USD vs. FNGO

Last updated Aug 4, 2026

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 54.39%/yr vs 24.54%/yr for FNGO. Their 0.77 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

USD vs. FNGO - Performance Comparison

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

Returns By Period

In the year-to-date period, USD achieves a 55.27% return, which is significantly higher than FNGO's 18.42% return.

USD

• 1D: 3.34%
• 1M: -7.07%
• 6M: 41.04%
• YTD: 55.27%
• 1Y: 98.72%
• 3Y*: 95.45%
• 5Y*: 54.39%
• 10Y*: 53.94%
• ALL TIME*: 28.27%

FNGO

• 1D: 5.45%
• 1M: 6.86%
• 6M: 26.78%
• YTD: 18.42%
• 1Y: 28.44%
• 3Y*: 52.84%
• 5Y*: 24.54%
• 10Y*: —
• ALL TIME*: 38.55%

*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)
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	$868.76K	$607.15K	$806.76K
USD ProShares Ultra Semiconductors	$71.31M	$70.59M	$96.20M

USD vs. FNGO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
USD ProShares Ultra Semiconductors	55.27%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-33.04%
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	18.42%	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 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.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer 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
Technology	32.6%	59.6%
Financial Services	32.1%	10.0%
Energy	0.0%	-
Basic Materials	-	-
Communication Services	-	30.0%
Consumer Cyclical	-	10.4%
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

USD vs. FNGO — Risk / Return Rank

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

USD

USD Risk / Return Rank: 58
USD Sharpe Ratio Rank: 55
USD Sortino Ratio Rank: 52
USD Omega Ratio Rank: 53
USD Calmar Ratio Rank: 71
USD Martin Ratio Rank: 59

FNGO

FNGO Risk / Return Rank: 26
FNGO Sharpe Ratio Rank: 27
FNGO Sortino Ratio Rank: 30
FNGO Omega Ratio Rank: 29
FNGO Calmar Ratio Rank: 23
FNGO Martin Ratio Rank: 23

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.

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 ratio: Return per unit of total volatility	1.35	0.64	+0.71
Sortino ratio: Return per unit of downside risk	1.88	1.14	+0.74
Omega ratio: Gain probability vs. loss probability	1.24	1.14	+0.11
Calmar ratio: Return relative to maximum drawdown	2.52	0.67	+1.86
Martin ratio: Return relative to average drawdown	7.21	1.62	+5.59

USD vs. FNGO - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 1.35, which is higher than the FNGO Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of USD 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.

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.

Drawdown Indicators

	USD	FNGO	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-78.39%	-10.24%
Max Drawdown (1Y) Largest decline over 1 year	-39.33%	-42.73%	+3.40%
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 Drawdown Current decline from peak	-28.27%	-11.33%	-16.94%
Average Drawdown Average peak-to-trough decline	-32.23%	-23.75%	-8.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.74%	17.56%	-3.82%

Volatility

USD vs. FNGO - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 27.45% compared to MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) at 13.31%. 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.

Volatility by Period

	USD	FNGO	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.45%	13.31%	+14.14%
Volatility (6M) Calculated over the trailing 6-month period	61.08%	36.50%	+24.58%
Volatility (1Y) Calculated over the trailing 1-year period	73.76%	44.91%	+28.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.77%	60.93%	+17.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.41%	61.48%	+8.93%

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 0.37%, 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	0.37%	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

Can I hold both USD and FNGO in my portfolio?

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.

Which is riskier, USD or FNGO?

USD has higher volatility (27.45%) compared to FNGO (13.31%). In terms of maximum drawdown, USD dropped -88.63% vs FNGO's -78.39%.

Which ETF is better, USD or FNGO?

On 5-year performance, USD leads with 54.39% vs 24.54% for FNGO. Both ETFs have the same 0.95% expense ratio. On volatility, FNGO has been the lower-risk option at 13.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or FNGO?

Over the 5-year period, USD has performed better with a 54.39% return vs 24.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or FNGO?

USD and FNGO have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, USD or FNGO?

USD has the higher dividend yield at 0.37%, compared with 0.00% for FNGO.

What is the main difference between USD and 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 BMO.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.35 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.