FNGO vs. SPY

Last updated Jun 24, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FNGO is a Leveraged Equities fund tracking the NYSE FANG+ Index (+200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, FNGO returned 22.32%/yr vs 13.05%/yr for SPY. A 0.77 correlation means they provide meaningful diversification when combined. FNGO charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

FNGO vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGO achieves a 6.64% return, which is significantly lower than SPY's 8.15% return.

FNGO

• 1D: -4.61%
• 1M: -6.82%
• YTD: 6.64%
• 6M: 2.85%
• 1Y: 25.87%
• 3Y*: 48.86%
• 5Y*: 22.32%
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

FNGO vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	6.64%	25.49%	101.65%	240.10%	-71.55%	28.38%	238.00%	79.61%	-39.85%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-10.09%

Correlation

The correlation between FNGO and SPY is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018	0.77

The correlation between FNGO and SPY has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

FNGO vs. SPY - Sectors Allocation Comparison

Sectors	FNGO	SPY
Technology	63.4%	39.0%
Communication Services	26.0%	10.6%
Consumer Cyclical	10.6%	9.9%
Financial Services	10.0%	11.1%
Basic Materials	-	1.7%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

FNGO vs. SPY — Risk / Return Rank

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

FNGO

FNGO Risk / Return Rank: 18
FNGO Sharpe Ratio Rank: 18
FNGO Sortino Ratio Rank: 20
FNGO Omega Ratio Rank: 19
FNGO Calmar Ratio Rank: 16
FNGO Martin Ratio Rank: 16

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.59	1.90	-1.31
Sortino ratio: Return per unit of downside risk	1.07	2.58	-1.51
Omega ratio: Gain probability vs. loss probability	1.13	1.34	-0.21
Calmar ratio: Return relative to maximum drawdown	0.61	2.67	-2.06
Martin ratio: Return relative to average drawdown	1.56	11.92	-10.36

FNGO vs. SPY - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.59, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of FNGO and SPY, 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. SPY - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FNGO and SPY.

Drawdown Indicators

	FNGO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-55.19%	-23.20%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-8.88%	-33.85%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-18.76%	-28.88%
Max Drawdown (5Y) Largest decline over 5 years	-78.39%	-24.50%	-53.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-20.15%	-3.17%	-16.98%
Average Drawdown Average peak-to-trough decline	-23.84%	-9.04%	-14.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.61%	1.98%	+14.63%

Volatility

FNGO vs. SPY - Volatility Comparison

MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) has a higher volatility of 21.56% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that FNGO's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.56%	4.87%	+16.69%
Volatility (6M) Calculated over the trailing 6-month period	35.31%	9.85%	+25.46%
Volatility (1Y) Calculated over the trailing 1-year period	43.90%	12.50%	+31.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.80%	17.15%	+43.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.71%	17.95%	+43.76%

FNGO vs. SPY - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FNGO vs. SPY - Dividend Comparison

FNGO has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FNGO and SPY in my portfolio?

FNGO and SPY have a correlation of 0.79, 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 SPY?

FNGO has higher volatility (21.56%) compared to SPY (4.87%). In terms of maximum drawdown, FNGO dropped -78.39% vs SPY's -55.19%.

Which ETF is better, FNGO or SPY?

On 5-year performance, FNGO leads with 22.32% vs 13.05% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGO or SPY?

Over the 5-year period, FNGO has performed better with a 22.32% return vs 13.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGO or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for FNGO.

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

SPY has the higher dividend yield at 1.03%, compared with 0.00% for FNGO.

What is the main difference between FNGO and SPY?

FNGO is categorized as Leveraged Equities, while SPY is S&P 500. FNGO tracks NYSE FANG+ Index (+200%), while SPY tracks S&P 500 Index. They also come from different issuers: Bank of Montreal and State Street. Their fees differ too: 0.95% for FNGO and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 0.59), 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.