FNGO vs. GUSH

Last updated Apr 2, 2026

Compare and contrast key facts about MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH).

FNGO and GUSH 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. GUSH is a passively managed fund by Direxion that tracks the performance of the S&P Oil & Gas Exploration & Production Select Industry Index (300%). It was launched on Apr 1, 2020. Both FNGO and GUSH 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. GUSH - 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 S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). The values are adjusted to include any dividend payments, if applicable.

FNGO vs. GUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	-22.92%	25.49%	101.65%	240.10%	-71.55%	28.38%	238.00%	79.61%	-40.52%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	87.03%	-19.39%	-12.73%	-7.23%	66.47%	129.94%	-97.38%	-52.68%	-79.67%

Returns By Period

In the year-to-date period, FNGO achieves a -22.92% return, which is significantly lower than GUSH's 87.03% return.

FNGO

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

GUSH

• 1D: -7.69%
• 1M: 19.66%
• YTD: 87.03%
• 6M: 61.77%
• 1Y: 53.22%
• 3Y*: 12.65%
• 5Y*: 17.99%
• 10Y*: -32.91%

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

FNGO vs. GUSH - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is lower than GUSH's 1.17% expense ratio.

GUSH

Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares

FNGO

MicroSectors FANG+ Index 2X Leveraged ETN

Return for Risk

FNGO vs. GUSH — 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

GUSH

GUSH Risk / Return Rank: 43
GUSH Sharpe Ratio Rank: 40
GUSH Sortino Ratio Rank: 48
GUSH Omega Ratio Rank: 48
GUSH Calmar Ratio Rank: 46
GUSH Martin Ratio Rank: 34

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. GUSH - 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 S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). 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	GUSH	Difference
Sharpe ratio Return per unit of total volatility	0.53	0.79	-0.27
Sortino ratio Return per unit of downside risk	1.16	1.35	-0.19
Omega ratio Gain probability vs. loss probability	1.15	1.19	-0.04
Calmar ratio Return relative to maximum drawdown	0.74	1.26	-0.52
Martin ratio Return relative to average drawdown	2.08	3.14	-1.05
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. GUSH - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.53, which is lower than the GUSH Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of FNGO and GUSH, 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	GUSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	0.79	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.26	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	-0.43	+0.97

Correlation

The correlation between FNGO and GUSH is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FNGO vs. GUSH - Dividend Comparison

FNGO has not paid dividends to shareholders, while GUSH's dividend yield for the trailing twelve months is around 1.33%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	1.33%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%

Drawdowns

FNGO vs. GUSH - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, smaller than the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for FNGO and GUSH.

Drawdown Indicators

	FNGO	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-99.98%	+21.59%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-43.67%	+0.94%
Max Drawdown (5Y) Largest decline over 5 years	-78.39%	-73.64%	-4.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.94%	—
Current Drawdown Current decline from peak	-35.78%	-99.77%	+63.99%
Average Drawdown Average peak-to-trough decline	-24.17%	-92.81%	+68.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.17%	17.57%	-2.40%

Volatility

FNGO vs. GUSH - Volatility Comparison

MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) have volatilities of 16.20% and 16.69%, 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	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.20%	16.69%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	30.54%	39.24%	-8.70%
Volatility (1Y) Calculated over the trailing 1-year period	54.60%	67.59%	-12.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.29%	68.73%	-8.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.90%	94.30%	-32.40%