FNGU vs. UVIX

Last updated Jun 4, 2026

FNGU (MicroSectors FANG+ 3X Leveraged ETNs) and UVIX (Volatility Shares 2x Long VIX Futures ETF) are both exchange-traded funds - FNGU is a Leveraged Equities fund tracking the NYSE FANG+ Index (Gross Total Return) (300%), while UVIX is a Volatility fund tracking the Long VIX Futures Index – Benchmark TR Gross (200%). Both are passively managed. Over the past year, FNGU returned 64.67% vs -85.80% for UVIX. At a correlation of -0.60, they often move in opposite directions. FNGU charges 2.60%/yr vs 2.78%/yr for UVIX.

Performance

FNGU vs. UVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ 3X Leveraged ETNs (FNGU) and Volatility Shares 2x Long VIX Futures ETF (UVIX). 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 UVIX's -31.87% return.

FNGU

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

UVIX

• 1D: -0.26%
• 1M: -29.01%
• YTD: -31.87%
• 6M: -51.86%
• 1Y: -85.80%
• 3Y*: -82.43%
• 5Y*: —
• 10Y*: —

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

FNGU vs. UVIX - Yearly Performance Comparison

	2026 (YTD)	2025
FNGU MicroSectors FANG+ 3X Leveraged ETNs	36.18%	4.24%
UVIX Volatility Shares 2x Long VIX Futures ETF	-31.87%	-78.43%

Correlation

The correlation between FNGU and UVIX is -0.53, 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	-0.53
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	-0.60

The correlation between FNGU and UVIX has been stable across timeframes, ranging from -0.60 to -0.53 - a consistent structural relationship.

Return for Risk

FNGU vs. UVIX — 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

UVIX

UVIX Risk / Return Rank: 2
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 1
UVIX Martin Ratio Rank: 3

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. UVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ 3X Leveraged ETNs (FNGU) and Volatility Shares 2x Long VIX Futures ETF (UVIX). 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	UVIX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	-0.77	+1.90
Sortino ratio: Return per unit of downside risk	1.69	-1.70	+3.39
Omega ratio: Gain probability vs. loss probability	1.21	0.81	+0.40
Calmar ratio: Return relative to maximum drawdown	1.09	-0.98	+2.08
Martin ratio: Return relative to average drawdown	2.64	-1.26	+3.91
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. UVIX - Sharpe Ratio Comparison

The current FNGU Sharpe Ratio is 1.13, which is higher than the UVIX Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of FNGU and UVIX, 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	UVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	-0.77	+1.90
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	-0.62	+1.02

Drawdowns

FNGU vs. UVIX - Drawdown Comparison

The maximum FNGU drawdown since its inception was -60.84%, smaller than the maximum UVIX drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for FNGU and UVIX.

Drawdown Indicators

	FNGU	UVIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.84%	-99.97%	+39.13%
Max Drawdown (1Y) Largest decline over 1 year	-59.55%	-87.35%	+27.80%
Max Drawdown (3Y) Largest decline over 3 years	—	-99.44%	—
Current Drawdown Current decline from peak	-4.84%	-99.97%	+95.13%
Average Drawdown Average peak-to-trough decline	-22.06%	-88.52%	+66.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.57%	67.78%	-43.21%

Volatility

FNGU vs. UVIX - Volatility Comparison

MicroSectors FANG+ 3X Leveraged ETNs (FNGU) has a higher volatility of 16.40% compared to Volatility Shares 2x Long VIX Futures ETF (UVIX) at 15.41%. This indicates that FNGU's price experiences larger fluctuations and is considered to be riskier than UVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGU	UVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.40%	15.41%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	44.77%	82.35%	-37.58%
Volatility (1Y) Calculated over the trailing 1-year period	57.50%	111.51%	-54.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.60%	136.15%	-57.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.60%	136.15%	-57.55%

FNGU vs. UVIX - Expense Ratio Comparison

FNGU has a 2.60% expense ratio, which is lower than UVIX's 2.78% expense ratio.

Dividends

FNGU vs. UVIX - Dividend Comparison

Neither FNGU nor UVIX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNGU and UVIX in my portfolio?

FNGU and UVIX have a correlation of -0.53, 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 UVIX?

FNGU has higher volatility (16.40%) compared to UVIX (15.41%). In terms of maximum drawdown, FNGU dropped -60.84% vs UVIX's -99.97%.

Which ETF is better, FNGU or UVIX?

On 1-year performance, FNGU leads with 64.67% vs -85.80% for UVIX. On fees, FNGU is cheaper at 2.60% per year. On volatility, UVIX has been the lower-risk option at 15.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGU or UVIX?

Over the 1-year period, FNGU has performed better with a 64.67% return vs -85.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGU or UVIX?

FNGU is cheaper with a 2.60% expense ratio, compared with 2.78% for UVIX.

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

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

What is the main difference between FNGU and UVIX?

FNGU is categorized as Leveraged Equities, while UVIX is Volatility. FNGU tracks NYSE FANG+ Index (Gross Total Return) (300%), while UVIX tracks Long VIX Futures Index – Benchmark TR Gross (200%). They also come from different issuers: Bank of Montreal and Volatility Shares. Their fees differ too: 2.60% for FNGU and 2.78% for UVIX.

Which has better risk-adjusted returns?

FNGU currently has the higher Sharpe Ratio (1.13 vs -0.77), 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.