NRGU vs. FNGD

Last updated Aug 2, 2026

NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) and FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) are both Leveraged Equities funds from BMO - NRGU tracks the Solactive MicroSectors U.S. Big Oil Index while FNGD tracks the NYSE FANG+ Index (Gross Total Return, -300% Daily). Both are passively managed. Over the past year, NRGU returned 166.43% vs -48.33% for FNGD. Their 0.05 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.

Performance

NRGU vs. FNGD - 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 MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRGU achieves a 157.14% return, which is significantly higher than FNGD's -34.80% return.

NRGU

• 1D: 2.86%
• 1M: 51.26%
• 6M: 91.25%
• YTD: 157.14%
• 1Y: 166.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 50.40%

FNGD

• 1D: -5.03%
• 1M: -4.69%
• 6M: -39.93%
• YTD: -34.80%
• 1Y: -48.33%
• 3Y*: -64.85%
• 5Y*: -63.24%
• 10Y*: —
• ALL TIME*: -69.95%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	$13.50M	$14.88M	$20.27M
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	$4.57M	$4.13M	$3.95M

NRGU vs. FNGD - Yearly Performance Comparison

	2026 (YTD)	2025
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	157.14%	-30.00%
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	-34.80%	-52.69%

Correlation

The correlation between NRGU and FNGD is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.05

The correlation between NRGU and FNGD shifts across timeframes, from 0.05 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

NRGU vs. FNGD - Sectors Allocation Comparison

Sectors	NRGU	FNGD
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	30.0%
Consumer Cyclical	-	10.4%
Consumer Defensive	-	-
Financial Services	-	10.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	59.6%
Utilities	-	-

Return for Risk

NRGU vs. FNGD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NRGU

NRGU Risk / Return Rank: 75
NRGU Sharpe Ratio Rank: 83
NRGU Sortino Ratio Rank: 72
NRGU Omega Ratio Rank: 69
NRGU Calmar Ratio Rank: 86
NRGU Martin Ratio Rank: 63

FNGD

FNGD Risk / Return Rank: 4
FNGD Sharpe Ratio Rank: 4
FNGD Sortino Ratio Rank: 4
FNGD Omega Ratio Rank: 4
FNGD Calmar Ratio Rank: 4
FNGD Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NRGU vs. FNGD - 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 MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD). 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	FNGD	Difference
Sharpe ratio: Return per unit of total volatility	1.92	-0.67	+2.59
Sortino ratio: Return per unit of downside risk	2.31	-0.76	+3.07
Omega ratio: Gain probability vs. loss probability	1.29	0.91	+0.37
Calmar ratio: Return relative to maximum drawdown	3.38	-0.68	+4.05
Martin ratio: Return relative to average drawdown	7.59	-1.26	+8.85

NRGU vs. FNGD - Sharpe Ratio Comparison

The current NRGU Sharpe Ratio is 1.92, which is higher than the FNGD Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of NRGU and FNGD, 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. FNGD - Drawdown Comparison

The maximum NRGU drawdown since its inception was -57.50%, smaller than the maximum FNGD drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for NRGU and FNGD.

Drawdown Indicators

	NRGU	FNGD	Difference
Max Drawdown Largest peak-to-trough decline	-57.50%	-100.00%	+42.50%
Max Drawdown (1Y) Largest decline over 1 year	-43.89%	-65.92%	+22.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-97.35%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-99.67%	—
Current Drawdown Current decline from peak	-11.31%	-100.00%	+88.69%
Average Drawdown Average peak-to-trough decline	-25.74%	-87.46%	+61.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.55%	35.26%	-15.71%

Volatility

NRGU vs. FNGD - Volatility Comparison

MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a higher volatility of 22.83% compared to MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) at 18.15%. This indicates that NRGU's price experiences larger fluctuations and is considered to be riskier than FNGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRGU	FNGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.83%	18.15%	+4.68%
Volatility (6M) Calculated over the trailing 6-month period	64.33%	54.65%	+9.68%
Volatility (1Y) Calculated over the trailing 1-year period	77.39%	66.81%	+10.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.47%	89.78%	-1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.47%	90.95%	-2.48%

NRGU vs. FNGD - Expense Ratio Comparison

Both NRGU and FNGD have an expense ratio of 0.95%.

Dividends

NRGU vs. FNGD - Dividend Comparison

Neither NRGU nor FNGD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NRGU and FNGD in my portfolio?

NRGU and FNGD have a correlation of 0.19, 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 FNGD?

NRGU has higher volatility (22.83%) compared to FNGD (18.15%). In terms of maximum drawdown, NRGU dropped -57.50% vs FNGD's -100.00%.

Which ETF is better, NRGU or FNGD?

On 1-year performance, NRGU leads with 166.43% vs -48.33% for FNGD. Both ETFs have the same 0.95% expense ratio. On volatility, FNGD has been the lower-risk option at 18.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGU or FNGD?

Over the 1-year period, NRGU has performed better with a 166.43% return vs -48.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGU or FNGD?

NRGU and FNGD have the same expense ratio: 0.95% per year.

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

NRGU and FNGD have nearly identical dividend yields, around 0.00%.

What is the main difference between NRGU and FNGD?

NRGU tracks Solactive MicroSectors U.S. Big Oil Index, while FNGD tracks NYSE FANG+ Index (Gross Total Return, -300% Daily).

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (1.92 vs -0.67), 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.