FNGO vs. USD

Last updated Jun 3, 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 32.14%/yr vs 71.52%/yr for USD. A 0.77 correlation means they provide meaningful diversification when combined. 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 32.76% return, which is significantly lower than USD's 116.46% return.

FNGO

• 1D: -0.60%
• 1M: 27.22%
• YTD: 32.76%
• 6M: 18.02%
• 1Y: 60.81%
• 3Y*: 63.93%
• 5Y*: 32.14%
• 10Y*: —

USD

• 1D: 4.76%
• 1M: 45.27%
• YTD: 116.46%
• 6M: 113.25%
• 1Y: 300.04%
• 3Y*: 128.54%
• 5Y*: 71.52%
• 10Y*: 62.35%

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

FNGO vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	32.76%	25.49%	101.65%	240.10%	-71.55%	28.38%	238.00%	79.61%	-40.52%
USD ProShares Ultra Semiconductors	116.46%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-34.58%

Correlation

The correlation between FNGO and USD is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Aug 3, 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	59.9%	27.4%
Communication Services	28.8%	-
Consumer Cyclical	11.3%	-
Financial Services	10.0%	27.8%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGO vs. USD — Risk / Return Rank

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

FNGO

FNGO Risk / Return Rank: 37
FNGO Sharpe Ratio Rank: 44
FNGO Sortino Ratio Rank: 41
FNGO Omega Ratio Rank: 40
FNGO Calmar Ratio Rank: 30
FNGO Martin Ratio Rank: 28

USD

USD Risk / Return Rank: 92
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 87
USD Omega Ratio Rank: 86
USD Calmar Ratio Rank: 96
USD Martin Ratio Rank: 95

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. 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.

	FNGO	USD	Difference
Sharpe ratio Return per unit of total volatility	1.55	4.94	-3.39
Sortino ratio Return per unit of downside risk	2.09	3.98	-1.89
Omega ratio Gain probability vs. loss probability	1.26	1.54	-0.28
Calmar ratio Return relative to maximum drawdown	1.50	9.93	-8.43
Martin ratio Return relative to average drawdown	3.96	28.78	-24.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNGO vs. USD - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 1.55, which is lower than the USD Sharpe Ratio of 4.94. 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.

Sharpe Ratios by Period

	FNGO	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	4.94	-3.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.94	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.49	+0.18

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%	-31.80%	-10.93%
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	-0.60%	0.00%	-0.60%
Average Drawdown Average peak-to-trough decline	-23.92%	-32.36%	+8.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.21%	10.97%	+5.24%

Volatility

FNGO vs. USD - Volatility Comparison

The current volatility for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) is 10.73%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.29%. 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	10.73%	20.29%	-9.56%
Volatility (6M) Calculated over the trailing 6-month period	30.49%	46.37%	-15.88%
Volatility (1Y) Calculated over the trailing 1-year period	39.52%	61.29%	-21.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.24%	76.56%	-16.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.54%	69.24%	-7.70%

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 0.21%.

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	0.21%	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 (20.29%) compared to FNGO (10.73%). 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 71.52% vs 32.14% for FNGO. Both ETFs have the same 0.95% expense ratio. On volatility, FNGO has been the lower-risk option at 10.73%. 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 71.52% return vs 32.14%. 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 0.21%, 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: Bank of Montreal and ProShares.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.94 vs 1.55), 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.