FNGU vs. TPYP

Last updated Jun 24, 2026

FNGU (MicroSectors FANG+ 3X Leveraged ETNs) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - FNGU is a Leveraged Equities fund tracking the NYSE FANG+ Index (Gross Total Return) (300%), while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past year, FNGU returned 17.53% vs 24.89% for TPYP. At a correlation of -0.01, they often move in opposite directions. FNGU charges 2.60%/yr vs 0.40%/yr for TPYP.

Performance

FNGU vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ 3X Leveraged ETNs (FNGU) and Tortoise North American Pipeline Fund (TPYP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNGU achieves a -0.99% return, which is significantly lower than TPYP's 21.62% return.

FNGU

• 1D: -7.64%
• 1M: -12.95%
• YTD: -0.99%
• 6M: -5.84%
• 1Y: 17.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TPYP

• 1D: 1.30%
• 1M: -3.57%
• YTD: 21.62%
• 6M: 21.85%
• 1Y: 24.89%
• 3Y*: 26.20%
• 5Y*: 18.21%
• 10Y*: 11.89%

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

FNGU vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025
FNGU MicroSectors FANG+ 3X Leveraged ETNs	-0.99%	3.02%
TPYP Tortoise North American Pipeline Fund	21.62%	2.50%

Correlation

The correlation between FNGU and TPYP is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.01

Over the past year, the inverse relationship between FNGU and TPYP has strengthened: their correlation has moved from -0.01 to -0.22, meaning they now move in opposite directions more often than their long-term average.

FNGU vs. TPYP - Sectors Allocation Comparison

Sectors	FNGU	TPYP
Technology	60.6%	-
Communication Services	29.8%	-
Consumer Cyclical	9.6%	-
Basic Materials	-	0.1%
Consumer Defensive	-	-
Energy	-	68.8%
Financial Services	-	2.4%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	22.0%

Return for Risk

FNGU vs. TPYP — Risk / Return Rank

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

FNGU

FNGU Risk / Return Rank: 13
FNGU Sharpe Ratio Rank: 12
FNGU Sortino Ratio Rank: 16
FNGU Omega Ratio Rank: 16
FNGU Calmar Ratio Rank: 12
FNGU Martin Ratio Rank: 12

TPYP

TPYP Risk / Return Rank: 60
TPYP Sharpe Ratio Rank: 59
TPYP Sortino Ratio Rank: 59
TPYP Omega Ratio Rank: 54
TPYP Calmar Ratio Rank: 75
TPYP Martin Ratio Rank: 55

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. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ 3X Leveraged ETNs (FNGU) and Tortoise North American Pipeline Fund (TPYP). 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	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	0.27	1.88	-1.60
Sortino ratio: Return per unit of downside risk	0.81	2.61	-1.80
Omega ratio: Gain probability vs. loss probability	1.10	1.32	-0.22
Calmar ratio: Return relative to maximum drawdown	0.30	3.66	-3.36
Martin ratio: Return relative to average drawdown	0.70	9.01	-8.31

FNGU vs. TPYP - Sharpe Ratio Comparison

The current FNGU Sharpe Ratio is 0.27, which is lower than the TPYP Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of FNGU and TPYP, 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. TPYP - Drawdown Comparison

The maximum FNGU drawdown since its inception was -61.30%, which is greater than TPYP's maximum drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for FNGU and TPYP.

Drawdown Indicators

	FNGU	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-61.30%	-51.91%	-9.39%
Max Drawdown (1Y) Largest decline over 1 year	-59.55%	-6.84%	-52.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.91%	—
Current Drawdown Current decline from peak	-30.82%	-4.04%	-26.78%
Average Drawdown Average peak-to-trough decline	-22.27%	-7.88%	-14.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.17%	2.77%	+22.40%

Volatility

FNGU vs. TPYP - Volatility Comparison

MicroSectors FANG+ 3X Leveraged ETNs (FNGU) has a higher volatility of 33.21% compared to Tortoise North American Pipeline Fund (TPYP) at 5.29%. This indicates that FNGU's price experiences larger fluctuations and is considered to be riskier than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGU	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.21%	5.29%	+27.92%
Volatility (6M) Calculated over the trailing 6-month period	52.56%	10.38%	+42.18%
Volatility (1Y) Calculated over the trailing 1-year period	64.46%	13.33%	+51.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.18%	17.40%	+63.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.18%	21.93%	+59.25%

FNGU vs. TPYP - Expense Ratio Comparison

FNGU has a 2.60% expense ratio, which is higher than TPYP's 0.40% expense ratio.

Dividends

FNGU vs. TPYP - Dividend Comparison

FNGU has not paid dividends to shareholders, while TPYP's dividend yield for the trailing twelve months is around 3.21%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNGU MicroSectors FANG+ 3X Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TPYP Tortoise North American Pipeline Fund	3.21%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%

Frequently Asked Questions

Can I hold both FNGU and TPYP in my portfolio?

FNGU and TPYP have a correlation of -0.22, 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 TPYP?

FNGU has higher volatility (33.21%) compared to TPYP (5.29%). In terms of maximum drawdown, FNGU dropped -61.30% vs TPYP's -51.91%.

Which ETF is better, FNGU or TPYP?

On 1-year performance, TPYP leads with 24.89% vs 17.53% for FNGU. On fees, TPYP is cheaper at 0.40% per year. On volatility, TPYP has been the lower-risk option at 5.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGU or TPYP?

Over the 1-year period, TPYP has performed better with a 24.89% return vs 17.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGU or TPYP?

TPYP is cheaper with a 0.40% expense ratio, compared with 2.60% for FNGU.

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

TPYP has the higher dividend yield at 3.21%, compared with 0.00% for FNGU.

What is the main difference between FNGU and TPYP?

FNGU is categorized as Leveraged Equities, while TPYP is Energy Equities. FNGU tracks NYSE FANG+ Index (Gross Total Return) (300%), while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: Bank of Montreal and Tortoise. Their fees differ too: 2.60% for FNGU and 0.40% for TPYP.

Which has better risk-adjusted returns?

TPYP currently has the higher Sharpe Ratio (1.88 vs 0.27), 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.