USD vs. FNGO
USD (ProShares Ultra Semiconductors) and FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) are both Leveraged Equities funds - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while FNGO tracks the NYSE FANG+ Index (+200%). Both are passively managed. Over the past 5 years, USD returned 63.45%/yr vs 24.16%/yr for FNGO. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
USD vs. FNGO - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 81.18% return, which is significantly higher than FNGO's 17.50% return.
USD
- 1D
- 6.38%
- 1M
- -3.04%
- 6M
- 68.72%
- YTD
- 81.18%
- 1Y
- 145.11%
- 3Y*
- 104.08%
- 5Y*
- 63.45%
- 10Y*
- 58.18%
FNGO
- 1D
- 2.50%
- 1M
- 7.89%
- 6M
- 17.56%
- YTD
- 17.50%
- 1Y
- 26.47%
- 3Y*
- 49.51%
- 5Y*
- 24.16%
- 10Y*
- —
USD vs. FNGO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 81.18% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -33.04% |
FNGO MicroSectors FANG+ Index 2X Leveraged ETN | 17.50% | 25.49% | 101.65% | 240.10% | -71.55% | 28.38% | 238.00% | 79.61% | -39.85% |
Correlation
The correlation between USD and FNGO is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018 | 0.77 |
The correlation between USD and FNGO has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.
USD vs. FNGO - Sectors Allocation Comparison
Sectors
USD
FNGO
Financial Services
Technology
Energy
-
Basic Materials
-
-
Communication Services
-
Consumer Cyclical
-
Consumer Defensive
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Utilities
-
-
Financial Services
USD
FNGO
Technology
USD
FNGO
Energy
USD
FNGO
-
Basic Materials
USD
-
FNGO
-
Communication Services
USD
-
FNGO
Consumer Cyclical
USD
-
FNGO
Consumer Defensive
USD
-
FNGO
-
Healthcare
USD
-
FNGO
-
Industrials
USD
-
FNGO
-
Real Estate
USD
-
FNGO
-
Utilities
USD
-
FNGO
-
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Return for Risk
USD vs. FNGO — Risk / Return Rank
USD
FNGO
USD vs. FNGO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.
| USD | FNGO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.45 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.13 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 4.59 | 0.62 | +3.97 |
| Martin ratioReturn relative to average drawdown | 11.97 | 1.55 | +10.42 |
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Drawdowns
USD vs. FNGO - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, which is greater than FNGO's maximum drawdown of -78.39%. Use the drawdown chart below to compare losses from any high point for USD and FNGO.
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Drawdown Indicators
| USD | FNGO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -78.39% | -10.24% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -42.73% | +10.93% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -47.64% | -16.82% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -78.39% | +0.54% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | — | — |
Current DrawdownCurrent decline from peak | -16.30% | -12.02% | -4.28% |
Average DrawdownAverage peak-to-trough decline | -32.25% | -23.80% | -8.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.17% | 17.10% | -4.93% |
Volatility
USD vs. FNGO - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 31.36% compared to MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) at 15.51%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier 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
| USD | FNGO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.36% | 15.51% | +15.85% |
Volatility (6M)Calculated over the trailing 6-month period | 57.84% | 35.43% | +22.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.75% | 43.58% | +27.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.26% | 60.80% | +17.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.08% | 61.54% | +8.54% |
USD vs. FNGO - Expense Ratio Comparison
Both USD and FNGO have an expense ratio of 0.95%.
Dividends
USD vs. FNGO - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.32%, while FNGO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USD ProShares Ultra Semiconductors | 0.32% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
USD and FNGO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (31.36%) compared to FNGO (15.51%). In terms of maximum drawdown, USD dropped -88.63% vs FNGO's -78.39%.
On 5-year performance, USD leads with 63.45% vs 24.16% for FNGO. Both ETFs have the same 0.95% expense ratio. On volatility, FNGO has been the lower-risk option at 15.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USD has performed better with a 63.45% return vs 24.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD and FNGO have the same expense ratio: 0.95% per year.
USD has the higher dividend yield at 0.32%, compared with 0.00% for FNGO.
USD tracks Dow Jones U.S. Semiconductors Index (200%), while FNGO tracks NYSE FANG+ Index (+200%). They also come from different issuers: ProShares and Bank of Montreal.
USD currently has the higher Sharpe Ratio (2.06 vs 0.61), 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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