FNGO vs. ORLG

Last updated Jul 17, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds - FNGO tracks the NYSE FANG+ Index (+200%) while ORLG tracks the O'Reilly Automotive, Inc. (ORLY). Both are passively managed. At a correlation of -0.14, they often move in opposite directions. FNGO charges 0.95%/yr vs 0.75%/yr for ORLG.

Performance

FNGO vs. ORLG - Performance Comparison

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

Returns By Period

FNGO

• 1D: -3.52%
• 1M: 1.20%
• 6M: 19.64%
• YTD: 15.68%
• 1Y: 24.29%
• 3Y*: 47.19%
• 5Y*: 24.69%
• 10Y*: —

ORLG

• 1D: 8.37%
• 1M: -11.93%
• 6M: -23.86%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNGO vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	19.84%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-25.87%

Correlation

The correlation between FNGO and ORLG is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 15, 2026	-0.14

Return for Risk

FNGO vs. ORLG — Risk / Return Rank

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

FNGO

FNGO Risk / Return Rank: 19
FNGO Sharpe Ratio Rank: 19
FNGO Sortino Ratio Rank: 22
FNGO Omega Ratio Rank: 21
FNGO Calmar Ratio Rank: 17
FNGO Martin Ratio Rank: 17

ORLG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ORLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). 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	ORLG	Difference
Sharpe ratio: Return per unit of total volatility	0.56	—	—
Sortino ratio: Return per unit of downside risk	1.03	—	—
Omega ratio: Gain probability vs. loss probability	1.12	—	—
Calmar ratio: Return relative to maximum drawdown	0.57	—	—
Martin ratio: Return relative to average drawdown	1.42	—	—

Drawdowns

FNGO vs. ORLG - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for FNGO and ORLG.

Drawdown Indicators

	FNGO	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-39.93%	-38.46%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	—	—
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	-13.39%	-34.91%	+21.52%
Average Drawdown Average peak-to-trough decline	-23.78%	-20.65%	-3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.14%	—	—

Volatility

Volatility by Period

	FNGO	ORLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	35.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.77%	59.08%	-15.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.80%	59.08%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.53%	59.08%	+2.45%

FNGO vs. ORLG - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is higher than ORLG's 0.75% expense ratio.

Dividends

FNGO vs. ORLG - Dividend Comparison

Neither FNGO nor ORLG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNGO and ORLG in my portfolio?

FNGO and ORLG have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FNGO or ORLG?

On fees, ORLG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FNGO or ORLG?

ORLG is cheaper with a 0.75% expense ratio, compared with 0.95% for FNGO.

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

FNGO and ORLG have nearly identical dividend yields, around 0.00%.

What is the main difference between FNGO and ORLG?

FNGO tracks NYSE FANG+ Index (+200%), while ORLG tracks O'Reilly Automotive, Inc. (ORLY). They also come from different issuers: Bank of Montreal and Leverage Shares. Their fees differ too: 0.95% for FNGO and 0.75% for ORLG.