FNGO vs. FNGG

Last updated Jun 24, 2026

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

Performance

FNGO vs. FNGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG). 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 FNGG's 5.64% return.

FNGO

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

FNGG

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

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

FNGO vs. FNGG - Yearly Performance Comparison

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

Correlation

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

FNGO vs. FNGG - Sectors Allocation Comparison

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

Return for Risk

FNGO vs. FNGG — 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

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

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. FNGG - Risk-Adjusted Trends Comparison

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

FNGO vs. FNGG - Sharpe Ratio Comparison

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

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

Drawdown Indicators

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

Volatility

FNGO vs. FNGG - Volatility Comparison

MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG) have volatilities of 21.56% and 21.11%, 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

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

FNGO vs. FNGG - Expense Ratio Comparison

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

Dividends

FNGO vs. FNGG - Dividend Comparison

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

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 FNGO and FNGG in my portfolio?

With a correlation of 0.99, FNGO and FNGG 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, FNGO or FNGG?

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

Which ETF is better, FNGO or FNGG?

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, FNGO or FNGG?

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, FNGO or FNGG?

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

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

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

What is the main difference between FNGO and FNGG?

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

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.