FNGO vs. FNGAX

Last updated Jun 24, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and FNGAX (Franklin International Growth Fund Class A) are both funds - FNGO is a Leveraged Equities fund tracking the NYSE FANG+ Index (+200%), while FNGAX is a Foreign Large Cap Equities fund managed by Franklin Templeton. Over the past 5 years, FNGO returned 22.32%/yr vs -3.60%/yr for FNGAX. A 0.66 correlation means they provide meaningful diversification when combined. FNGO charges 0.95%/yr vs 1.12%/yr for FNGAX.

Performance

FNGO vs. FNGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and Franklin International Growth Fund Class A (FNGAX). 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 higher than FNGAX's -0.23% return.

FNGO

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

FNGAX

• 1D: -0.52%
• 1M: 2.93%
• YTD: -0.23%
• 6M: -0.92%
• 1Y: -0.15%
• 3Y*: 4.43%
• 5Y*: -3.60%
• 10Y*: 6.90%

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

FNGO vs. FNGAX - 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%
FNGAX Franklin International Growth Fund Class A	-0.23%	10.48%	0.37%	15.00%	-32.05%	1.17%	32.56%	36.91%	-19.33%

Correlation

The correlation between FNGO and FNGAX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018	0.66

The correlation between FNGO and FNGAX has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.

Return for Risk

FNGO vs. FNGAX — 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

FNGAX

FNGAX Risk / Return Rank: 3
FNGAX Sharpe Ratio Rank: 3
FNGAX Sortino Ratio Rank: 3
FNGAX Omega Ratio Rank: 3
FNGAX Calmar Ratio Rank: 3
FNGAX Martin Ratio Rank: 3

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. FNGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and Franklin International Growth Fund Class A (FNGAX). 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	FNGAX	Difference
Sharpe ratio: Return per unit of total volatility	0.59	0.07	+0.52
Sortino ratio: Return per unit of downside risk	1.07	0.23	+0.85
Omega ratio: Gain probability vs. loss probability	1.13	1.03	+0.10
Calmar ratio: Return relative to maximum drawdown	0.61	0.07	+0.53
Martin ratio: Return relative to average drawdown	1.56	0.20	+1.36

FNGO vs. FNGAX - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.59, which is higher than the FNGAX Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of FNGO and FNGAX, 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. FNGAX - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, which is greater than FNGAX's maximum drawdown of -53.35%. Use the drawdown chart below to compare losses from any high point for FNGO and FNGAX.

Drawdown Indicators

	FNGO	FNGAX	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-53.35%	-25.04%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-17.35%	-25.38%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-23.26%	-24.38%
Max Drawdown (5Y) Largest decline over 5 years	-78.39%	-47.24%	-31.15%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.24%	—
Current Drawdown Current decline from peak	-20.15%	-21.23%	+1.08%
Average Drawdown Average peak-to-trough decline	-23.84%	-14.18%	-9.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.61%	6.24%	+10.37%

Volatility

FNGO vs. FNGAX - Volatility Comparison

MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) has a higher volatility of 21.56% compared to Franklin International Growth Fund Class A (FNGAX) at 6.04%. This indicates that FNGO's price experiences larger fluctuations and is considered to be riskier than FNGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	FNGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.56%	6.04%	+15.52%
Volatility (6M) Calculated over the trailing 6-month period	35.31%	14.38%	+20.93%
Volatility (1Y) Calculated over the trailing 1-year period	43.90%	17.93%	+25.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.80%	21.46%	+39.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.71%	20.33%	+41.38%

FNGO vs. FNGAX - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is lower than FNGAX's 1.12% expense ratio.

Dividends

FNGO vs. FNGAX - Dividend Comparison

FNGO has not paid dividends to shareholders, while FNGAX's dividend yield for the trailing twelve months is around 3.27%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNGAX Franklin International Growth Fund Class A	3.27%	3.36%	1.86%	0.00%	1.75%	1.80%	2.22%	0.13%	1.94%	1.31%	0.53%	0.01%
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 FNGAX in my portfolio?

FNGO and FNGAX have a correlation of 0.61, 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 FNGAX?

FNGO has higher volatility (21.56%) compared to FNGAX (6.04%). In terms of maximum drawdown, FNGO dropped -78.39% vs FNGAX's -53.35%.

Which has better risk-adjusted returns?

FNGO currently has the higher Sharpe Ratio (0.59 vs 0.07), 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.