SKYU vs. FNGO

Last updated Jun 26, 2026

SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) are both Leveraged Equities funds - SKYU tracks the ISE Cloud Computing Index (200%) while FNGO tracks the NYSE FANG+ Index (+200%). Both are passively managed. Over the past 5 years, SKYU returned -6.58%/yr vs 21.04%/yr for FNGO. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

SKYU vs. FNGO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) and MicroSectors FANG+ Index 2X Leveraged ETN (FNGO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SKYU achieves a -12.74% return, which is significantly lower than FNGO's 2.47% return.

SKYU

• 1D: -3.96%
• 1M: -12.28%
• YTD: -12.74%
• 6M: -15.69%
• 1Y: 0.09%
• 3Y*: 26.71%
• 5Y*: -6.58%
• 10Y*: —

FNGO

• 1D: -1.60%
• 1M: -15.18%
• YTD: 2.47%
• 6M: -1.58%
• 1Y: 14.87%
• 3Y*: 50.18%
• 5Y*: 21.04%
• 10Y*: —

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

SKYU vs. FNGO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	-12.74%	2.76%	65.79%	105.76%	-75.95%	6.83%
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	2.47%	25.49%	101.65%	240.10%	-71.55%	14.15%

Correlation

The correlation between SKYU and FNGO is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021	0.78

The correlation between SKYU and FNGO shifts across timeframes, from 0.69 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

SKYU vs. FNGO - Sectors Allocation Comparison

Sectors	SKYU	FNGO
Technology	57.6%	63.4%
Communication Services	4.7%	26.0%
Consumer Cyclical	2.4%	10.6%
Industrials	2.3%	-
Healthcare	0.3%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	10.0%
Real Estate	-	-
Utilities	-	-

Return for Risk

SKYU vs. FNGO — Risk / Return Rank

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

SKYU

SKYU Risk / Return Rank: 10
SKYU Sharpe Ratio Rank: 9
SKYU Sortino Ratio Rank: 11
SKYU Omega Ratio Rank: 11
SKYU Calmar Ratio Rank: 9
SKYU Martin Ratio Rank: 9

FNGO

FNGO Risk / Return Rank: 14
FNGO Sharpe Ratio Rank: 14
FNGO Sortino Ratio Rank: 15
FNGO Omega Ratio Rank: 15
FNGO Calmar Ratio Rank: 13
FNGO Martin Ratio Rank: 13

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.

SKYU vs. FNGO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) 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.

	SKYU	FNGO	Difference
Sharpe ratio: Return per unit of total volatility	0.00	0.34	-0.34
Sortino ratio: Return per unit of downside risk	0.42	0.77	-0.35
Omega ratio: Gain probability vs. loss probability	1.05	1.09	-0.04
Calmar ratio: Return relative to maximum drawdown	0.00	0.35	-0.35
Martin ratio: Return relative to average drawdown	0.00	0.89	-0.89

SKYU vs. FNGO - Sharpe Ratio Comparison

The current SKYU Sharpe Ratio is 0.00, which is lower than the FNGO Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of SKYU and FNGO, 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

SKYU vs. FNGO - Drawdown Comparison

The maximum SKYU drawdown since its inception was -83.01%, which is greater than FNGO's maximum drawdown of -78.39%. Use the drawdown chart below to compare losses from any high point for SKYU and FNGO.

Drawdown Indicators

	SKYU	FNGO	Difference
Max Drawdown Largest peak-to-trough decline	-83.01%	-78.39%	-4.62%
Max Drawdown (1Y) Largest decline over 1 year	-50.23%	-42.73%	-7.50%
Max Drawdown (3Y) Largest decline over 3 years	-55.71%	-47.64%	-8.07%
Max Drawdown (5Y) Largest decline over 5 years	-83.01%	-78.39%	-4.62%
Current Drawdown Current decline from peak	-43.81%	-23.28%	-20.53%
Average Drawdown Average peak-to-trough decline	-49.00%	-23.84%	-25.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.70%	16.74%	+7.96%

Volatility

SKYU vs. FNGO - Volatility Comparison

ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) has a higher volatility of 26.41% compared to MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) at 20.78%. This indicates that SKYU's price experiences larger fluctuations and is considered to be riskier than FNGO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKYU	FNGO	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.41%	20.78%	+5.63%
Volatility (6M) Calculated over the trailing 6-month period	48.23%	35.36%	+12.87%
Volatility (1Y) Calculated over the trailing 1-year period	57.35%	43.90%	+13.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.19%	60.80%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.12%	61.69%	-0.57%

SKYU vs. FNGO - Expense Ratio Comparison

Both SKYU and FNGO have an expense ratio of 0.95%.

Dividends

SKYU vs. FNGO - Dividend Comparison

SKYU's dividend yield for the trailing twelve months is around 0.94%, while FNGO has not paid dividends to shareholders.

Position	TTM	2025	2024
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	0.00%	0.00%	0.00%
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.94%	0.56%	0.21%

Frequently Asked Questions

Can I hold both SKYU and FNGO in my portfolio?

SKYU and FNGO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKYU or FNGO?

SKYU has higher volatility (26.41%) compared to FNGO (20.78%). In terms of maximum drawdown, SKYU dropped -83.01% vs FNGO's -78.39%.

Which ETF is better, SKYU or FNGO?

On 5-year performance, FNGO leads with 21.04% vs -6.58% for SKYU. Both ETFs have the same 0.95% expense ratio. On volatility, FNGO has been the lower-risk option at 20.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKYU or FNGO?

Over the 5-year period, FNGO has performed better with a 21.04% return vs -6.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKYU or FNGO?

SKYU and FNGO have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, SKYU or FNGO?

SKYU has the higher dividend yield at 0.94%, compared with 0.00% for FNGO.

What is the main difference between SKYU and FNGO?

SKYU tracks ISE Cloud Computing Index (200%), while FNGO tracks NYSE FANG+ Index (+200%). They also come from different issuers: ProShares and Bank of Montreal.

Which has better risk-adjusted returns?

FNGO currently has the higher Sharpe Ratio (0.34 vs 0.00), 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.