NRGU vs. NRGD

Last updated Jun 3, 2026

NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) and NRGD (MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN) are both Leveraged Equities funds from BMO tracking the Solactive MicroSectors U.S. Big Oil Index (-300%). Both are passively managed. Over the past year, NRGU returned 164.28% vs -80.92% for NRGD. At a correlation of -0.98, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

NRGU vs. NRGD - 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 U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRGU achieves a 123.66% return, which is significantly higher than NRGD's -68.97% return.

NRGU

• 1D: 3.44%
• 1M: -3.38%
• YTD: 123.66%
• 6M: 98.58%
• 1Y: 164.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NRGD

• 1D: -3.71%
• 1M: -4.47%
• YTD: -68.97%
• 6M: -66.48%
• 1Y: -80.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NRGU vs. NRGD - Yearly Performance Comparison

	2026 (YTD)	2025
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	123.66%	-33.00%
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	-68.97%	-32.37%

Correlation

The correlation between NRGU and NRGD is -0.97, 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	-0.97
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	-0.98

The correlation between NRGU and NRGD has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.

NRGU vs. NRGD - Sectors Allocation Comparison

Sectors	NRGU	NRGD
Energy	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

NRGU vs. NRGD — Risk / Return Rank

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

NRGU

NRGU Risk / Return Rank: 62
NRGU Sharpe Ratio Rank: 65
NRGU Sortino Ratio Rank: 51
NRGU Omega Ratio Rank: 50
NRGU Calmar Ratio Rank: 82
NRGU Martin Ratio Rank: 60

NRGD

NRGD Risk / Return Rank: 1
NRGD Sharpe Ratio Rank: 1
NRGD Sortino Ratio Rank: 0
NRGD Omega Ratio Rank: 0
NRGD Calmar Ratio Rank: 0
NRGD Martin Ratio Rank: 1

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. NRGD - 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 U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD). 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.

	NRGU	NRGD	Difference
Sharpe ratio Return per unit of total volatility	2.20	-1.09	+3.29
Sortino ratio Return per unit of downside risk	2.49	-2.47	+4.96
Omega ratio Gain probability vs. loss probability	1.31	0.74	+0.57
Calmar ratio Return relative to maximum drawdown	4.31	-0.98	+5.30
Martin ratio Return relative to average drawdown	10.83	-1.55	+12.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NRGU vs. NRGD - Sharpe Ratio Comparison

The current NRGU Sharpe Ratio is 2.20, which is higher than the NRGD Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of NRGU and NRGD, 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

	NRGU	NRGD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	-1.09	+3.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	-0.80	+1.22

Drawdowns

NRGU vs. NRGD - Drawdown Comparison

The maximum NRGU drawdown since its inception was -57.50%, smaller than the maximum NRGD drawdown of -89.64%. Use the drawdown chart below to compare losses from any high point for NRGU and NRGD.

Drawdown Indicators

	NRGU	NRGD	Difference
Max Drawdown Largest peak-to-trough decline	-57.50%	-89.64%	+32.14%
Max Drawdown (1Y) Largest decline over 1 year	-39.95%	-82.88%	+42.93%
Current Drawdown Current decline from peak	-22.86%	-88.61%	+65.75%
Average Drawdown Average peak-to-trough decline	-25.43%	-58.79%	+33.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.91%	52.62%	-36.71%

Volatility

NRGU vs. NRGD - Volatility Comparison

MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a higher volatility of 32.14% compared to MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) at 28.97%. This indicates that NRGU's price experiences larger fluctuations and is considered to be riskier than NRGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRGU	NRGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.14%	28.97%	+3.17%
Volatility (6M) Calculated over the trailing 6-month period	61.37%	58.43%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	75.17%	74.12%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.27%	88.84%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.27%	88.84%	+0.43%

NRGU vs. NRGD - Expense Ratio Comparison

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

Dividends

NRGU vs. NRGD - Dividend Comparison

Neither NRGU nor NRGD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NRGU and NRGD in my portfolio?

NRGU and NRGD have a correlation of -0.97, 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 NRGD?

NRGU has higher volatility (32.14%) compared to NRGD (28.97%). In terms of maximum drawdown, NRGU dropped -57.50% vs NRGD's -89.64%.

Which ETF is better, NRGU or NRGD?

On 1-year performance, NRGU leads with 164.28% vs -80.92% for NRGD. Both ETFs have the same 0.95% expense ratio. On volatility, NRGD has been the lower-risk option at 28.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGU or NRGD?

Over the 1-year period, NRGU has performed better with a 164.28% return vs -80.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGU or NRGD?

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

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

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

What is the main difference between NRGU and NRGD?

Both ETFs track Solactive MicroSectors U.S. Big Oil Index (-300%).

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (2.20 vs -1.09), 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.