FNGS vs. USD
FNGS (MicroSectors FANG+ ETN) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - FNGS is a Large Cap Growth Equities fund tracking the NYSE FANG+ Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 5 years, FNGS returned 19.76%/yr vs 65.02%/yr for USD. A 0.79 correlation means they provide meaningful diversification when combined. FNGS charges 0.58%/yr vs 0.95%/yr for USD.
Performance
FNGS vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, FNGS achieves a 6.79% return, which is significantly lower than USD's 86.87% return.
FNGS
- 1D
- -0.94%
- 1M
- -3.20%
- YTD
- 6.79%
- 6M
- 4.25%
- 1Y
- 17.02%
- 3Y*
- 29.80%
- 5Y*
- 19.76%
- 10Y*
- —
USD
- 1D
- 2.08%
- 1M
- -1.66%
- YTD
- 86.87%
- 6M
- 97.77%
- 1Y
- 207.86%
- 3Y*
- 111.11%
- 5Y*
- 65.02%
- 10Y*
- 60.21%
FNGS vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FNGS MicroSectors FANG+ ETN | 6.79% | 18.64% | 51.99% | 95.24% | -40.32% | 16.96% | 101.99% | 10.10% |
USD ProShares Ultra Semiconductors | 86.87% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 11.63% |
Correlation
The correlation between FNGS and USD is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2019 | 0.79 |
The correlation between FNGS and USD has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.
FNGS vs. USD - Sectors Allocation Comparison
Sectors
FNGS
USD
Technology
Communication Services
-
Consumer Cyclical
-
Financial Services
Basic Materials
-
-
Consumer Defensive
-
-
Energy
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Utilities
-
-
Technology
FNGS
USD
Communication Services
FNGS
USD
-
Consumer Cyclical
FNGS
USD
-
Financial Services
FNGS
USD
Basic Materials
FNGS
-
USD
-
Consumer Defensive
FNGS
-
USD
-
Energy
FNGS
-
USD
Healthcare
FNGS
-
USD
-
Industrials
FNGS
-
USD
-
Real Estate
FNGS
-
USD
-
Utilities
FNGS
-
USD
-
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Return for Risk
FNGS vs. USD — Risk / Return Rank
FNGS
USD
FNGS vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ ETN (FNGS) 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.
| FNGS | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.41 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | 6.58 | -5.83 |
| Martin ratioReturn relative to average drawdown | 2.12 | 18.43 | -16.31 |
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Drawdowns
FNGS vs. USD - Drawdown Comparison
The maximum FNGS drawdown since its inception was -48.98%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for FNGS and USD.
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Drawdown Indicators
| FNGS | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.98% | -88.63% | +39.65% |
Max Drawdown (1Y)Largest decline over 1 year | -22.93% | -31.80% | +8.87% |
Max Drawdown (3Y)Largest decline over 3 years | -26.77% | -64.46% | +37.69% |
Max Drawdown (5Y)Largest decline over 5 years | -48.98% | -77.85% | +28.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.85% | — |
Current DrawdownCurrent decline from peak | -9.63% | -13.67% | +4.04% |
Average DrawdownAverage peak-to-trough decline | -10.85% | -32.32% | +21.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.05% | 11.34% | -3.29% |
Volatility
FNGS vs. USD - Volatility Comparison
The current volatility for MicroSectors FANG+ ETN (FNGS) is 8.74%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.56%. This indicates that FNGS 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.
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Volatility by Period
| FNGS | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.74% | 29.56% | -20.82% |
Volatility (6M)Calculated over the trailing 6-month period | 17.19% | 52.44% | -35.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.65% | 65.34% | -43.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.10% | 77.19% | -47.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.17% | 69.61% | -38.44% |
FNGS vs. USD - Expense Ratio Comparison
FNGS has a 0.58% expense ratio, which is lower than USD's 0.95% expense ratio.
Dividends
FNGS vs. USD - Dividend Comparison
FNGS has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.25%.
| 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% |
USD ProShares Ultra Semiconductors | 0.25% | 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
FNGS and USD have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.56%) compared to FNGS (8.74%). In terms of maximum drawdown, FNGS dropped -48.98% vs USD's -88.63%.
On 5-year performance, USD leads with 65.02% vs 19.76% for FNGS. On fees, FNGS is cheaper at 0.58% per year. On volatility, FNGS has been the lower-risk option at 8.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USD has performed better with a 65.02% return vs 19.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNGS is cheaper with a 0.58% expense ratio, compared with 0.95% for USD.
USD has the higher dividend yield at 0.25%, compared with 0.00% for FNGS.
FNGS is categorized as Large Cap Growth Equities, while USD is Leveraged Equities. FNGS tracks NYSE FANG+ Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: BMO and ProShares. Their fees differ too: 0.58% for FNGS and 0.95% for USD.
USD currently has the higher Sharpe Ratio (3.20 vs 0.79), 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.
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