FNGU vs. GDXU

Last updated Jun 4, 2026

FNGU (MicroSectors FANG+ 3X Leveraged ETNs) and GDXU (MicroSectors Gold Miners 3X Leveraged ETN) are both Leveraged Equities funds - FNGU tracks the NYSE FANG+ Index (Gross Total Return) (300%) while GDXU tracks the S-Network MicroSectors Gold Miners Index. Both are passively managed. Over the past year, FNGU returned 64.67% vs 72.31% for GDXU. At a 0.18 correlation, their price movements are largely independent. FNGU charges 2.60%/yr vs 0.95%/yr for GDXU.

Performance

FNGU vs. GDXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ 3X Leveraged ETNs (FNGU) and MicroSectors Gold Miners 3X Leveraged ETN (GDXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGU achieves a 36.18% return, which is significantly higher than GDXU's -43.81% return.

FNGU

• 1D: -3.75%
• 1M: 33.96%
• YTD: 36.18%
• 6M: 16.22%
• 1Y: 64.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GDXU

• 1D: -10.63%
• 1M: -11.26%
• YTD: -43.81%
• 6M: -33.96%
• 1Y: 72.31%
• 3Y*: 46.61%
• 5Y*: -10.91%
• 10Y*: —

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

FNGU vs. GDXU - Yearly Performance Comparison

	2026 (YTD)	2025
FNGU MicroSectors FANG+ 3X Leveraged ETNs	36.18%	4.24%
GDXU MicroSectors Gold Miners 3X Leveraged ETN	-43.81%	399.00%

Correlation

The correlation between FNGU and GDXU is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.18

FNGU vs. GDXU - Sectors Allocation Comparison

Sectors	FNGU	GDXU
Technology	60.6%	-
Communication Services	29.8%	-
Consumer Cyclical	9.6%	-
Basic Materials	-	100.0%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGU vs. GDXU — Risk / Return Rank

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

FNGU

FNGU Risk / Return Rank: 27
FNGU Sharpe Ratio Rank: 30
FNGU Sortino Ratio Rank: 31
FNGU Omega Ratio Rank: 30
FNGU Calmar Ratio Rank: 23
FNGU Martin Ratio Rank: 21

GDXU

GDXU Risk / Return Rank: 23
GDXU Sharpe Ratio Rank: 17
GDXU Sortino Ratio Rank: 28
GDXU Omega Ratio Rank: 31
GDXU Calmar Ratio Rank: 22
GDXU Martin Ratio Rank: 18

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.

FNGU vs. GDXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ 3X Leveraged ETNs (FNGU) and MicroSectors Gold Miners 3X Leveraged ETN (GDXU). 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.

	FNGU	GDXU	Difference
Sharpe ratio: Return per unit of total volatility	1.13	0.53	+0.60
Sortino ratio: Return per unit of downside risk	1.69	1.53	+0.16
Omega ratio: Gain probability vs. loss probability	1.21	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	1.09	0.98	+0.11
Martin ratio: Return relative to average drawdown	2.64	2.00	+0.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNGU vs. GDXU - Sharpe Ratio Comparison

The current FNGU Sharpe Ratio is 1.13, which is higher than the GDXU Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of FNGU and GDXU, 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

	FNGU	GDXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	0.53	+0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	-0.09	+0.49

Drawdowns

FNGU vs. GDXU - Drawdown Comparison

The maximum FNGU drawdown since its inception was -60.84%, smaller than the maximum GDXU drawdown of -94.39%. Use the drawdown chart below to compare losses from any high point for FNGU and GDXU.

Drawdown Indicators

	FNGU	GDXU	Difference
Max Drawdown Largest peak-to-trough decline	-60.84%	-94.39%	+33.55%
Max Drawdown (1Y) Largest decline over 1 year	-59.55%	-73.99%	+14.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-73.99%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-92.93%	—
Current Drawdown Current decline from peak	-4.84%	-73.92%	+69.08%
Average Drawdown Average peak-to-trough decline	-22.06%	-69.77%	+47.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.57%	36.23%	-11.66%

Volatility

FNGU vs. GDXU - Volatility Comparison

The current volatility for MicroSectors FANG+ 3X Leveraged ETNs (FNGU) is 16.40%, while MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a volatility of 46.45%. This indicates that FNGU experiences smaller price fluctuations and is considered to be less risky than GDXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGU	GDXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.40%	46.45%	-30.05%
Volatility (6M) Calculated over the trailing 6-month period	44.77%	118.07%	-73.30%
Volatility (1Y) Calculated over the trailing 1-year period	57.50%	137.57%	-80.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.60%	110.85%	-32.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.60%	110.02%	-31.42%

FNGU vs. GDXU - Expense Ratio Comparison

FNGU has a 2.60% expense ratio, which is higher than GDXU's 0.95% expense ratio.

Dividends

FNGU vs. GDXU - Dividend Comparison

Neither FNGU nor GDXU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNGU and GDXU in my portfolio?

FNGU and GDXU have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNGU or GDXU?

GDXU has higher volatility (46.45%) compared to FNGU (16.40%). In terms of maximum drawdown, FNGU dropped -60.84% vs GDXU's -94.39%.

Which ETF is better, FNGU or GDXU?

On 1-year performance, GDXU leads with 72.31% vs 64.67% for FNGU. On fees, GDXU is cheaper at 0.95% per year. On volatility, FNGU has been the lower-risk option at 16.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGU or GDXU?

Over the 1-year period, GDXU has performed better with a 72.31% return vs 64.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGU or GDXU?

GDXU is cheaper with a 0.95% expense ratio, compared with 2.60% for FNGU.

Which ETF pays a higher dividend yield, FNGU or GDXU?

FNGU and GDXU have nearly identical dividend yields, around 0.00%.

What is the main difference between FNGU and GDXU?

FNGU tracks NYSE FANG+ Index (Gross Total Return) (300%), while GDXU tracks S-Network MicroSectors Gold Miners Index. They also come from different issuers: Bank of Montreal and BMO. Their fees differ too: 2.60% for FNGU and 0.95% for GDXU.

Which has better risk-adjusted returns?

FNGU currently has the higher Sharpe Ratio (1.13 vs 0.53), 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.