NRGU vs. FMUB

Last updated Jul 17, 2026

NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) and FMUB (Fidelity Municipal Bond Opportunities ETF) are both exchange-traded funds - NRGU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil Index (-300%), while FMUB is a Municipal Bonds fund actively managed by Fidelity. NRGU is passively managed, while FMUB is actively managed. Over the past year, NRGU returned 119.26% vs 6.92% for FMUB. At a correlation of -0.18, they often move in opposite directions. NRGU charges 0.95%/yr vs 0.30%/yr for FMUB.

Performance

NRGU vs. FMUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) and Fidelity Municipal Bond Opportunities ETF (FMUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRGU achieves a 118.00% return, which is significantly higher than FMUB's 2.09% return.

NRGU

• 1D: 3.84%
• 1M: 18.77%
• 6M: 86.19%
• YTD: 118.00%
• 1Y: 119.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMUB

• 1D: -0.11%
• 1M: 0.08%
• 6M: 1.48%
• YTD: 2.09%
• 1Y: 6.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NRGU vs. FMUB - Yearly Performance Comparison

	2026 (YTD)	2025
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	118.00%	36.44%
FMUB Fidelity Municipal Bond Opportunities ETF	2.09%	4.69%

Correlation

The correlation between NRGU and FMUB is -0.30, 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	-0.31
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	-0.18

The correlation between NRGU and FMUB shifts across timeframes, from -0.30 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NRGU vs. FMUB — Risk / Return Rank

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

NRGU

NRGU Risk / Return Rank: 55
NRGU Sharpe Ratio Rank: 58
NRGU Sortino Ratio Rank: 52
NRGU Omega Ratio Rank: 50
NRGU Calmar Ratio Rank: 69
NRGU Martin Ratio Rank: 47

FMUB

FMUB Risk / Return Rank: 85
FMUB Sharpe Ratio Rank: 93
FMUB Sortino Ratio Rank: 93
FMUB Omega Ratio Rank: 94
FMUB Calmar Ratio Rank: 69
FMUB Martin Ratio Rank: 76

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.

NRGU vs. FMUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) and Fidelity Municipal Bond Opportunities ETF (FMUB). 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.

	NRGU	FMUB	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.62	-1.05
Sortino ratio: Return per unit of downside risk	2.08	3.79	-1.71
Omega ratio: Gain probability vs. loss probability	1.26	1.55	-0.29
Calmar ratio: Return relative to maximum drawdown	2.73	2.79	-0.06
Martin ratio: Return relative to average drawdown	6.13	11.22	-5.09

NRGU vs. FMUB - Sharpe Ratio Comparison

The current NRGU Sharpe Ratio is 1.56, which is lower than the FMUB Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of NRGU and FMUB, 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

NRGU vs. FMUB - Drawdown Comparison

The maximum NRGU drawdown since its inception was -57.50%, which is greater than FMUB's maximum drawdown of -2.74%. Use the drawdown chart below to compare losses from any high point for NRGU and FMUB.

Drawdown Indicators

	NRGU	FMUB	Difference
Max Drawdown Largest peak-to-trough decline	-57.50%	-2.74%	-54.76%
Max Drawdown (1Y) Largest decline over 1 year	-43.89%	-2.49%	-41.40%
Current Drawdown Current decline from peak	-24.81%	-0.49%	-24.32%
Average Drawdown Average peak-to-trough decline	-26.06%	-0.46%	-25.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.53%	0.62%	+18.91%

Volatility

NRGU vs. FMUB - Volatility Comparison

MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a higher volatility of 23.48% compared to Fidelity Municipal Bond Opportunities ETF (FMUB) at 0.66%. This indicates that NRGU's price experiences larger fluctuations and is considered to be riskier than FMUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRGU	FMUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.48%	0.66%	+22.82%
Volatility (6M) Calculated over the trailing 6-month period	63.97%	2.08%	+61.89%
Volatility (1Y) Calculated over the trailing 1-year period	76.98%	2.66%	+74.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.07%	3.57%	+85.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.07%	3.57%	+85.50%

NRGU vs. FMUB - Expense Ratio Comparison

NRGU has a 0.95% expense ratio, which is higher than FMUB's 0.30% expense ratio.

Dividends

NRGU vs. FMUB - Dividend Comparison

NRGU has not paid dividends to shareholders, while FMUB's dividend yield for the trailing twelve months is around 3.50%.

Position	TTM	2025
FMUB Fidelity Municipal Bond Opportunities ETF	3.50%	2.63%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	0.00%	0.00%

Frequently Asked Questions

Can I hold both NRGU and FMUB in my portfolio?

NRGU and FMUB have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRGU or FMUB?

NRGU has higher volatility (23.48%) compared to FMUB (0.66%). In terms of maximum drawdown, NRGU dropped -57.50% vs FMUB's -2.74%.

Which ETF is better, NRGU or FMUB?

On 1-year performance, NRGU leads with 119.26% vs 6.92% for FMUB. On fees, FMUB is cheaper at 0.30% per year. On volatility, FMUB has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGU or FMUB?

Over the 1-year period, NRGU has performed better with a 119.26% return vs 6.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGU or FMUB?

FMUB is cheaper with a 0.30% expense ratio, compared with 0.95% for NRGU.

Which ETF pays a higher dividend yield, NRGU or FMUB?

FMUB has the higher dividend yield at 3.50%, compared with 0.00% for NRGU.

What is the main difference between NRGU and FMUB?

NRGU is categorized as Leveraged Equities, while FMUB is Municipal Bonds. They also come from different issuers: BMO and Fidelity. Their fees differ too: 0.95% for NRGU and 0.30% for FMUB.

Which has better risk-adjusted returns?

FMUB currently has the higher Sharpe Ratio (2.62 vs 1.56), 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.