IBIT vs. FNGO
IBIT (iShares Bitcoin Trust ETF) and FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while FNGO is a Leveraged Equities fund tracking the NYSE FANG+ Index (+200%). Both are passively managed. Over the past year, IBIT returned -40.63% vs 26.54% for FNGO. At a 0.37 correlation, their price movements are largely independent. IBIT charges 0.25%/yr vs 0.95%/yr for FNGO.
Performance
IBIT vs. FNGO - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -27.41% return, which is significantly lower than FNGO's 8.91% return.
IBIT
- 1D
- -0.03%
- 1M
- -20.12%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -40.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FNGO
- 1D
- -1.60%
- 1M
- -7.03%
- YTD
- 8.91%
- 6M
- 3.86%
- 1Y
- 26.54%
- 3Y*
- 49.78%
- 5Y*
- 25.62%
- 10Y*
- —
IBIT vs. FNGO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
FNGO MicroSectors FANG+ Index 2X Leveraged ETN | 8.91% | 25.49% | 100.82% |
Correlation
The correlation between IBIT and FNGO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.37 |
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Return for Risk
IBIT vs. FNGO — Risk / Return Rank
IBIT
FNGO
IBIT vs. FNGO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) and MicroSectors FANG+ Index 2X Leveraged ETN (FNGO). 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.
| IBIT | FNGO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.40 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.13 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 0.62 | -1.41 |
| Martin ratioReturn relative to average drawdown | -1.37 | 1.62 | -2.99 |
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Drawdowns
IBIT vs. FNGO - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, smaller than the maximum FNGO drawdown of -78.39%. Use the drawdown chart below to compare losses from any high point for IBIT and FNGO.
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Drawdown Indicators
| IBIT | FNGO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -78.39% | +26.28% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -42.73% | -9.38% |
Max Drawdown (3Y)Largest decline over 3 years | — | -47.64% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -78.39% | — |
Current DrawdownCurrent decline from peak | -49.45% | -18.46% | -30.99% |
Average DrawdownAverage peak-to-trough decline | -16.53% | -23.87% | +7.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.64% | 16.45% | +13.19% |
Volatility
IBIT vs. FNGO - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 12.07%, while MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) has a volatility of 17.58%. This indicates that IBIT experiences smaller price fluctuations and is considered to be less risky than FNGO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBIT | FNGO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.07% | 17.58% | -5.51% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 33.63% | +0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.10% | 41.88% | +2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.26% | 60.50% | -10.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.26% | 61.61% | -11.35% |
IBIT vs. FNGO - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than FNGO's 0.95% expense ratio.
Dividends
IBIT vs. FNGO - Dividend Comparison
Neither IBIT nor FNGO has paid dividends to shareholders.
Frequently Asked Questions
IBIT and FNGO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNGO has higher volatility (17.58%) compared to IBIT (12.07%). In terms of maximum drawdown, IBIT dropped -52.11% vs FNGO's -78.39%.
On 1-year performance, FNGO leads with 26.54% vs -40.63% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 12.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FNGO has performed better with a 26.54% return vs -40.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.95% for FNGO.
IBIT and FNGO have nearly identical dividend yields, around 0.00%.
IBIT is categorized as Cryptocurrency, while FNGO is Leveraged Equities. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while FNGO tracks NYSE FANG+ Index (+200%). They also come from different issuers: iShares and Bank of Montreal. Their fees differ too: 0.25% for IBIT and 0.95% for FNGO.
FNGO currently has the higher Sharpe Ratio (0.64 vs -0.92), 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.
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