FNGU vs. TSMG

Last updated Jun 24, 2026

FNGU (MicroSectors FANG+ 3X Leveraged ETNs) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. FNGU is passively managed, while TSMG is actively managed. Over the past year, FNGU returned 17.53% vs 241.80% for TSMG. A 0.63 correlation means they provide meaningful diversification when combined. FNGU charges 2.60%/yr vs 0.75%/yr for TSMG.

Performance

FNGU vs. TSMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ 3X Leveraged ETNs (FNGU) and Leverage Shares 2X Long TSM Daily ETF (TSMG). 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 TSMG's 80.39% return.

FNGU

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

TSMG

• 1D: -13.49%
• 1M: 12.90%
• YTD: 80.39%
• 6M: 88.25%
• 1Y: 241.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNGU vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
FNGU MicroSectors FANG+ 3X Leveraged ETNs	-0.99%	3.02%
TSMG Leverage Shares 2X Long TSM Daily ETF	80.39%	86.49%

Correlation

The correlation between FNGU and TSMG is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.63

The correlation between FNGU and TSMG has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.

Return for Risk

FNGU vs. TSMG — 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

TSMG

TSMG Risk / Return Rank: 85
TSMG Sharpe Ratio Rank: 93
TSMG Sortino Ratio Rank: 75
TSMG Omega Ratio Rank: 70
TSMG Calmar Ratio Rank: 94
TSMG Martin Ratio Rank: 92

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. TSMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ 3X Leveraged ETNs (FNGU) and Leverage Shares 2X Long TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	0.27	3.17	-2.90
Sortino ratio: Return per unit of downside risk	0.81	3.15	-2.34
Omega ratio: Gain probability vs. loss probability	1.10	1.39	-0.29
Calmar ratio: Return relative to maximum drawdown	0.30	6.90	-6.60
Martin ratio: Return relative to average drawdown	0.70	22.04	-21.34

FNGU vs. TSMG - Sharpe Ratio Comparison

The current FNGU Sharpe Ratio is 0.27, which is lower than the TSMG Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of FNGU and TSMG, 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. TSMG - Drawdown Comparison

The maximum FNGU drawdown since its inception was -61.30%, roughly equal to the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for FNGU and TSMG.

Drawdown Indicators

	FNGU	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-61.30%	-63.67%	+2.37%
Max Drawdown (1Y) Largest decline over 1 year	-59.55%	-35.29%	-24.26%
Current Drawdown Current decline from peak	-30.82%	-13.49%	-17.33%
Average Drawdown Average peak-to-trough decline	-22.27%	-16.65%	-5.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.17%	11.03%	+14.14%

Volatility

FNGU vs. TSMG - Volatility Comparison

MicroSectors FANG+ 3X Leveraged ETNs (FNGU) and Leverage Shares 2X Long TSM Daily ETF (TSMG) have volatilities of 33.21% and 33.00%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGU	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.21%	33.00%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	52.56%	60.76%	-8.20%
Volatility (1Y) Calculated over the trailing 1-year period	64.46%	76.78%	-12.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.18%	83.21%	-2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.18%	83.21%	-2.03%

FNGU vs. TSMG - Expense Ratio Comparison

FNGU has a 2.60% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

FNGU vs. TSMG - Dividend Comparison

FNGU has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 6.37%.

Position	TTM	2025
FNGU MicroSectors FANG+ 3X Leveraged ETNs	0.00%	0.00%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.37%	11.48%

Frequently Asked Questions

Can I hold both FNGU and TSMG in my portfolio?

FNGU and TSMG have a correlation of 0.56, 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 TSMG?

FNGU has higher volatility (33.21%) compared to TSMG (33.00%). In terms of maximum drawdown, FNGU dropped -61.30% vs TSMG's -63.67%.

Which ETF is better, FNGU or TSMG?

On 1-year performance, TSMG leads with 241.80% vs 17.53% for FNGU. On fees, TSMG is cheaper at 0.75% per year. On volatility, TSMG has been the lower-risk option at 33.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGU or TSMG?

Over the 1-year period, TSMG has performed better with a 241.80% 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 TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 2.60% for FNGU.

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

TSMG has the higher dividend yield at 6.37%, compared with 0.00% for FNGU.

What is the main difference between FNGU and TSMG?

They also come from different issuers: Bank of Montreal and Leverage Shares. Their fees differ too: 2.60% for FNGU and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (3.17 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.