UVIX vs. FNGU

Last updated Jun 25, 2026

UVIX (2x Long VIX Futures ETF) and FNGU (MicroSectors FANG+ 3X Leveraged ETNs) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily), while FNGU is a Leveraged Equities fund tracking the NYSE FANG+ Index (Gross Total Return) (300%). Both are passively managed. Over the past year, UVIX returned -84.89% vs 10.35% for FNGU. At a correlation of -0.61, they often move in opposite directions. UVIX charges 2.78%/yr vs 2.60%/yr for FNGU.

Performance

UVIX vs. FNGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 2x Long VIX Futures ETF (UVIX) 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, UVIX achieves a -37.30% return, which is significantly lower than FNGU's -3.37% return.

UVIX

• 1D: -1.38%
• 1M: -22.34%
• YTD: -37.30%
• 6M: -39.53%
• 1Y: -84.89%
• 3Y*: -80.89%
• 5Y*: —
• 10Y*: —

FNGU

• 1D: -2.40%
• 1M: -15.04%
• YTD: -3.37%
• 6M: -8.41%
• 1Y: 10.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UVIX vs. FNGU - Yearly Performance Comparison

	2026 (YTD)	2025
UVIX 2x Long VIX Futures ETF	-37.30%	-78.21%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	-3.37%	3.02%

Correlation

The correlation between UVIX and FNGU is -0.54, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.54
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	-0.61

The correlation between UVIX and FNGU has been stable across timeframes, ranging from -0.61 to -0.54 - a consistent structural relationship.

Return for Risk

UVIX vs. FNGU — Risk / Return Rank

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

UVIX

UVIX Risk / Return Rank: 2
UVIX Sharpe Ratio Rank: 3
UVIX Sortino Ratio Rank: 1
UVIX Omega Ratio Rank: 1
UVIX Calmar Ratio Rank: 0
UVIX Martin Ratio Rank: 2

FNGU

FNGU Risk / Return Rank: 12
FNGU Sharpe Ratio Rank: 11
FNGU Sortino Ratio Rank: 14
FNGU Omega Ratio Rank: 14
FNGU Calmar Ratio Rank: 11
FNGU Martin Ratio Rank: 11

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.

UVIX vs. FNGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) 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.

	UVIX	FNGU	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	0.16	-0.92
Sortino ratio: Return per unit of downside risk	-1.61	0.67	-2.28
Omega ratio: Gain probability vs. loss probability	0.82	1.08	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.99	0.17	-1.17
Martin ratio: Return relative to average drawdown	-1.35	0.41	-1.76

UVIX vs. FNGU - Sharpe Ratio Comparison

The current UVIX Sharpe Ratio is -0.76, which is lower than the FNGU Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of UVIX 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

UVIX vs. FNGU - Drawdown Comparison

The maximum UVIX drawdown since its inception was -99.98%, which is greater than FNGU's maximum drawdown of -61.30%. Use the drawdown chart below to compare losses from any high point for UVIX and FNGU.

Drawdown Indicators

	UVIX	FNGU	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-61.30%	-38.68%
Max Drawdown (1Y) Largest decline over 1 year	-85.79%	-59.55%	-26.24%
Max Drawdown (3Y) Largest decline over 3 years	-99.36%	—	—
Current Drawdown Current decline from peak	-99.97%	-32.48%	-67.49%
Average Drawdown Average peak-to-trough decline	-88.59%	-22.30%	-66.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	63.76%	25.26%	+38.50%

Volatility

UVIX vs. FNGU - Volatility Comparison

2x Long VIX Futures ETF (UVIX) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU) have volatilities of 33.83% and 33.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVIX	FNGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.83%	33.23%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	87.07%	52.52%	+34.55%
Volatility (1Y) Calculated over the trailing 1-year period	112.71%	64.45%	+48.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.06%	81.09%	+54.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.06%	81.09%	+54.97%

UVIX vs. FNGU - Expense Ratio Comparison

UVIX has a 2.78% expense ratio, which is higher than FNGU's 2.60% expense ratio.

Dividends

UVIX vs. FNGU - Dividend Comparison

Neither UVIX nor FNGU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UVIX and FNGU in my portfolio?

UVIX and FNGU have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UVIX or FNGU?

UVIX has higher volatility (33.83%) compared to FNGU (33.23%). In terms of maximum drawdown, UVIX dropped -99.98% vs FNGU's -61.30%.

Which ETF is better, UVIX or FNGU?

On 1-year performance, FNGU leads with 10.35% vs -84.89% for UVIX. On fees, FNGU is cheaper at 2.60% per year. On volatility, FNGU has been the lower-risk option at 33.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UVIX or FNGU?

Over the 1-year period, FNGU has performed better with a 10.35% return vs -84.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UVIX or FNGU?

FNGU is cheaper with a 2.60% expense ratio, compared with 2.78% for UVIX.

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

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

What is the main difference between UVIX and FNGU?

UVIX is categorized as Volatility, while FNGU is Leveraged Equities. UVIX tracks Long VIX Futures Index (200% Daily), while FNGU tracks NYSE FANG+ Index (Gross Total Return) (300%). They also come from different issuers: Volatility Shares and Bank of Montreal. Their fees differ too: 2.78% for UVIX and 2.60% for FNGU.

Which has better risk-adjusted returns?

FNGU currently has the higher Sharpe Ratio (0.16 vs -0.76), 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.