FNGO vs. IBIT
FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - FNGO is a Leveraged Equities fund tracking the NYSE FANG+ Index (+200%), while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, FNGO returned 26.54% vs -40.63% for IBIT. At a 0.37 correlation, their price movements are largely independent. FNGO charges 0.95%/yr vs 0.25%/yr for IBIT.
Performance
FNGO vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, FNGO achieves a 8.91% return, which is significantly higher than IBIT's -27.41% return.
FNGO
- 1D
- -1.60%
- 1M
- -7.03%
- YTD
- 8.91%
- 6M
- 3.86%
- 1Y
- 26.54%
- 3Y*
- 49.78%
- 5Y*
- 25.62%
- 10Y*
- —
IBIT
- 1D
- -0.03%
- 1M
- -20.12%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -40.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FNGO vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FNGO MicroSectors FANG+ Index 2X Leveraged ETN | 8.91% | 25.49% | 100.82% |
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
Correlation
The correlation between FNGO and IBIT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.37 |
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Return for Risk
FNGO vs. IBIT — Risk / Return Rank
FNGO
IBIT
FNGO vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.56 | ||
| Sortino ratioReturn per unit of downside risk | +2.40 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.85 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | -0.78 | +1.41 |
| Martin ratioReturn relative to average drawdown | 1.62 | -1.37 | +2.99 |
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Drawdowns
FNGO vs. IBIT - Drawdown Comparison
The maximum FNGO drawdown since its inception was -78.39%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for FNGO and IBIT.
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Drawdown Indicators
| FNGO | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.39% | -52.11% | -26.28% |
Max Drawdown (1Y)Largest decline over 1 year | -42.73% | -52.11% | +9.38% |
Max Drawdown (3Y)Largest decline over 3 years | -47.64% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -78.39% | — | — |
Current DrawdownCurrent decline from peak | -18.46% | -49.45% | +30.99% |
Average DrawdownAverage peak-to-trough decline | -23.87% | -16.53% | -7.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.45% | 29.64% | -13.19% |
Volatility
FNGO vs. IBIT - Volatility Comparison
MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) has a higher volatility of 17.58% compared to iShares Bitcoin Trust ETF (IBIT) at 12.07%. This indicates that FNGO's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNGO | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.58% | 12.07% | +5.51% |
Volatility (6M)Calculated over the trailing 6-month period | 33.63% | 34.45% | -0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.88% | 44.10% | -2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.50% | 50.26% | +10.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.61% | 50.26% | +11.35% |
FNGO vs. IBIT - Expense Ratio Comparison
FNGO has a 0.95% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
FNGO vs. IBIT - Dividend Comparison
Neither FNGO nor IBIT has paid dividends to shareholders.
Frequently Asked Questions
FNGO and IBIT have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNGO has higher volatility (17.58%) compared to IBIT (12.07%). In terms of maximum drawdown, FNGO dropped -78.39% vs IBIT's -52.11%.
On 1-year performance, FNGO leads with 26.54% vs -40.63% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 12.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FNGO has performed better with a 26.54% return vs -40.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.95% for FNGO.
FNGO and IBIT have nearly identical dividend yields, around 0.00%.
FNGO is categorized as Leveraged Equities, while IBIT is Cryptocurrency. FNGO tracks NYSE FANG+ Index (+200%), while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Bank of Montreal and iShares. Their fees differ too: 0.95% for FNGO and 0.25% for IBIT.
FNGO currently has the higher Sharpe Ratio (0.64 vs -0.92), 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.
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