SKYU vs. FNGU

Last updated Jun 3, 2026

SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and FNGU (MicroSectors FANG+™ Index 3X Leveraged ETN) are both Leveraged Equities funds - SKYU tracks the ISE Cloud Computing Index (200%) while FNGU tracks the NYSE FANG (TR) (300%). Both are passively managed. Over the past year, SKYU returned 54.01% vs 74.68% for FNGU. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

SKYU vs. FNGU - 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 3X Leveraged ETN (FNGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SKYU achieves a 29.06% return, which is significantly lower than FNGU's 41.49% return.

SKYU

• 1D: -2.86%
• 1M: 48.96%
• YTD: 29.06%
• 6M: 26.06%
• 1Y: 54.01%
• 3Y*: 41.36%
• 5Y*: 4.20%
• 10Y*: —

FNGU

• 1D: -1.13%
• 1M: 41.60%
• YTD: 41.49%
• 6M: 18.54%
• 1Y: 74.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SKYU vs. FNGU - Yearly Performance Comparison

	2026 (YTD)	2025
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	29.06%	-7.55%
FNGU MicroSectors FANG+™ Index 3X Leveraged ETN	41.49%	4.24%

Correlation

The correlation between SKYU and FNGU is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.76

The correlation between SKYU and FNGU has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

SKYU vs. FNGU - Sectors Allocation Comparison

Sectors	SKYU	FNGU
Technology	51.5%	60.6%
Communication Services	4.7%	29.8%
Industrials	2.5%	-
Consumer Cyclical	2.4%	9.6%
Healthcare	0.3%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SKYU vs. FNGU — Risk / Return Rank

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

SKYU

SKYU Risk / Return Rank: 26
SKYU Sharpe Ratio Rank: 27
SKYU Sortino Ratio Rank: 30
SKYU Omega Ratio Rank: 29
SKYU Calmar Ratio Rank: 24
SKYU Martin Ratio Rank: 20

FNGU

FNGU Risk / Return Rank: 31
FNGU Sharpe Ratio Rank: 36
FNGU Sortino Ratio Rank: 35
FNGU Omega Ratio Rank: 34
FNGU Calmar Ratio Rank: 28
FNGU Martin Ratio Rank: 24

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. FNGU - 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 3X Leveraged ETN (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.

	SKYU	FNGU	Difference
Sharpe ratio Return per unit of total volatility	0.98	1.31	-0.33
Sortino ratio Return per unit of downside risk	1.61	1.85	-0.25
Omega ratio Gain probability vs. loss probability	1.20	1.23	-0.04
Calmar ratio Return relative to maximum drawdown	1.11	1.36	-0.24
Martin ratio Return relative to average drawdown	2.34	3.28	-0.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SKYU vs. FNGU - Sharpe Ratio Comparison

The current SKYU Sharpe Ratio is 0.98, which is comparable to the FNGU Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of SKYU 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

	SKYU	FNGU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	1.31	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.45	-0.41

Drawdowns

SKYU vs. FNGU - Drawdown Comparison

The maximum SKYU drawdown since its inception was -83.01%, which is greater than FNGU's maximum drawdown of -60.84%. Use the drawdown chart below to compare losses from any high point for SKYU and FNGU.

Drawdown Indicators

	SKYU	FNGU	Difference
Max Drawdown Largest peak-to-trough decline	-83.01%	-60.84%	-22.17%
Max Drawdown (1Y) Largest decline over 1 year	-50.23%	-59.55%	+9.32%
Max Drawdown (3Y) Largest decline over 3 years	-55.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.01%	—	—
Current Drawdown Current decline from peak	-16.89%	-1.13%	-15.76%
Average Drawdown Average peak-to-trough decline	-49.20%	-22.11%	-27.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.87%	24.57%	-0.70%

Volatility

SKYU vs. FNGU - Volatility Comparison

ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) has a higher volatility of 21.37% compared to MicroSectors FANG+™ Index 3X Leveraged ETN (FNGU) at 15.46%. This indicates that SKYU's price experiences larger fluctuations and is considered to be riskier than FNGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKYU	FNGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.37%	15.46%	+5.91%
Volatility (6M) Calculated over the trailing 6-month period	46.22%	44.60%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	55.51%	57.44%	-1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.82%	78.64%	-16.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.09%	78.64%	-17.55%

SKYU vs. FNGU - Expense Ratio Comparison

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

Dividends

SKYU vs. FNGU - Dividend Comparison

SKYU's dividend yield for the trailing twelve months is around 0.54%, while FNGU has not paid dividends to shareholders.

Position	TTM	2025	2024
FNGU MicroSectors FANG+™ Index 3X Leveraged ETN	0.00%	0.00%	0.00%
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.54%	0.56%	0.21%

Frequently Asked Questions

Can I hold both SKYU and FNGU in my portfolio?

SKYU and FNGU have a correlation of 0.68, 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 FNGU?

SKYU has higher volatility (21.37%) compared to FNGU (15.46%). In terms of maximum drawdown, SKYU dropped -83.01% vs FNGU's -60.84%.

Which ETF is better, SKYU or FNGU?

On 1-year performance, FNGU leads with 74.68% vs 54.01% for SKYU. Both ETFs have the same 0.95% expense ratio. On volatility, FNGU has been the lower-risk option at 15.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKYU or FNGU?

Over the 1-year period, FNGU has performed better with a 74.68% return vs 54.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKYU or FNGU?

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

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

SKYU has the higher dividend yield at 0.54%, compared with 0.00% for FNGU.

What is the main difference between SKYU and FNGU?

SKYU tracks ISE Cloud Computing Index (200%), while FNGU tracks NYSE FANG (TR) (300%). They also come from different issuers: ProShares and Bank of Montreal.

Which has better risk-adjusted returns?

FNGU currently has the higher Sharpe Ratio (1.31 vs 0.98), 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.