FNGO vs. SHLD

Last updated Jun 13, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - FNGO is a Leveraged Equities fund tracking the NYSE FANG+ Index (+200%), while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, FNGO returned 26.54% vs 10.40% for SHLD. At a 0.32 correlation, their price movements are largely independent. FNGO charges 0.95%/yr vs 0.50%/yr for SHLD.

Performance

FNGO vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGO achieves a 8.91% return, which is significantly higher than SHLD's -1.50% return.

FNGO

• 1D: -1.60%
• 1M: -7.03%
• YTD: 8.91%
• 6M: 3.86%
• 1Y: 26.54%
• 3Y*: 49.78%
• 5Y*: 25.62%
• 10Y*: —

SHLD

• 1D: -2.04%
• 1M: 0.05%
• YTD: -1.50%
• 6M: -1.03%
• 1Y: 10.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNGO vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	8.91%	25.49%	101.65%	20.71%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%

Correlation

The correlation between FNGO and SHLD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.32

FNGO vs. SHLD - Sectors Allocation Comparison

Sectors	FNGO	SHLD
Technology	59.9%	11.8%
Communication Services	28.8%	-
Consumer Cyclical	11.3%	-
Financial Services	10.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	88.2%
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGO vs. SHLD — Risk / Return Rank

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

FNGO

FNGO Risk / Return Rank: 20
FNGO Sharpe Ratio Rank: 21
FNGO Sortino Ratio Rank: 22
FNGO Omega Ratio Rank: 22
FNGO Calmar Ratio Rank: 18
FNGO Martin Ratio Rank: 18

SHLD

SHLD Risk / Return Rank: 16
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 17
SHLD Omega Ratio Rank: 16
SHLD Calmar Ratio Rank: 16
SHLD Martin Ratio Rank: 16

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.64	0.43	+0.21
Sortino ratio: Return per unit of downside risk	1.10	0.78	+0.32
Omega ratio: Gain probability vs. loss probability	1.13	1.09	+0.05
Calmar ratio: Return relative to maximum drawdown	0.62	0.52	+0.10
Martin ratio: Return relative to average drawdown	1.62	1.28	+0.33

FNGO vs. SHLD - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.64, which is higher than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of FNGO and SHLD, 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. SHLD - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for FNGO and SHLD.

Drawdown Indicators

	FNGO	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-20.10%	-58.29%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-20.10%	-22.63%
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	-18.46%	-18.20%	-0.26%
Average Drawdown Average peak-to-trough decline	-23.87%	-3.34%	-20.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.45%	8.12%	+8.33%

Volatility

FNGO vs. SHLD - Volatility Comparison

MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) has a higher volatility of 17.58% compared to Global X Defense Tech ETF (SHLD) at 9.05%. This indicates that FNGO's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.58%	9.05%	+8.53%
Volatility (6M) Calculated over the trailing 6-month period	33.63%	19.94%	+13.69%
Volatility (1Y) Calculated over the trailing 1-year period	41.88%	24.55%	+17.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.50%	21.29%	+39.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.61%	21.29%	+40.32%

FNGO vs. SHLD - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

FNGO vs. SHLD - Dividend Comparison

FNGO has not paid dividends to shareholders, while SHLD's dividend yield for the trailing twelve months is around 0.56%.

Position	TTM	2025	2024	2023
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	0.00%	0.00%	0.00%	0.00%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both FNGO and SHLD in my portfolio?

FNGO and SHLD have a correlation of 0.34, 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 SHLD?

FNGO has higher volatility (17.58%) compared to SHLD (9.05%). In terms of maximum drawdown, FNGO dropped -78.39% vs SHLD's -20.10%.

Which ETF is better, FNGO or SHLD?

On 1-year performance, FNGO leads with 26.54% vs 10.40% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGO or SHLD?

Over the 1-year period, FNGO has performed better with a 26.54% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGO or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.95% for FNGO.

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

SHLD has the higher dividend yield at 0.56%, compared with 0.00% for FNGO.

What is the main difference between FNGO and SHLD?

FNGO is categorized as Leveraged Equities, while SHLD is Aerospace & Defense. FNGO tracks NYSE FANG+ Index (+200%), while SHLD tracks Global X Defense Tech Index. They also come from different issuers: Bank of Montreal and Global X. Their fees differ too: 0.95% for FNGO and 0.50% for SHLD.

Which has better risk-adjusted returns?

FNGO currently has the higher Sharpe Ratio (0.64 vs 0.43), 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.