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SMH vs. FNGO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMH vs. FNGO

Last updated Jun 13, 2026

SMH (VanEck Semiconductor ETF) and FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while FNGO is a Leveraged Equities fund tracking the NYSE FANG+ Index (+200%). Both are passively managed. Over the past 5 years, SMH returned 38.42%/yr vs 25.62%/yr for FNGO. A 0.75 correlation means they provide meaningful diversification when combined. SMH charges 0.35%/yr vs 0.95%/yr for FNGO.

Performance

SMH vs. FNGO - Performance Comparison

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

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Returns By Period

In the year-to-date period, SMH achieves a 72.15% return, which is significantly higher than FNGO's 8.91% return.

SMH

1D
1.72%
1M
8.30%
YTD
72.15%
6M
75.62%
1Y
136.32%
3Y*
60.05%
5Y*
38.42%
10Y*
37.49%

FNGO

1D
-1.60%
1M
-7.03%
YTD
8.91%
6M
3.86%
1Y
26.54%
3Y*
49.78%
5Y*
25.62%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMH vs. FNGO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
SMH
VanEck Semiconductor ETF		72.15%49.17%39.10%73.38%-33.53%42.13%55.53%64.45%-16.36%
FNGO
MicroSectors FANG+ Index 2X Leveraged ETN		8.91%25.49%101.65%240.10%-71.55%28.38%238.00%79.61%-39.85%

Correlation

The correlation between SMH and FNGO is 0.66, 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

0.66

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 Aug 2, 2018

0.75

The correlation between SMH and FNGO shifts across timeframes, from 0.66 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

SMH vs. FNGO - Sectors Allocation Comparison

Sectors
SMH
FNGO

Technology

100.0%
59.9%

Basic Materials

-

-

Communication Services

-

28.8%

Consumer Cyclical

-

11.3%

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

10.0%

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Utilities

-

-

Technology

SMH
100.0%
FNGO
59.9%

Basic Materials

SMH

-

FNGO

-

Communication Services

SMH

-

FNGO
28.8%

Consumer Cyclical

SMH

-

FNGO
11.3%

Consumer Defensive

SMH

-

FNGO

-

Energy

SMH

-

FNGO

-

Financial Services

SMH

-

FNGO
10.0%

Healthcare

SMH

-

FNGO

-

Industrials

SMH

-

FNGO

-

Real Estate

SMH

-

FNGO

-

Utilities

SMH

-

FNGO

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Semiconductor ETF

MicroSectors FANG+ Index 2X Leveraged ETN

Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK
Often compared with FNGO:
FNGO vs. FNGUFNGO vs. FNGSFNGO vs. FNGGFNGO vs. QLDFNGO vs. USDFNGO vs. MAGXFNGO vs. TQQQ

Return for Risk

SMH vs. FNGO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9494
Sortino Ratio Rank
SMH Omega Ratio Rank: 9494
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9696
Martin Ratio Rank
FNGO
FNGO Risk / Return Rank: 2020
Overall Rank
FNGO Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
FNGO Sortino Ratio Rank: 2222
Sortino Ratio Rank
FNGO Omega Ratio Rank: 2222
Omega Ratio Rank
FNGO Calmar Ratio Rank: 1818
Calmar Ratio Rank
FNGO Martin Ratio Rank: 1818
Martin Ratio Rank
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.

SMH vs. FNGO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) 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.

SMHFNGODifference
Sharpe ratioReturn per unit of total volatility
4.13
0.64

+3.49

Sortino ratioReturn per unit of downside risk
4.26
1.10

+3.16

Omega ratioGain probability vs. loss probability

1.60

1.13

+0.47

Calmar ratioReturn relative to maximum drawdown

9.18

0.62

+8.56

Martin ratioReturn relative to average drawdown

33.74

1.62

+32.12

SMH vs. FNGO - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.13, which is higher than the FNGO Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of SMH 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.

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Drawdowns

SMH vs. FNGO - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than FNGO's maximum drawdown of -78.39%. Use the drawdown chart below to compare losses from any high point for SMH and FNGO.

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Drawdown Indicators

SMHFNGODifference

Max Drawdown

Largest peak-to-trough decline

-84.96%

-78.39%

-6.57%

Max Drawdown (1Y)

Largest decline over 1 year

-14.93%

-42.73%

+27.80%

Max Drawdown (3Y)

Largest decline over 3 years

-35.74%

-47.64%

+11.90%

Max Drawdown (5Y)

Largest decline over 5 years

-45.30%

-78.39%

+33.09%

Max Drawdown (10Y)

Largest decline over 10 years

-45.30%

—

—

Current Drawdown

Current decline from peak

-2.81%

-18.46%

+15.65%

Average Drawdown

Average peak-to-trough decline

-41.04%

-23.87%

-17.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.06%

16.45%

-12.39%

Volatility

SMH vs. FNGO - Volatility Comparison

The current volatility for VanEck Semiconductor ETF (SMH) is 16.25%, while MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) has a volatility of 17.58%. This indicates that SMH experiences smaller price fluctuations and is considered to be less risky than FNGO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMHFNGODifference

Volatility (1M)

Calculated over the trailing 1-month period

16.25%

17.58%

-1.33%

Volatility (6M)

Calculated over the trailing 6-month period

27.73%

33.63%

-5.90%

Volatility (1Y)

Calculated over the trailing 1-year period

33.20%

41.88%

-8.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.47%

60.50%

-25.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.82%

61.61%

-28.79%

SMH vs. FNGO - Expense Ratio Comparison

SMH has a 0.35% expense ratio, which is lower than FNGO's 0.95% expense ratio.

Dividends

SMH vs. FNGO - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, while FNGO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FNGO
MicroSectors FANG+ Index 2X Leveraged ETN		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SMH
VanEck Semiconductor ETF		0.18%0.31%0.44%0.60%1.18%0.51%0.69%1.50%1.88%1.43%0.80%2.14%

Frequently Asked Questions

SMH and FNGO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FNGO has higher volatility (17.58%) compared to SMH (16.25%). In terms of maximum drawdown, SMH dropped -84.96% vs FNGO's -78.39%.

On 5-year performance, SMH leads with 38.42% vs 25.62% for FNGO. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 16.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SMH has performed better with a 38.42% return vs 25.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMH is cheaper with a 0.35% expense ratio, compared with 0.95% for FNGO.

SMH has the higher dividend yield at 0.18%, compared with 0.00% for FNGO.

SMH is categorized as Semiconductors, while FNGO is Leveraged Equities. SMH tracks MVIS US Listed Semiconductor 25 Index, while FNGO tracks NYSE FANG+ Index (+200%). They also come from different issuers: VanEck and Bank of Montreal. Their fees differ too: 0.35% for SMH and 0.95% for FNGO.

SMH currently has the higher Sharpe Ratio (4.13 vs 0.64), 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.

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