TOPT vs. FNGS

Last updated Jun 13, 2026

TOPT (iShares Top 20 U.S. Stocks ETF) and FNGS (MicroSectors FANG+ ETN) are both Large Cap Growth Equities funds - TOPT tracks the S&P 500 Top 20 Select Index while FNGS tracks the NYSE FANG+ Index. Both are passively managed. Over the past year, TOPT returned 24.25% vs 17.02% for FNGS. Their correlation of 0.87 suggests significant overlap in exposure. TOPT charges 0.20%/yr vs 0.58%/yr for FNGS.

Performance

TOPT vs. FNGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Top 20 U.S. Stocks ETF (TOPT) 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, TOPT achieves a 5.10% return, which is significantly lower than FNGS's 6.79% return.

TOPT

• 1D: -0.12%
• 1M: -3.93%
• YTD: 5.10%
• 6M: 5.75%
• 1Y: 24.25%
• 3Y*: —
• 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)

TOPT vs. FNGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOPT iShares Top 20 U.S. Stocks ETF	5.10%	20.35%	5.33%
FNGS MicroSectors FANG+ ETN	6.79%	18.64%	13.70%

Correlation

The correlation between TOPT and FNGS is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 24, 2024	0.87

The correlation between TOPT and FNGS has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

TOPT vs. FNGS - Sectors Allocation Comparison

Sectors	TOPT	FNGS
Technology	43.6%	59.9%
Communication Services	19.4%	28.8%
Financial Services	12.4%	10.0%
Consumer Cyclical	9.2%	11.3%
Healthcare	7.7%	-
Consumer Defensive	4.8%	-
Energy	3.0%	-
Basic Materials	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

TOPT vs. FNGS — Risk / Return Rank

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

TOPT

TOPT Risk / Return Rank: 53
TOPT Sharpe Ratio Rank: 59
TOPT Sortino Ratio Rank: 58
TOPT Omega Ratio Rank: 56
TOPT Calmar Ratio Rank: 42
TOPT Martin Ratio Rank: 48

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.

TOPT vs. FNGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Top 20 U.S. Stocks ETF (TOPT) 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.

	TOPT	FNGS	Difference
Sharpe ratio: Return per unit of total volatility	1.73	0.79	+0.94
Sortino ratio: Return per unit of downside risk	2.39	1.19	+1.21
Omega ratio: Gain probability vs. loss probability	1.30	1.15	+0.16
Calmar ratio: Return relative to maximum drawdown	1.86	0.75	+1.11
Martin ratio: Return relative to average drawdown	6.88	2.12	+4.76

TOPT vs. FNGS - Sharpe Ratio Comparison

The current TOPT Sharpe Ratio is 1.73, which is higher than the FNGS Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of TOPT 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

TOPT vs. FNGS - Drawdown Comparison

The maximum TOPT drawdown since its inception was -21.21%, smaller than the maximum FNGS drawdown of -48.98%. Use the drawdown chart below to compare losses from any high point for TOPT and FNGS.

Drawdown Indicators

	TOPT	FNGS	Difference
Max Drawdown Largest peak-to-trough decline	-21.21%	-48.98%	+27.77%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-22.93%	+9.80%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-48.98%	—
Current Drawdown Current decline from peak	-4.74%	-9.63%	+4.89%
Average Drawdown Average peak-to-trough decline	-3.48%	-10.85%	+7.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	8.05%	-4.52%

Volatility

TOPT vs. FNGS - Volatility Comparison

The current volatility for iShares Top 20 U.S. Stocks ETF (TOPT) is 4.56%, while MicroSectors FANG+ ETN (FNGS) has a volatility of 8.74%. This indicates that TOPT experiences smaller price fluctuations and is considered to be less risky than FNGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOPT	FNGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	8.74%	-4.18%
Volatility (6M) Calculated over the trailing 6-month period	10.87%	17.19%	-6.32%
Volatility (1Y) Calculated over the trailing 1-year period	14.11%	21.65%	-7.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.87%	30.10%	-10.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.87%	31.17%	-11.30%

TOPT vs. FNGS - Expense Ratio Comparison

TOPT has a 0.20% expense ratio, which is lower than FNGS's 0.58% expense ratio.

Dividends

TOPT vs. FNGS - Dividend Comparison

TOPT's dividend yield for the trailing twelve months is around 0.37%, while FNGS has not paid dividends to shareholders.

Position	TTM	2025	2024
FNGS MicroSectors FANG+ ETN	0.00%	0.00%	0.00%
TOPT iShares Top 20 U.S. Stocks ETF	0.37%	0.38%	0.08%

Frequently Asked Questions

Can I hold both TOPT and FNGS in my portfolio?

TOPT and FNGS have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOPT or FNGS?

FNGS has higher volatility (8.74%) compared to TOPT (4.56%). In terms of maximum drawdown, TOPT dropped -21.21% vs FNGS's -48.98%.

Which ETF is better, TOPT or FNGS?

On 1-year performance, TOPT leads with 24.25% vs 17.02% for FNGS. On fees, TOPT is cheaper at 0.20% per year. On volatility, TOPT has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOPT or FNGS?

Over the 1-year period, TOPT has performed better with a 24.25% return vs 17.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPT or FNGS?

TOPT is cheaper with a 0.20% expense ratio, compared with 0.58% for FNGS.

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

TOPT has the higher dividend yield at 0.37%, compared with 0.00% for FNGS.

What is the main difference between TOPT and FNGS?

TOPT tracks S&P 500 Top 20 Select Index, while FNGS tracks NYSE FANG+ Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.20% for TOPT and 0.58% for FNGS.

Which has better risk-adjusted returns?

TOPT currently has the higher Sharpe Ratio (1.73 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.