FNGO vs. TOPT

Last updated Jun 13, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and TOPT (iShares Top 20 U.S. Stocks ETF) are both exchange-traded funds - FNGO is a Leveraged Equities fund tracking the NYSE FANG+ Index (+200%), while TOPT is a Large Cap Growth Equities fund tracking the S&P 500 Top 20 Select Index. Both are passively managed. Over the past year, FNGO returned 26.54% vs 24.25% for TOPT. Their correlation of 0.87 suggests significant overlap in exposure. FNGO charges 0.95%/yr vs 0.20%/yr for TOPT.

Performance

FNGO vs. TOPT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and iShares Top 20 U.S. Stocks ETF (TOPT). 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 TOPT's 5.10% return.

FNGO

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

TOPT

• 1D: -0.12%
• 1M: -3.93%
• YTD: 5.10%
• 6M: 5.75%
• 1Y: 24.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNGO vs. TOPT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	8.91%	25.49%	23.83%
TOPT iShares Top 20 U.S. Stocks ETF	5.10%	20.35%	5.33%

Correlation

The correlation between FNGO and TOPT is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 24, 2024	0.87

The correlation between FNGO and TOPT has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

FNGO vs. TOPT - Sectors Allocation Comparison

Sectors	FNGO	TOPT
Technology	59.9%	43.6%
Communication Services	28.8%	19.4%
Consumer Cyclical	11.3%	9.2%
Financial Services	10.0%	12.4%
Basic Materials	-	-
Consumer Defensive	-	4.8%
Energy	-	3.0%
Healthcare	-	7.7%
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGO vs. TOPT — 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

TOPT

TOPT Risk / Return Rank: 53
TOPT Sharpe Ratio Rank: 59
TOPT Sortino Ratio Rank: 58
TOPT Omega Ratio Rank: 56
TOPT Calmar Ratio Rank: 42
TOPT Martin Ratio Rank: 48

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. TOPT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and iShares Top 20 U.S. Stocks ETF (TOPT). 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	TOPT	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.73	-1.09
Sortino ratio: Return per unit of downside risk	1.10	2.39	-1.29
Omega ratio: Gain probability vs. loss probability	1.13	1.30	-0.17
Calmar ratio: Return relative to maximum drawdown	0.62	1.86	-1.23
Martin ratio: Return relative to average drawdown	1.62	6.88	-5.26

FNGO vs. TOPT - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.64, which is lower than the TOPT Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FNGO and TOPT, 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. TOPT - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, which is greater than TOPT's maximum drawdown of -21.21%. Use the drawdown chart below to compare losses from any high point for FNGO and TOPT.

Drawdown Indicators

	FNGO	TOPT	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-21.21%	-57.18%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-13.13%	-29.60%
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%	-4.74%	-13.72%
Average Drawdown Average peak-to-trough decline	-23.87%	-3.48%	-20.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.45%	3.53%	+12.92%

Volatility

FNGO vs. TOPT - Volatility Comparison

MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) has a higher volatility of 17.58% compared to iShares Top 20 U.S. Stocks ETF (TOPT) at 4.56%. This indicates that FNGO's price experiences larger fluctuations and is considered to be riskier than TOPT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	TOPT	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.58%	4.56%	+13.02%
Volatility (6M) Calculated over the trailing 6-month period	33.63%	10.87%	+22.76%
Volatility (1Y) Calculated over the trailing 1-year period	41.88%	14.11%	+27.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.50%	19.87%	+40.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.61%	19.87%	+41.74%

FNGO vs. TOPT - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is higher than TOPT's 0.20% expense ratio.

Dividends

FNGO vs. TOPT - Dividend Comparison

FNGO has not paid dividends to shareholders, while TOPT's dividend yield for the trailing twelve months is around 0.37%.

Position	TTM	2025	2024
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	0.00%	0.00%	0.00%
TOPT iShares Top 20 U.S. Stocks ETF	0.37%	0.38%	0.08%

Frequently Asked Questions

Can I hold both FNGO and TOPT in my portfolio?

FNGO and TOPT have a correlation of 0.86, 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 TOPT?

FNGO has higher volatility (17.58%) compared to TOPT (4.56%). In terms of maximum drawdown, FNGO dropped -78.39% vs TOPT's -21.21%.

Which ETF is better, FNGO or TOPT?

On 1-year performance, FNGO leads with 26.54% vs 24.25% for TOPT. On fees, TOPT is cheaper at 0.20% per year. On volatility, TOPT has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGO or TOPT?

Over the 1-year period, FNGO has performed better with a 26.54% return vs 24.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGO or TOPT?

TOPT is cheaper with a 0.20% expense ratio, compared with 0.95% for FNGO.

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

TOPT has the higher dividend yield at 0.37%, compared with 0.00% for FNGO.

What is the main difference between FNGO and TOPT?

FNGO is categorized as Leveraged Equities, while TOPT is Large Cap Growth Equities. FNGO tracks NYSE FANG+ Index (+200%), while TOPT tracks S&P 500 Top 20 Select Index. They also come from different issuers: Bank of Montreal and iShares. Their fees differ too: 0.95% for FNGO and 0.20% for TOPT.

Which has better risk-adjusted returns?

TOPT currently has the higher Sharpe Ratio (1.73 vs 0.64), 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.