FNGG vs FNGO: which held to its multiple?
Over the days both have traded, FNGG finished 2.4 points from its stated multiple and FNGO 2.1. Direxion Daily NYSE FANG+ Bull 2X ETF and MicroSectors FANG Index 2X Leveraged ETNs due January 8, 2038.
FNGG returned +22.0% while 2 times FNGS's move would have been +24.4%
FNGO returned +22.3% while 2 times FNGS's move would have been +24.4%
A percentile among the 470 leveraged ETFs, long, 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
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | FNGG | FNGO | FNGG | FNGO | FNGG | FNGO |
| 1 month | +3.7% | +4.1% | +4.7% | +4.7% | −1.0 pts | −0.6 pts |
| 3 months | +22.0% | +22.3% | +24.4% | +24.4% | −2.4 pts | −2.1 pts |
| 6 months | +75.7% | +76.4% | +71.4% | +71.4% | +4.3 pts | +4.9 pts |
| 1 year | +26.2% | +26.4% | +35.9% | +35.9% | −9.7 pts | −9.5 pts |
| 3 years | +362.5% | +369.4% | not meaningful | not meaningful | not meaningful | not meaningful |
| Since launch FNGG Sep 2021 · FNGO Nov 2019 | +29.5% | +1669.1% | not meaningful | not meaningful | not meaningful | not meaningful |
FNGG and FNGO over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
FNGG and FNGO on the same fields, as of Sep 30, 2026. Source: ETFIQ.
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 one day it does that. 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. 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.
FNGO in plain words
Three months to Sep 30, 2026: FNGO returned +22.3% where its own daily promise gave +24.7%, 2.4 points short. Read the multiple against the whole window instead and 2 times FNGS's 12.2% implies +24.4%, which makes FNGO look 2.1 points short. FNGO aims to return +2 times FNGS's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, FNGG or FNGO?
- Over the window to Sep 30, 2026, FNGG finished 2.4 points from what its multiple implies and FNGO finished 2.1 points from its own, so FNGO came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are FNGG and FNGO levered on the same thing?
- Yes. Both are levered on the big technology names, FNGG at +2 times and FNGO at +2 times the daily move.
- Which one decays faster, FNGG or FNGO?
- Decay follows how much the underlying moves about. Over this window FNGG’s moved at 20% annualized and FNGO’s at 20%, so FNGG has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold FNGG 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.
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, FNGG against FNGO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/fngg-vs-fngo
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, FNGG against FNGO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/fngg-vs-fngo Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, FNGG against FNGO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/fngg-vs-fngo
- APA
- ETFIQ. (Sep 30, 2026). FNGG against FNGO. Retrieved from https://etfiq.com/compare/leverage/fngg-vs-fngo
- Markdown
- [FNGG against FNGO (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/fngg-vs-fngo)