FNGO vs. FNGU

Last updated Apr 2, 2026

Compare and contrast key facts about MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and MicroSectors FANG+™ Index 3X Leveraged ETN (FNGU).

FNGO and FNGU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FNGO is a passively managed fund by Bank of Montreal that tracks the performance of the NYSE FANG+ Index (+200%). It was launched on Aug 1, 2018. FNGU is a passively managed fund by Bank of Montreal that tracks the performance of the NYSE FANG (TR) (300%). It was launched on Jan 22, 2018. Both FNGO and FNGU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FNGO vs. FNGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and MicroSectors FANG+™ Index 3X Leveraged ETN (FNGU). The values are adjusted to include any dividend payments, if applicable.

FNGO vs. FNGU - Yearly Performance Comparison

	2026 (YTD)	2025
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	-22.92%	16.65%
FNGU MicroSectors FANG+™ Index 3X Leveraged ETN	-35.43%	4.24%

Returns By Period

In the year-to-date period, FNGO achieves a -22.92% return, which is significantly higher than FNGU's -35.43% return.

FNGO

• 1D: 2.95%
• 1M: -8.44%
• YTD: -22.92%
• 6M: -28.65%
• 1Y: 28.52%
• 3Y*: 52.54%
• 5Y*: 18.17%
• 10Y*: —

FNGU

• 1D: 4.35%
• 1M: -14.02%
• YTD: -35.43%
• 6M: -44.05%
• 1Y: 17.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNGO vs. FNGU - Expense Ratio Comparison

Both FNGO and FNGU have an expense ratio of 0.95%.

FNGO

MicroSectors FANG+ Index 2X Leveraged ETN

FNGU

MicroSectors FANG+™ Index 3X Leveraged ETN

Return for Risk

FNGO vs. FNGU — Risk / Return Rank

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

FNGO

FNGO Risk / Return Rank: 31
FNGO Sharpe Ratio Rank: 27
FNGO Sortino Ratio Rank: 39
FNGO Omega Ratio Rank: 36
FNGO Calmar Ratio Rank: 29
FNGO Martin Ratio Rank: 26

FNGU

FNGU Risk / Return Rank: 23
FNGU Sharpe Ratio Rank: 17
FNGU Sortino Ratio Rank: 30
FNGU Omega Ratio Rank: 28
FNGU Calmar Ratio Rank: 20
FNGU Martin Ratio Rank: 19

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. FNGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and MicroSectors FANG+™ Index 3X Leveraged ETN (FNGU). 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	FNGU	Difference
Sharpe ratio Return per unit of total volatility	0.53	0.23	+0.29
Sortino ratio Return per unit of downside risk	1.16	0.92	+0.24
Omega ratio Gain probability vs. loss probability	1.15	1.12	+0.03
Calmar ratio Return relative to maximum drawdown	0.74	0.38	+0.36
Martin ratio Return relative to average drawdown	2.08	1.00	+1.08
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. FNGU - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.53, which is higher than the FNGU Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of FNGO and FNGU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FNGO	FNGU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	0.23	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	-0.37	+0.90

Correlation

The correlation between FNGO and FNGU is 0.98, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FNGO vs. FNGU - Dividend Comparison

Neither FNGO nor FNGU has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

FNGO vs. FNGU - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, which is greater than FNGU's maximum drawdown of -60.84%. Use the drawdown chart below to compare losses from any high point for FNGO and FNGU.

Drawdown Indicators

	FNGO	FNGU	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-60.84%	-17.55%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-59.55%	+16.82%
Max Drawdown (5Y) Largest decline over 5 years	-78.39%	—	—
Current Drawdown Current decline from peak	-35.78%	-51.94%	+16.16%
Average Drawdown Average peak-to-trough decline	-24.17%	-21.87%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.17%	22.51%	-7.34%

Volatility

FNGO vs. FNGU - Volatility Comparison

The current volatility for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) is 16.20%, while MicroSectors FANG+™ Index 3X Leveraged ETN (FNGU) has a volatility of 24.03%. This indicates that FNGO experiences smaller price fluctuations and is considered to be less risky than FNGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	FNGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.20%	24.03%	-7.83%
Volatility (6M) Calculated over the trailing 6-month period	30.54%	44.97%	-14.43%
Volatility (1Y) Calculated over the trailing 1-year period	54.60%	77.71%	-23.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.29%	80.80%	-20.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.90%	80.80%	-18.90%