FNGU vs. SKYU

Last updated Aug 5, 2026

FNGU (MicroSectors FANG+ 3X Leveraged ETNs) and SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) are both Leveraged Equities funds - FNGU tracks the NYSE FANG+ Index (Gross Total Return) (300%) while SKYU tracks the ISE Cloud Computing Index (200%). Both are passively managed. Over the past year, FNGU returned 31.91% vs 40.47% for SKYU. Their 0.73 correlation means they have sometimes moved together and sometimes differently. FNGU charges 2.60%/yr vs 0.95%/yr for SKYU.

Performance

FNGU vs. SKYU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ 3X Leveraged ETNs (FNGU) and ProShares Ultra Nasdaq Cloud Computing ETF (SKYU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGU achieves a 29.30% return, which is significantly higher than SKYU's 26.81% return.

FNGU

• 1D: 13.28%
• 1M: 23.29%
• 6M: 51.91%
• YTD: 29.30%
• 1Y: 31.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.84%

SKYU

• 1D: 7.42%
• 1M: 28.06%
• 6M: 67.44%
• YTD: 26.81%
• 1Y: 40.47%
• 3Y*: 37.57%
• 5Y*: -0.10%
• 10Y*: —
• ALL TIME*: 2.43%

*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)
FNGU MicroSectors FANG+ 3X Leveraged ETNs	$124.87M	$122.34M	$155.63M
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	$164.25K	$120.63K	$130.28K

FNGU vs. SKYU - Yearly Performance Comparison

	2026 (YTD)	2025
FNGU MicroSectors FANG+ 3X Leveraged ETNs	29.30%	3.02%
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	26.81%	-10.76%

Correlation

The correlation between FNGU and SKYU is 0.66, 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.	0.66
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.73

The correlation between FNGU and SKYU has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.

FNGU vs. SKYU - Sectors Allocation Comparison

Sectors	FNGU	SKYU
Technology	60.6%	87.7%
Communication Services	29.8%	8.2%
Consumer Cyclical	9.6%	3.5%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	0.7%
Industrials	-	2.4%
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGU vs. SKYU — Risk / Return Rank

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

FNGU

FNGU Risk / Return Rank: 22
FNGU Sharpe Ratio Rank: 20
FNGU Sortino Ratio Rank: 27
FNGU Omega Ratio Rank: 26
FNGU Calmar Ratio Rank: 19
FNGU Martin Ratio Rank: 18

SKYU

SKYU Risk / Return Rank: 27
SKYU Sharpe Ratio Rank: 27
SKYU Sortino Ratio Rank: 32
SKYU Omega Ratio Rank: 30
SKYU Calmar Ratio Rank: 24
SKYU Martin Ratio Rank: 21

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.

FNGU vs. SKYU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ 3X Leveraged ETNs (FNGU) and ProShares Ultra Nasdaq Cloud Computing ETF (SKYU). 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.

	FNGU	SKYU	Difference
Sharpe ratio: Return per unit of total volatility	0.48	0.69	-0.21
Sortino ratio: Return per unit of downside risk	1.09	1.31	-0.21
Omega ratio: Gain probability vs. loss probability	1.13	1.16	-0.02
Calmar ratio: Return relative to maximum drawdown	0.54	0.81	-0.27
Martin ratio: Return relative to average drawdown	1.20	1.57	-0.38

FNGU vs. SKYU - Sharpe Ratio Comparison

The current FNGU Sharpe Ratio is 0.48, which is lower than the SKYU Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of FNGU and SKYU, 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

FNGU vs. SKYU - Drawdown Comparison

The maximum FNGU drawdown since its inception was -61.30%, smaller than the maximum SKYU drawdown of -83.01%. Use the drawdown chart below to compare losses from any high point for FNGU and SKYU.

Drawdown Indicators

	FNGU	SKYU	Difference
Max Drawdown Largest peak-to-trough decline	-61.30%	-83.01%	+21.71%
Max Drawdown (1Y) Largest decline over 1 year	-59.55%	-50.23%	-9.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-55.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-83.01%	—
Current Drawdown Current decline from peak	-9.65%	-18.34%	+8.69%
Average Drawdown Average peak-to-trough decline	-22.57%	-48.70%	+26.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.71%	25.76%	+0.95%

Volatility

FNGU vs. SKYU - Volatility Comparison

MicroSectors FANG+ 3X Leveraged ETNs (FNGU) has a higher volatility of 22.79% compared to ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) at 15.95%. This indicates that FNGU's price experiences larger fluctuations and is considered to be riskier than SKYU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGU	SKYU	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.79%	15.95%	+6.84%
Volatility (6M) Calculated over the trailing 6-month period	55.65%	48.83%	+6.82%
Volatility (1Y) Calculated over the trailing 1-year period	67.12%	59.12%	+8.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.47%	62.62%	+17.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.47%	61.04%	+19.43%

FNGU vs. SKYU - Expense Ratio Comparison

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

Dividends

FNGU vs. SKYU - Dividend Comparison

FNGU has not paid dividends to shareholders, while SKYU's dividend yield for the trailing twelve months is around 0.65%.

Position	TTM	2025	2024
FNGU MicroSectors FANG+ 3X Leveraged ETNs	0.00%	0.00%	0.00%
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.65%	0.56%	0.21%

Frequently Asked Questions

Can I hold both FNGU and SKYU in my portfolio?

FNGU and SKYU have a correlation of 0.66, 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 SKYU?

FNGU has higher volatility (22.79%) compared to SKYU (15.95%). In terms of maximum drawdown, FNGU dropped -61.30% vs SKYU's -83.01%.

Which ETF is better, FNGU or SKYU?

On 1-year performance, SKYU leads with 40.47% vs 31.91% for FNGU. On fees, SKYU is cheaper at 0.95% per year. On volatility, SKYU has been the lower-risk option at 15.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGU or SKYU?

Over the 1-year period, SKYU has performed better with a 40.47% return vs 31.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGU or SKYU?

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

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

SKYU has the higher dividend yield at 0.65%, compared with 0.00% for FNGU.

What is the main difference between FNGU and SKYU?

FNGU tracks NYSE FANG+ Index (Gross Total Return) (300%), while SKYU tracks ISE Cloud Computing Index (200%). They also come from different issuers: BMO and ProShares. Their fees differ too: 2.60% for FNGU and 0.95% for SKYU.

Which has better risk-adjusted returns?

SKYU currently has the higher Sharpe Ratio (0.69 vs 0.48), 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.