FNGO vs. USO

Last updated Jun 24, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and USO (United States Oil Fund LP) are both exchange-traded funds - FNGO is a Leveraged Equities fund tracking the NYSE FANG+ Index (+200%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, FNGO returned 22.32%/yr vs 17.42%/yr for USO. At a 0.12 correlation, their price movements are largely independent. FNGO charges 0.95%/yr vs 0.86%/yr for USO.

Performance

FNGO vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and United States Oil Fund LP (USO). 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 USO's 60.87% return.

FNGO

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

USO

• 1D: -1.27%
• 1M: -21.05%
• YTD: 60.87%
• 6M: 58.26%
• 1Y: 45.61%
• 3Y*: 21.25%
• 5Y*: 17.42%
• 10Y*: 2.01%

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

FNGO vs. USO - 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%
USO United States Oil Fund LP	60.87%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-31.44%

Correlation

The correlation between FNGO and USO is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018	0.12

The correlation between FNGO and USO shifts across timeframes, from -0.15 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FNGO vs. USO — 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

USO

USO Risk / Return Rank: 32
USO Sharpe Ratio Rank: 30
USO Sortino Ratio Rank: 33
USO Omega Ratio Rank: 32
USO Calmar Ratio Rank: 35
USO Martin Ratio Rank: 32

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. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and United States Oil Fund LP (USO). 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	USO	Difference
Sharpe ratio: Return per unit of total volatility	0.59	1.05	-0.46
Sortino ratio: Return per unit of downside risk	1.07	1.68	-0.61
Omega ratio: Gain probability vs. loss probability	1.13	1.21	-0.08
Calmar ratio: Return relative to maximum drawdown	0.61	1.68	-1.07
Martin ratio: Return relative to average drawdown	1.56	4.57	-3.01

FNGO vs. USO - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.59, which is lower than the USO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of FNGO and USO, 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. USO - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for FNGO and USO.

Drawdown Indicators

	FNGO	USO	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-98.19%	+19.80%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-27.26%	-15.47%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-27.26%	-20.38%
Max Drawdown (5Y) Largest decline over 5 years	-78.39%	-36.23%	-42.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-20.15%	-88.16%	+68.01%
Average Drawdown Average peak-to-trough decline	-23.84%	-75.31%	+51.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.61%	10.02%	+6.59%

Volatility

FNGO vs. USO - Volatility Comparison

MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) has a higher volatility of 21.56% compared to United States Oil Fund LP (USO) at 11.79%. This indicates that FNGO's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.56%	11.79%	+9.77%
Volatility (6M) Calculated over the trailing 6-month period	35.31%	39.34%	-4.03%
Volatility (1Y) Calculated over the trailing 1-year period	43.90%	44.35%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.80%	36.32%	+24.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.71%	39.02%	+22.69%

FNGO vs. USO - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is higher than USO's 0.86% expense ratio.

Dividends

FNGO vs. USO - Dividend Comparison

Neither FNGO nor USO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNGO and USO in my portfolio?

FNGO and USO have a correlation of -0.15, 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 USO?

FNGO has higher volatility (21.56%) compared to USO (11.79%). In terms of maximum drawdown, FNGO dropped -78.39% vs USO's -98.19%.

Which ETF is better, FNGO or USO?

On 5-year performance, FNGO leads with 22.32% vs 17.42% for USO. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 11.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGO or USO?

Over the 5-year period, FNGO has performed better with a 22.32% return vs 17.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGO or USO?

USO is cheaper with a 0.86% expense ratio, compared with 0.95% for FNGO.

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

FNGO and USO have nearly identical dividend yields, around 0.00%.

What is the main difference between FNGO and USO?

FNGO is categorized as Leveraged Equities, while USO is Oil & Gas. FNGO tracks NYSE FANG+ Index (+200%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Bank of Montreal and USCF. Their fees differ too: 0.95% for FNGO and 0.86% for USO.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (1.05 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.