TSL vs. FNGU

Last updated Aug 2, 2026

TSL (GraniteShares 1.25x Long Tsla Daily ETF) and FNGU (MicroSectors FANG+ 3X Leveraged ETNs) are both Leveraged Equities funds. TSL is actively managed, while FNGU is passively managed. Over the past year, TSL returned -3.12% vs 13.50% for FNGU. Their 0.56 correlation means they have sometimes moved together and sometimes differently. TSL charges 1.15%/yr vs 2.60%/yr for FNGU.

Performance

TSL vs. FNGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 1.25x Long Tsla Daily ETF (TSL) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSL achieves a -39.23% return, which is significantly lower than FNGU's 5.54% return.

TSL

• 1D: 1.55%
• 1M: -26.02%
• 6M: -35.54%
• YTD: -39.23%
• 1Y: -3.12%
• 3Y*: -2.52%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -8.10%

FNGU

• 1D: 5.13%
• 1M: 0.64%
• 6M: 18.28%
• YTD: 5.54%
• 1Y: 13.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNGU MicroSectors FANG+ 3X Leveraged ETNs	$92.08M	$119.18M	$153.90M
TSL GraniteShares 1.25x Long Tsla Daily ETF	$7.38M	$7.88M	$12.96M

TSL vs. FNGU - Yearly Performance Comparison

	2026 (YTD)	2025
TSL GraniteShares 1.25x Long Tsla Daily ETF	-39.23%	20.26%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	5.54%	3.02%

Correlation

The correlation between TSL and FNGU is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.56

The correlation between TSL and FNGU has been stable across timeframes, ranging from 0.56 to 0.56 - a consistent structural relationship.

TSL vs. FNGU - Sectors Allocation Comparison

Sectors	TSL	FNGU
Consumer Cyclical	100.0%	9.6%
Basic Materials	-	-
Communication Services	-	29.8%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	60.6%
Utilities	-	-

Return for Risk

TSL vs. FNGU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSL

TSL Risk / Return Rank: 11
TSL Sharpe Ratio Rank: 9
TSL Sortino Ratio Rank: 13
TSL Omega Ratio Rank: 13
TSL Calmar Ratio Rank: 9
TSL Martin Ratio Rank: 9

FNGU

FNGU Risk / Return Rank: 14
FNGU Sharpe Ratio Rank: 12
FNGU Sortino Ratio Rank: 17
FNGU Omega Ratio Rank: 17
FNGU Calmar Ratio Rank: 12
FNGU Martin Ratio Rank: 12

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSL vs. FNGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 1.25x Long Tsla Daily ETF (TSL) and MicroSectors FANG+ 3X Leveraged ETNs (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.

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.

	TSL	FNGU	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	0.07	-0.16
Sortino ratio: Return per unit of downside risk	0.28	0.56	-0.28
Omega ratio: Gain probability vs. loss probability	1.03	1.07	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.11	0.07	-0.18
Martin ratio: Return relative to average drawdown	-0.27	0.16	-0.43

TSL vs. FNGU - Sharpe Ratio Comparison

The current TSL Sharpe Ratio is -0.09, which is lower than the FNGU Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of TSL 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.

Drawdowns

TSL vs. FNGU - Drawdown Comparison

The maximum TSL drawdown since its inception was -74.52%, which is greater than FNGU's maximum drawdown of -61.30%. Use the drawdown chart below to compare losses from any high point for TSL and FNGU.

Drawdown Indicators

	TSL	FNGU	Difference
Max Drawdown Largest peak-to-trough decline	-74.52%	-61.30%	-13.22%
Max Drawdown (1Y) Largest decline over 1 year	-48.38%	-59.55%	+11.17%
Max Drawdown (3Y) Largest decline over 3 years	-63.30%	—	—
Current Drawdown Current decline from peak	-49.63%	-26.25%	-23.38%
Average Drawdown Average peak-to-trough decline	-38.51%	-22.61%	-15.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.64%	26.68%	-7.04%

Volatility

TSL vs. FNGU - Volatility Comparison

GraniteShares 1.25x Long Tsla Daily ETF (TSL) has a higher volatility of 26.08% compared to MicroSectors FANG+ 3X Leveraged ETNs (FNGU) at 17.87%. This indicates that TSL'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

	TSL	FNGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.08%	17.87%	+8.21%
Volatility (6M) Calculated over the trailing 6-month period	43.45%	53.81%	-10.36%
Volatility (1Y) Calculated over the trailing 1-year period	57.86%	65.86%	-8.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.45%	79.67%	-6.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.45%	79.67%	-6.22%

TSL vs. FNGU - Expense Ratio Comparison

TSL has a 1.15% expense ratio, which is lower than FNGU's 2.60% expense ratio.

Dividends

TSL vs. FNGU - Dividend Comparison

Neither TSL nor FNGU has paid dividends to shareholders.

Position	TTM	2025	2024	2023
FNGU MicroSectors FANG+ 3X Leveraged ETNs	0.00%	0.00%	0.00%	0.00%
TSL GraniteShares 1.25x Long Tsla Daily ETF	0.00%	0.00%	0.00%	60.47%

Frequently Asked Questions

Can I hold both TSL and FNGU in my portfolio?

TSL and FNGU have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSL or FNGU?

TSL has higher volatility (26.08%) compared to FNGU (17.87%). In terms of maximum drawdown, TSL dropped -74.52% vs FNGU's -61.30%.

Which ETF is better, TSL or FNGU?

On 1-year performance, FNGU leads with 13.50% vs -3.12% for TSL. On fees, TSL is cheaper at 1.15% per year. On volatility, FNGU has been the lower-risk option at 17.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSL or FNGU?

Over the 1-year period, FNGU has performed better with a 13.50% return vs -3.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSL or FNGU?

TSL is cheaper with a 1.15% expense ratio, compared with 2.60% for FNGU.

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

TSL and FNGU have nearly identical dividend yields, around 0.00%.

What is the main difference between TSL and FNGU?

They also come from different issuers: GraniteShares and BMO. Their fees differ too: 1.15% for TSL and 2.60% for FNGU.

Which has better risk-adjusted returns?

FNGU currently has the higher Sharpe Ratio (0.07 vs -0.09), 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.