FNGO vs. NVDL

Last updated Apr 2, 2026

Compare and contrast key facts about MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and GraniteShares 2x Long NVDA Daily ETF (NVDL).

FNGO and NVDL 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. NVDL is an actively managed fund by GraniteShares. It was launched on Dec 13, 2022.

Performance

FNGO vs. NVDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and GraniteShares 2x Long NVDA Daily ETF (NVDL). The values are adjusted to include any dividend payments, if applicable.

FNGO vs. NVDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	-22.92%	25.49%	101.65%	240.10%	-20.54%
NVDL GraniteShares 2x Long NVDA Daily ETF	-16.23%	32.57%	344.58%	432.18%	-28.32%

Returns By Period

In the year-to-date period, FNGO achieves a -22.92% return, which is significantly lower than NVDL's -16.23% return.

FNGO

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

NVDL

• 1D: 1.60%
• 1M: -8.86%
• YTD: -16.23%
• 6M: -21.72%
• 1Y: 92.71%
• 3Y*: 118.73%
• 5Y*: —
• 10Y*: —

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

FNGO vs. NVDL - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is lower than NVDL's 1.15% expense ratio.

NVDL

GraniteShares 2x Long NVDA Daily ETF

FNGO

MicroSectors FANG+ Index 2X Leveraged ETN

Return for Risk

FNGO vs. NVDL — 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

NVDL

NVDL Risk / Return Rank: 67
NVDL Sharpe Ratio Rank: 63
NVDL Sortino Ratio Rank: 73
NVDL Omega Ratio Rank: 63
NVDL Calmar Ratio Rank: 80
NVDL Martin Ratio Rank: 54

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. NVDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and GraniteShares 2x Long NVDA Daily ETF (NVDL). 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	NVDL	Difference
Sharpe ratio Return per unit of total volatility	0.53	1.14	-0.61
Sortino ratio Return per unit of downside risk	1.16	1.90	-0.74
Omega ratio Gain probability vs. loss probability	1.15	1.24	-0.09
Calmar ratio Return relative to maximum drawdown	0.74	2.30	-1.56
Martin ratio Return relative to average drawdown	2.08	5.52	-3.43
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. NVDL - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.53, which is lower than the NVDL Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of FNGO and NVDL, 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	NVDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	1.14	-0.61
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	1.59	-1.06

Correlation

The correlation between FNGO and NVDL is 0.73, 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. NVDL - Dividend Comparison

Neither FNGO nor NVDL has paid dividends to shareholders.

	TTM	2025	2024	2023
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	0.00%	0.00%	0.00%	0.00%
NVDL GraniteShares 2x Long NVDA Daily ETF	0.00%	0.00%	0.00%	11.29%

Drawdowns

FNGO vs. NVDL - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, which is greater than NVDL's maximum drawdown of -67.55%. Use the drawdown chart below to compare losses from any high point for FNGO and NVDL.

Drawdown Indicators

	FNGO	NVDL	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-67.55%	-10.84%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-42.23%	-0.50%
Max Drawdown (5Y) Largest decline over 5 years	-78.39%	—	—
Current Drawdown Current decline from peak	-35.78%	-34.75%	-1.03%
Average Drawdown Average peak-to-trough decline	-24.17%	-17.05%	-7.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.17%	17.61%	-2.44%

Volatility

FNGO vs. NVDL - Volatility Comparison

The current volatility for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) is 16.20%, while GraniteShares 2x Long NVDA Daily ETF (NVDL) has a volatility of 20.66%. This indicates that FNGO experiences smaller price fluctuations and is considered to be less risky than NVDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	NVDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.20%	20.66%	-4.46%
Volatility (6M) Calculated over the trailing 6-month period	30.54%	51.42%	-20.88%
Volatility (1Y) Calculated over the trailing 1-year period	54.60%	81.87%	-27.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.29%	91.12%	-30.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.90%	91.12%	-29.22%