FNGO vs. MUU

Last updated Jun 4, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. FNGO is passively managed, while MUU is actively managed. Over the past year, FNGO returned 54.81% vs 6522.95% for MUU. A 0.51 correlation means they provide meaningful diversification when combined. FNGO charges 0.95%/yr vs 1.06%/yr for MUU.

Performance

FNGO vs. MUU - 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 MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGO achieves a 29.63% return, which is significantly lower than MUU's 961.23% return.

FNGO

• 1D: -2.35%
• 1M: 23.13%
• YTD: 29.63%
• 6M: 17.47%
• 1Y: 54.81%
• 3Y*: 62.64%
• 5Y*: 30.44%
• 10Y*: —

MUU

• 1D: 3.08%
• 1M: 218.90%
• YTD: 961.23%
• 6M: 1,422.01%
• 1Y: 6,522.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNGO vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	29.63%	25.49%	22.01%
MUU Direxion Daily MU Bull 2X Shares	961.23%	599.03%	-43.09%

Correlation

The correlation between FNGO and MUU is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.51

The correlation between FNGO and MUU has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.

Return for Risk

FNGO vs. MUU — Risk / Return Rank

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

FNGO

FNGO Risk / Return Rank: 32
FNGO Sharpe Ratio Rank: 38
FNGO Sortino Ratio Rank: 36
FNGO Omega Ratio Rank: 35
FNGO Calmar Ratio Rank: 26
FNGO Martin Ratio Rank: 25

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 98
MUU Omega Ratio Rank: 97
MUU Calmar Ratio Rank: 100
MUU Martin Ratio Rank: 100

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. MUU - 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 MU Bull 2X Shares (MUU). 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	MUU	Difference
Sharpe ratio: Return per unit of total volatility	1.39	50.40	-49.01
Sortino ratio: Return per unit of downside risk	1.94	7.17	-5.23
Omega ratio: Gain probability vs. loss probability	1.24	1.91	-0.67
Calmar ratio: Return relative to maximum drawdown	1.29	125.85	-124.56
Martin ratio: Return relative to average drawdown	3.39	426.84	-423.45
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. MUU - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 1.39, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of FNGO and MUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FNGO	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	50.40	-49.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	6.68	-6.02

Drawdowns

FNGO vs. MUU - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, roughly equal to the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for FNGO and MUU.

Drawdown Indicators

	FNGO	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-75.07%	-3.32%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-52.72%	+9.99%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-78.39%	—	—
Current Drawdown Current decline from peak	-2.94%	0.00%	-2.94%
Average Drawdown Average peak-to-trough decline	-23.91%	-23.44%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.21%	15.51%	+0.70%

Volatility

FNGO vs. MUU - Volatility Comparison

The current volatility for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) is 11.29%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. This indicates that FNGO experiences smaller price fluctuations and is considered to be less risky than MUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.29%	54.78%	-43.49%
Volatility (6M) Calculated over the trailing 6-month period	30.58%	105.07%	-74.49%
Volatility (1Y) Calculated over the trailing 1-year period	39.56%	131.77%	-92.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.24%	133.67%	-73.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.54%	133.67%	-72.13%

FNGO vs. MUU - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is lower than MUU's 1.06% expense ratio.

Dividends

FNGO vs. MUU - Dividend Comparison

FNGO has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.46%.

Position	TTM	2025	2024
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	0.00%	0.00%	0.00%
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%

Frequently Asked Questions

Can I hold both FNGO and MUU in my portfolio?

FNGO and MUU have a correlation of 0.45, 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 MUU?

MUU has higher volatility (54.78%) compared to FNGO (11.29%). In terms of maximum drawdown, FNGO dropped -78.39% vs MUU's -75.07%.

Which ETF is better, FNGO or MUU?

On 1-year performance, MUU leads with 6522.95% vs 54.81% for FNGO. On fees, FNGO is cheaper at 0.95% per year. On volatility, FNGO has been the lower-risk option at 11.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGO or MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs 54.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGO or MUU?

FNGO is cheaper with a 0.95% expense ratio, compared with 1.06% for MUU.

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

MUU has the higher dividend yield at 0.46%, compared with 0.00% for FNGO.

What is the main difference between FNGO and MUU?

They also come from different issuers: Bank of Montreal and Direxion. Their fees differ too: 0.95% for FNGO and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs 1.39), 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.