculated over the trailing 1-year period	43.90%	11.54%	+32.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.80%	14.31%	+46.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.71%	17.11%	+44.60%

FNGO vs. FDL - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

FNGO vs. FDL - Dividend Comparison

FNGO has not paid dividends to shareholders, while FDL's dividend yield for the trailing twelve months is around 3.70%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.70%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNGO and FDL in my portfolio?

FNGO and FDL have a correlation of -0.23, 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 FDL?

FNGO has higher volatility (21.56%) compared to FDL (3.72%). In terms of maximum drawdown, FNGO dropped -78.39% vs FDL's -65.93%.

Which ETF is better, FNGO or FDL?

On 5-year performance, FNGO leads with 22.32% vs 13.08% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGO or FDL?

Over the 5-year period, FNGO has performed better with a 22.32% return vs 13.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGO or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.95% for FNGO.

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

FDL has the higher dividend yield at 3.70%, compared with 0.00% for FNGO.

What is the main difference between FNGO and FDL?

FNGO is categorized as Leveraged Equities, while FDL is Large Cap Value Equities. FNGO tracks NYSE FANG+ Index (+200%), while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Bank of Montreal and First Trust. Their fees differ too: 0.95% for FNGO and 0.43% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (1.95 vs 0.59), 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.