FNGS vs. QQQX

Last updated Aug 2, 2026

FNGS (MicroSectors FANG+ ETN) and QQQX (Nuveen Nasdaq 100 Dynamic Overwrite Fund) are both funds - FNGS is a Large Cap Growth Equities fund tracking the NYSE FANG+ Index, while QQQX is a Derivative Income fund actively managed by Nuveen. FNGS is passively managed, while QQQX is actively managed. Over the past 5 years, FNGS returned 18.98%/yr vs 8.13%/yr for QQQX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. FNGS charges 0.58%/yr vs 0.89%/yr for QQQX.

Performance

FNGS vs. QQQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ ETN (FNGS) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGS achieves a 9.02% return, which is significantly higher than QQQX's 8.38% return.

FNGS

• 1D: 1.63%
• 1M: 0.59%
• 6M: 12.42%
• YTD: 9.02%
• 1Y: 15.45%
• 3Y*: 28.64%
• 5Y*: 18.98%
• 10Y*: —
• ALL TIME*: 30.45%

QQQX

• 1D: 0.51%
• 1M: -1.89%
• 6M: 10.20%
• YTD: 8.38%
• 1Y: 22.27%
• 3Y*: 15.12%
• 5Y*: 8.13%
• 10Y*: 12.71%
• ALL TIME*: 10.88%

*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)
FNGS MicroSectors FANG+ ETN	$1.57M	$1.92M	$2.40M
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	$2.40M	$3.65M	$3.31M

FNGS vs. QQQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FNGS MicroSectors FANG+ ETN	9.02%	18.64%	51.99%	95.24%	-40.32%	16.96%	101.99%	10.10%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.38%	14.87%	25.61%	21.68%	-27.39%	25.32%	15.75%	2.71%

Correlation

The correlation between FNGS and QQQX is 0.77, 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.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (All Time) Calculated using the full available price history since Nov 13, 2019	0.76

The correlation between FNGS and QQQX has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

FNGS vs. QQQX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FNGS

FNGS Risk / Return Rank: 22
FNGS Sharpe Ratio Rank: 23
FNGS Sortino Ratio Rank: 23
FNGS Omega Ratio Rank: 23
FNGS Calmar Ratio Rank: 20
FNGS Martin Ratio Rank: 21

QQQX

QQQX Risk / Return Rank: 58
QQQX Sharpe Ratio Rank: 50
QQQX Sortino Ratio Rank: 52
QQQX Omega Ratio Rank: 49
QQQX Calmar Ratio Rank: 73
QQQX Martin Ratio Rank: 68

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.

FNGS vs. QQQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ ETN (FNGS) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). 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.

	FNGS	QQQX	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.29	-0.78
Sortino ratio: Return per unit of downside risk	0.86	1.91	-1.05
Omega ratio: Gain probability vs. loss probability	1.10	1.24	-0.13
Calmar ratio: Return relative to maximum drawdown	0.51	2.31	-1.80
Martin ratio: Return relative to average drawdown	1.37	8.20	-6.83

FNGS vs. QQQX - Sharpe Ratio Comparison

The current FNGS Sharpe Ratio is 0.52, which is lower than the QQQX Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of FNGS and QQQX, 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

FNGS vs. QQQX - Drawdown Comparison

The maximum FNGS drawdown since its inception was -48.98%, smaller than the maximum QQQX drawdown of -57.25%. Use the drawdown chart below to compare losses from any high point for FNGS and QQQX.

Drawdown Indicators

	FNGS	QQQX	Difference
Max Drawdown Largest peak-to-trough decline	-48.98%	-57.25%	+8.27%
Max Drawdown (1Y) Largest decline over 1 year	-22.93%	-9.11%	-13.82%
Max Drawdown (3Y) Largest decline over 3 years	-26.77%	-22.80%	-3.97%
Max Drawdown (5Y) Largest decline over 5 years	-48.98%	-29.33%	-19.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.96%	—
Current Drawdown Current decline from peak	-7.74%	-4.78%	-2.96%
Average Drawdown Average peak-to-trough decline	-10.80%	-7.98%	-2.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.61%	2.57%	+6.04%

Volatility

FNGS vs. QQQX - Volatility Comparison

MicroSectors FANG+ ETN (FNGS) has a higher volatility of 5.87% compared to Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) at 4.99%. This indicates that FNGS's price experiences larger fluctuations and is considered to be riskier than QQQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGS	QQQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.87%	4.99%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	18.36%	13.82%	+4.54%
Volatility (1Y) Calculated over the trailing 1-year period	22.86%	16.28%	+6.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.29%	20.12%	+10.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.07%	21.17%	+9.90%

FNGS vs. QQQX - Expense Ratio Comparison

FNGS has a 0.58% expense ratio, which is lower than QQQX's 0.89% expense ratio.

Dividends

FNGS vs. QQQX - Dividend Comparison

FNGS has not paid dividends to shareholders, while QQQX's dividend yield for the trailing twelve months is around 8.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNGS MicroSectors FANG+ 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%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.38%	7.85%	6.73%	7.26%	9.66%	5.85%	6.00%	6.49%	8.40%	5.95%	7.54%	7.23%

Frequently Asked Questions

Can I hold both FNGS and QQQX in my portfolio?

FNGS and QQQX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNGS or QQQX?

FNGS has higher volatility (5.87%) compared to QQQX (4.99%). In terms of maximum drawdown, FNGS dropped -48.98% vs QQQX's -57.25%.

Which has better risk-adjusted returns?

QQQX currently has the higher Sharpe Ratio (1.29 vs 0.52), 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.