FNGO vs. USD

Last updated Aug 2, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds - FNGO tracks the NYSE FANG+ Index (+200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 5 years, FNGO returned 23.80%/yr vs 55.02%/yr for USD. Their 0.77 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

FNGO vs. USD - Performance Comparison

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

Returns By Period

In the year-to-date period, FNGO achieves a 12.30% return, which is significantly lower than USD's 50.25% return.

FNGO

• 1D: 3.64%
• 1M: 1.33%
• 6M: 20.30%
• YTD: 12.30%
• 1Y: 21.80%
• 3Y*: 47.42%
• 5Y*: 23.80%
• 10Y*: —
• ALL TIME*: 37.68%

USD

• 1D: 1.44%
• 1M: -10.08%
• 6M: 34.80%
• YTD: 50.25%
• 1Y: 92.29%
• 3Y*: 87.71%
• 5Y*: 55.02%
• 10Y*: 54.19%
• ALL TIME*: 28.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	$408.43K	$444.96K	$770.86K
USD ProShares Ultra Semiconductors	$68.86M	$72.62M	$95.81M

FNGO vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	12.30%	25.49%	101.65%	240.10%	-71.55%	28.38%	238.00%	79.61%	-39.85%
USD ProShares Ultra Semiconductors	50.25%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-33.04%

Correlation

The correlation between FNGO and USD is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018	0.77

The correlation between FNGO and USD has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.

FNGO vs. USD - Sectors Allocation Comparison

Sectors	FNGO	USD
Technology	59.6%	32.6%
Communication Services	30.0%	-
Consumer Cyclical	10.4%	-
Financial Services	10.0%	32.1%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGO vs. USD — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

USD

USD Risk / Return Rank: 52
USD Sharpe Ratio Rank: 47
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 49
USD Calmar Ratio Rank: 62
USD Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FNGO vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and ProShares Ultra Semiconductors (USD). 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	USD	Difference
Sharpe ratio: Return per unit of total volatility	0.36	1.15	-0.79
Sortino ratio: Return per unit of downside risk	0.80	1.73	-0.93
Omega ratio: Gain probability vs. loss probability	1.09	1.22	-0.13
Calmar ratio: Return relative to maximum drawdown	0.38	2.16	-1.78
Martin ratio: Return relative to average drawdown	0.92	6.21	-5.30

FNGO vs. USD - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.36, which is lower than the USD Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of FNGO and USD, 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. USD - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for FNGO and USD.

Drawdown Indicators

	FNGO	USD	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-88.63%	+10.24%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-39.33%	-3.40%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-64.46%	+16.82%
Max Drawdown (5Y) Largest decline over 5 years	-78.39%	-77.85%	-0.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	-15.91%	-30.59%	+14.68%
Average Drawdown Average peak-to-trough decline	-23.75%	-32.23%	+8.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.55%	13.62%	+3.93%

Volatility

FNGO vs. USD - Volatility Comparison

The current volatility for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) is 12.24%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. This indicates that FNGO experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.24%	28.19%	-15.95%
Volatility (6M) Calculated over the trailing 6-month period	36.19%	61.13%	-24.94%
Volatility (1Y) Calculated over the trailing 1-year period	44.77%	73.80%	-29.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.86%	78.73%	-17.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.47%	70.38%	-8.91%

FNGO vs. USD - Expense Ratio Comparison

Both FNGO and USD have an expense ratio of 0.95%.

Dividends

FNGO vs. USD - Dividend Comparison

FNGO has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.39%.

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%
USD ProShares Ultra Semiconductors	0.39%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both FNGO and USD in my portfolio?

FNGO and USD have a correlation of 0.72, 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 USD?

USD has higher volatility (28.19%) compared to FNGO (12.24%). In terms of maximum drawdown, FNGO dropped -78.39% vs USD's -88.63%.

Which ETF is better, FNGO or USD?

On 5-year performance, USD leads with 55.02% vs 23.80% for FNGO. Both ETFs have the same 0.95% expense ratio. On volatility, FNGO has been the lower-risk option at 12.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGO or USD?

Over the 5-year period, USD has performed better with a 55.02% return vs 23.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGO or USD?

FNGO and USD have the same expense ratio: 0.95% per year.

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

USD has the higher dividend yield at 0.39%, compared with 0.00% for FNGO.

What is the main difference between FNGO and USD?

FNGO tracks NYSE FANG+ Index (+200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.15 vs 0.36), 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.