Data as of .
FNGD vs FNGO: which held to its multiple?
Over three months against its own daily promise, FNGD finished 1.3 points over and FNGO 1.3 points short.
ETFIQ Decay Resistance Score: FNGO scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| FNGD | FNGO | FNGD | FNGO | FNGD | FNGO | |
| 1 month | −2.8% | +1.1% | −1.7% | +1.1% | −1.1 pts | 0.0 pts |
| 3 months | −30.0% | +18.4% | −30.4% | +20.3% | +0.4 pts | −1.9 pts |
| 6 months | −58.6% | +53.8% | −84.1% | +56.1% | +25.5 pts | −2.3 pts |
| 1 year | −49.3% | +22.0% | −46.4% | +31.0% | −2.9 pts | −8.9 pts |
| 3 years | −96.8% | +293.8% | not meaningful | not meaningful | not meaningful | not meaningful |
| Since launch | −100.0% | +1577.8% | not meaningful | not meaningful | not meaningful | not meaningful |
| FNGD MicroSectors FANG Index -3X Inverse Leveraged ETNs due January 8, 2038 Aims to return three times the opposite of the daily move of the big technology names | FNGO MicroSectors FANG Index 2X Leveraged ETNs due January 8, 2038 Aims to return twice the daily move of the big technology names | |
|---|---|---|
| Issuer | MicroSectors | MicroSectors |
| Sets out to return | -3x | +2x |
| On | FNGS | FNGS |
| Segment | index | index |
| Fund returned, 3 months | −30.0% | +18.4% |
| Underlying returned, 3 months | +10.1% | +10.1% |
| What the stated multiple implies, 3 months | −30.4% | +20.3% |
| Difference from stated, 3 months | +0.4 pts | −1.9 pts |
| Fund returned, 1 year or since launch | −49.3% | +22.0% |
| Difference from stated, over that window | −2.9 pts | −8.9 pts |
| Underlying volatility | 24% | 24% |
| Difference over the days both have traded | no shared window | −1.9 pts |
| Expense ratio | not published | not published |
| Launched | Jan 23, 2018 | Aug 2, 2018 |
FNGD in plain words
Three months to Sep 11, 2026: FNGD returned −30.0% where its own daily promise gave −31.3%, 1.3 points over. Read the multiple against the whole window instead and −3 times FNGS's 10.1% implies −30.4%, which makes FNGD look 0.4 points over. 0.9 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. FNGD aims to return -3 times FNGS's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. FNGS moved at 24% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
FNGO in plain words
Three months to Sep 11, 2026: FNGO returned +18.4% where its own daily promise gave +19.7%, 1.3 points short. Read the multiple against the whole window instead and +2 times FNGS's 10.1% implies +20.3%, which makes FNGO look 1.9 points short. 0.6 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. FNGO aims to return +2 times FNGS's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, FNGD or FNGO?
- Over the window to Sep 11, 2026, FNGD finished 0.4 points from what its multiple implies and FNGO finished 1.9 points from its own, so FNGD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are FNGD and FNGO levered on the same thing?
- Yes. Both are levered on the big technology names, FNGD at -3 times and FNGO at +2 times the daily move.
- Which one decays faster, FNGD or FNGO?
- Decay follows how much the underlying moves about. Over this window FNGD’s moved at 24% annualized and FNGO’s at 24%, so FNGD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold FNGD or FNGO for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Cite this page. ETFIQ, FNGD against FNGO, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/FNGD-FNGO Free to use with attribution; the underlying files are at Open data.