SPRX vs. FNGS

Last updated Jun 13, 2026

SPRX (Spear Alpha ETF) and FNGS (MicroSectors FANG+ ETN) are both exchange-traded funds - SPRX is a Technology Equities fund actively managed by Spear, while FNGS is a Large Cap Growth Equities fund tracking the NYSE FANG+ Index. SPRX is actively managed, while FNGS is passively managed. Over the past 3 years, SPRX returned 43.37%/yr vs 29.80%/yr for FNGS. Their correlation of 0.80 suggests significant overlap in exposure. SPRX charges 0.75%/yr vs 0.58%/yr for FNGS.

Performance

SPRX vs. FNGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spear Alpha ETF (SPRX) and MicroSectors FANG+ ETN (FNGS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPRX achieves a 43.69% return, which is significantly higher than FNGS's 6.79% return.

SPRX

• 1D: 1.50%
• 1M: 12.60%
• YTD: 43.69%
• 6M: 43.35%
• 1Y: 101.77%
• 3Y*: 43.37%
• 5Y*: —
• 10Y*: —

FNGS

• 1D: -0.94%
• 1M: -3.20%
• YTD: 6.79%
• 6M: 4.25%
• 1Y: 17.02%
• 3Y*: 29.80%
• 5Y*: 19.76%
• 10Y*: —

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

SPRX vs. FNGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPRX Spear Alpha ETF	43.69%	41.91%	20.58%	88.02%	-44.99%	9.15%
FNGS MicroSectors FANG+ ETN	6.79%	18.64%	51.99%	95.24%	-40.32%	3.61%

Correlation

The correlation between SPRX and FNGS 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 (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Aug 4, 2021	0.80

The correlation between SPRX and FNGS shifts across timeframes, from 0.68 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

SPRX vs. FNGS - Sectors Allocation Comparison

Sectors	SPRX	FNGS
Technology	72.7%	59.9%
Industrials	15.5%	-
Financial Services	8.0%	10.0%
Communication Services	3.9%	28.8%
Utilities	1.4%	-
Basic Materials	-	-
Consumer Cyclical	-	11.3%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

SPRX vs. FNGS — Risk / Return Rank

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

SPRX

SPRX Risk / Return Rank: 75
SPRX Sharpe Ratio Rank: 81
SPRX Sortino Ratio Rank: 65
SPRX Omega Ratio Rank: 66
SPRX Calmar Ratio Rank: 86
SPRX Martin Ratio Rank: 78

FNGS

FNGS Risk / Return Rank: 23
FNGS Sharpe Ratio Rank: 25
FNGS Sortino Ratio Rank: 24
FNGS Omega Ratio Rank: 24
FNGS Calmar Ratio Rank: 20
FNGS 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.

SPRX vs. FNGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spear Alpha ETF (SPRX) and MicroSectors FANG+ ETN (FNGS). 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.

	SPRX	FNGS	Difference
Sharpe ratio: Return per unit of total volatility	2.23	0.79	+1.44
Sortino ratio: Return per unit of downside risk	2.61	1.19	+1.42
Omega ratio: Gain probability vs. loss probability	1.34	1.15	+0.19
Calmar ratio: Return relative to maximum drawdown	4.23	0.75	+3.48
Martin ratio: Return relative to average drawdown	13.10	2.12	+10.98

SPRX vs. FNGS - Sharpe Ratio Comparison

The current SPRX Sharpe Ratio is 2.23, which is higher than the FNGS Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of SPRX and FNGS, 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

SPRX vs. FNGS - Drawdown Comparison

The maximum SPRX drawdown since its inception was -51.21%, roughly equal to the maximum FNGS drawdown of -48.98%. Use the drawdown chart below to compare losses from any high point for SPRX and FNGS.

Drawdown Indicators

	SPRX	FNGS	Difference
Max Drawdown Largest peak-to-trough decline	-51.21%	-48.98%	-2.23%
Max Drawdown (1Y) Largest decline over 1 year	-24.21%	-22.93%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-42.12%	-26.77%	-15.35%
Max Drawdown (5Y) Largest decline over 5 years	—	-48.98%	—
Current Drawdown Current decline from peak	-5.87%	-9.63%	+3.76%
Average Drawdown Average peak-to-trough decline	-17.58%	-10.85%	-6.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.80%	8.05%	-0.25%

Volatility

SPRX vs. FNGS - Volatility Comparison

Spear Alpha ETF (SPRX) has a higher volatility of 19.77% compared to MicroSectors FANG+ ETN (FNGS) at 8.74%. This indicates that SPRX's price experiences larger fluctuations and is considered to be riskier than FNGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPRX	FNGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.77%	8.74%	+11.03%
Volatility (6M) Calculated over the trailing 6-month period	38.52%	17.19%	+21.33%
Volatility (1Y) Calculated over the trailing 1-year period	45.91%	21.65%	+24.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.15%	30.10%	+12.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.15%	31.17%	+10.98%

SPRX vs. FNGS - Expense Ratio Comparison

SPRX has a 0.75% expense ratio, which is higher than FNGS's 0.58% expense ratio.

Dividends

SPRX vs. FNGS - Dividend Comparison

Neither SPRX nor FNGS has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FNGS MicroSectors FANG+ ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPRX Spear Alpha ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%

Frequently Asked Questions

Can I hold both SPRX and FNGS in my portfolio?

SPRX and FNGS 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, SPRX or FNGS?

SPRX has higher volatility (19.77%) compared to FNGS (8.74%). In terms of maximum drawdown, SPRX dropped -51.21% vs FNGS's -48.98%.

Which ETF is better, SPRX or FNGS?

On 3-year performance, SPRX leads with 43.37% vs 29.80% for FNGS. On fees, FNGS is cheaper at 0.58% per year. On volatility, FNGS has been the lower-risk option at 8.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPRX or FNGS?

Over the 3-year period, SPRX has performed better with a 43.37% return vs 29.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPRX or FNGS?

FNGS is cheaper with a 0.58% expense ratio, compared with 0.75% for SPRX.

Which ETF pays a higher dividend yield, SPRX or FNGS?

SPRX and FNGS have nearly identical dividend yields, around 0.00%.

What is the main difference between SPRX and FNGS?

SPRX is categorized as Technology Equities, while FNGS is Large Cap Growth Equities. They also come from different issuers: Spear and BMO. Their fees differ too: 0.75% for SPRX and 0.58% for FNGS.

Which has better risk-adjusted returns?

SPRX currently has the higher Sharpe Ratio (2.23 vs 0.79), 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.