SBAC vs. FNGU

Last updated Jun 5, 2026

SBAC (SBA Communications Corporation) is a stock, while FNGU (MicroSectors FANG+ 3X Leveraged ETNs) is Leveraged Equities fund tracking the NYSE FANG+ Index (Gross Total Return) (300%). Over the past year, SBAC returned -7.80% vs 52.63% for FNGU. At a correlation of -0.19, they often move in opposite directions.

Performance

SBAC vs. FNGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SBA Communications Corporation (SBAC) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBAC achieves a 8.84% return, which is significantly lower than FNGU's 27.32% return.

SBAC

• 1D: 5.73%
• 1M: -3.81%
• YTD: 8.84%
• 6M: 10.81%
• 1Y: -7.80%
• 3Y*: -0.56%
• 5Y*: -6.39%
• 10Y*: 8.36%

FNGU

• 1D: -6.51%
• 1M: 22.14%
• YTD: 27.32%
• 6M: 8.98%
• 1Y: 52.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SBAC vs. FNGU - Yearly Performance Comparison

	2026 (YTD)	2025
SBAC SBA Communications Corporation	8.84%	-6.00%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	27.32%	4.24%

Correlation

The correlation between SBAC and FNGU is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	-0.19

Return for Risk

SBAC vs. FNGU — Risk / Return Rank

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

SBAC

SBAC Risk / Return Rank: 30
SBAC Sharpe Ratio Rank: 31
SBAC Sortino Ratio Rank: 27
SBAC Omega Ratio Rank: 27
SBAC Calmar Ratio Rank: 33
SBAC Martin Ratio Rank: 33

FNGU

FNGU Risk / Return Rank: 25
FNGU Sharpe Ratio Rank: 26
FNGU Sortino Ratio Rank: 28
FNGU Omega Ratio Rank: 28
FNGU Calmar Ratio Rank: 21
FNGU Martin Ratio Rank: 20

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.

SBAC vs. FNGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SBA Communications Corporation (SBAC) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU). 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.

	SBAC	FNGU	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	0.91	-1.16
Sortino ratio: Return per unit of downside risk	-0.17	1.49	-1.66
Omega ratio: Gain probability vs. loss probability	0.98	1.18	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.26	0.89	-1.15
Martin ratio: Return relative to average drawdown	-0.49	2.15	-2.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SBAC vs. FNGU - Sharpe Ratio Comparison

The current SBAC Sharpe Ratio is -0.24, which is lower than the FNGU Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of SBAC and FNGU, 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

	SBAC	FNGU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.24	0.91	-1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.31	-0.09

Drawdowns

SBAC vs. FNGU - Drawdown Comparison

The maximum SBAC drawdown since its inception was -99.65%, which is greater than FNGU's maximum drawdown of -60.84%. Use the drawdown chart below to compare losses from any high point for SBAC and FNGU.

Drawdown Indicators

	SBAC	FNGU	Difference
Max Drawdown Largest peak-to-trough decline	-99.65%	-60.84%	-38.81%
Max Drawdown (1Y) Largest decline over 1 year	-29.80%	-59.55%	+29.75%
Max Drawdown (3Y) Largest decline over 3 years	-32.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-54.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-54.50%	—	—
Current Drawdown Current decline from peak	-42.39%	-11.04%	-31.35%
Average Drawdown Average peak-to-trough decline	-35.39%	-22.03%	-13.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.83%	24.58%	-8.75%

Volatility

SBAC vs. FNGU - Volatility Comparison

The current volatility for SBA Communications Corporation (SBAC) is 9.46%, while MicroSectors FANG+ 3X Leveraged ETNs (FNGU) has a volatility of 18.24%. This indicates that SBAC experiences smaller price fluctuations and is considered to be less risky than FNGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBAC	FNGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	18.24%	-8.78%
Volatility (6M) Calculated over the trailing 6-month period	27.30%	45.27%	-17.97%
Volatility (1Y) Calculated over the trailing 1-year period	32.17%	57.86%	-25.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.27%	78.70%	-49.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.09%	78.70%	-50.61%

Dividends

SBAC vs. FNGU - Dividend Comparison

SBAC's dividend yield for the trailing twelve months is around 2.27%, while FNGU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FNGU MicroSectors FANG+ 3X Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SBAC SBA Communications Corporation	2.27%	2.30%	1.92%	1.34%	1.01%	0.60%	0.66%	0.31%

Frequently Asked Questions

Can I hold both SBAC and FNGU in my portfolio?

SBAC and FNGU have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBAC or FNGU?

FNGU has higher volatility (18.24%) compared to SBAC (9.46%). In terms of maximum drawdown, SBAC dropped -99.65% vs FNGU's -60.84%.

Which has better risk-adjusted returns?

FNGU currently has the higher Sharpe Ratio (0.91 vs -0.24), 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.