FNGD vs FNGG: which held to its multiple?
Over three months against its own daily promise, FNGD finished 2.5 points over and FNGG 2.7 points short. MicroSectors FANG Index -3X Inverse Leveraged ETNs due January 8, 2038 and Direxion Daily NYSE FANG+ Bull 2X ETF.
FNGD returned −30.9% while −3 times FNGS's move would have been −36.7%
FNGG returned +22.0% while 2 times FNGS's move would have been +24.4%
FNGD among the 125 inverse ETFs over three months
FNGG among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. FNGG is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | FNGD | FNGG | FNGD | FNGG | FNGD | FNGG |
| 1 month | −6.3% | +3.7% | −7.0% | +4.7% | +0.7 pts | −1.0 pts |
| 3 months | −30.9% | +22.0% | −36.7% | +24.4% | +5.7 pts | −2.4 pts |
| 6 months | −65.0% | +75.7% | −107.1% | +71.4% | +42.2 pts | +4.3 pts |
| 1 year | −51.8% | +26.2% | −53.9% | +35.9% | +2.1 pts | −9.7 pts |
| 3 years | −97.5% | +362.5% | not meaningful | not meaningful | not meaningful | not meaningful |
| Since launch FNGD Nov 2019 · FNGG Sep 2021 | −100.0% | +29.5% | not meaningful | not meaningful | not meaningful | not meaningful |
FNGD and FNGG over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
FNGD and FNGG on the same fields, as of Sep 30, 2026. Source: ETFIQ.
FNGD in plain words
Three months to Sep 30, 2026: FNGD returned −30.9% where its own daily promise gave −33.4%, 2.5 points over. Read the multiple against the whole window instead and −3 times FNGS's 12.2% implies −36.7%, which makes FNGD look 5.7 points over. 3.2 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 20% 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.
FNGG in plain words
Three months to Sep 30, 2026: FNGG returned +22.0% where its own daily promise gave +24.7%, 2.7 points short. Read the multiple against the whole window instead and 2 times FNGS's 12.2% implies +24.4%, which makes FNGG look 2.4 points short. 0.3 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. FNGG 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 FNGG?
- Over the window to Sep 30, 2026, FNGD finished 5.7 points from what its multiple implies and FNGG finished 2.4 points from its own, so FNGG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are FNGD and FNGG levered on the same thing?
- Yes. Both are levered on the big technology names, FNGD at -3 times and FNGG at +2 times the daily move.
- Which one decays faster, FNGD or FNGG?
- Decay follows how much the underlying moves about. Over this window FNGD’s moved at 20% annualized and FNGG’s at 20%, so FNGD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold FNGD or FNGG 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.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, FNGD against FNGG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/fngd-vs-fngg
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, FNGD against FNGG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/fngd-vs-fngg Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, FNGD against FNGG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/fngd-vs-fngg
- APA
- ETFIQ. (Sep 30, 2026). FNGD against FNGG. Retrieved from https://etfiq.com/compare/leverage/fngd-vs-fngg
- Markdown
- [FNGD against FNGG (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/fngd-vs-fngg)