FNGO vs. PYPG

Last updated Jul 18, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and PYPG (Leverage Shares 2X Long PYPL Daily ETF) are both Leveraged Equities funds. FNGO is passively managed, while PYPG is actively managed. Over the past year, FNGO returned 17.86% vs -57.41% for PYPG. At a 0.40 correlation, their price movements are largely independent. FNGO charges 0.95%/yr vs 0.75%/yr for PYPG.

Performance

FNGO vs. PYPG - 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 PYPL Daily ETF (PYPG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGO achieves a 11.68% return, which is significantly higher than PYPG's -23.77% return.

FNGO

• 1D: -3.46%
• 1M: 0.23%
• 6M: 16.18%
• YTD: 11.68%
• 1Y: 17.86%
• 3Y*: 44.48%
• 5Y*: 23.82%
• 10Y*: —

PYPG

• 1D: -0.47%
• 1M: 73.22%
• 6M: -19.05%
• YTD: -23.77%
• 1Y: -57.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNGO vs. PYPG - Yearly Performance Comparison

	2026 (YTD)	2025
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	11.68%	88.09%
PYPG Leverage Shares 2X Long PYPL Daily ETF	-23.77%	-20.19%

Correlation

The correlation between FNGO and PYPG is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.40

Return for Risk

FNGO vs. PYPG — Risk / Return Rank

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

FNGO

FNGO Risk / Return Rank: 17
FNGO Sharpe Ratio Rank: 17
FNGO Sortino Ratio Rank: 19
FNGO Omega Ratio Rank: 18
FNGO Calmar Ratio Rank: 16
FNGO Martin Ratio Rank: 16

PYPG

PYPG Risk / Return Rank: 4
PYPG Sharpe Ratio Rank: 4
PYPG Sortino Ratio Rank: 5
PYPG Omega Ratio Rank: 4
PYPG Calmar Ratio Rank: 3
PYPG Martin Ratio Rank: 5

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. PYPG - 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 PYPL Daily ETF (PYPG). 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	PYPG	Difference
Sharpe ratio: Return per unit of total volatility	0.41	-0.67	+1.08
Sortino ratio: Return per unit of downside risk	0.85	-0.72	+1.57
Omega ratio: Gain probability vs. loss probability	1.10	0.90	+0.20
Calmar ratio: Return relative to maximum drawdown	0.42	-0.72	+1.14
Martin ratio: Return relative to average drawdown	1.04	-1.02	+2.06

FNGO vs. PYPG - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.41, which is higher than the PYPG Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of FNGO and PYPG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FNGO vs. PYPG - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, roughly equal to the maximum PYPG drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for FNGO and PYPG.

Drawdown Indicators

	FNGO	PYPG	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-79.52%	+1.13%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-79.52%	+36.79%
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	-16.38%	-61.90%	+45.52%
Average Drawdown Average peak-to-trough decline	-23.78%	-41.38%	+17.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.17%	56.44%	-39.27%

Volatility

FNGO vs. PYPG - Volatility Comparison

The current volatility for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) is 13.71%, while Leverage Shares 2X Long PYPL Daily ETF (PYPG) has a volatility of 34.49%. This indicates that FNGO experiences smaller price fluctuations and is considered to be less risky than PYPG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	PYPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.71%	34.49%	-20.78%
Volatility (6M) Calculated over the trailing 6-month period	35.68%	77.02%	-41.34%
Volatility (1Y) Calculated over the trailing 1-year period	43.90%	85.36%	-41.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.79%	83.15%	-22.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.52%	83.15%	-21.63%

FNGO vs. PYPG - Expense Ratio Comparison

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

Dividends

FNGO vs. PYPG - Dividend Comparison

Neither FNGO nor PYPG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNGO and PYPG in my portfolio?

FNGO and PYPG have a correlation of 0.35, 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 PYPG?

PYPG has higher volatility (34.49%) compared to FNGO (13.71%). In terms of maximum drawdown, FNGO dropped -78.39% vs PYPG's -79.52%.

Which ETF is better, FNGO or PYPG?

On 1-year performance, FNGO leads with 17.86% vs -57.41% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, FNGO has been the lower-risk option at 13.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGO or PYPG?

Over the 1-year period, FNGO has performed better with a 17.86% return vs -57.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGO or PYPG?

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

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

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

What is the main difference between FNGO and PYPG?

They also come from different issuers: Bank of Montreal and Leverage Shares. Their fees differ too: 0.95% for FNGO and 0.75% for PYPG.

Which has better risk-adjusted returns?

FNGO currently has the higher Sharpe Ratio (0.41 vs -0.67), 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.