COMB vs. FBL
COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF) and FBL (GraniteShares 2x Long META Daily ETF) are both exchange-traded funds - COMB is a Commodities fund actively managed by GraniteShares, while FBL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past 3 years, COMB returned 11.31%/yr vs 21.11%/yr for FBL. At a 0.04 correlation, their price movements are largely independent. COMB charges 0.25%/yr vs 1.15%/yr for FBL.
Performance
COMB vs. FBL - Performance Comparison
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Returns By Period
In the year-to-date period, COMB achieves a 13.29% return, which is significantly higher than FBL's -35.71% return.
COMB
- 1D
- -0.48%
- 1M
- -9.31%
- YTD
- 13.29%
- 6M
- 12.44%
- 1Y
- 23.30%
- 3Y*
- 11.31%
- 5Y*
- 8.69%
- 10Y*
- —
FBL
- 1D
- 4.71%
- 1M
- -22.68%
- YTD
- -35.71%
- 6M
- -35.53%
- 1Y
- -52.85%
- 3Y*
- 21.11%
- 5Y*
- —
- 10Y*
- —
COMB vs. FBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | 13.29% | 15.12% | 5.24% | -7.75% | 0.25% |
FBL GraniteShares 2x Long META Daily ETF | -35.71% | 0.50% | 112.72% | 341.59% | -1.38% |
Correlation
The correlation between COMB and FBL is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022 | 0.04 |
The correlation between COMB and FBL shifts across timeframes, from -0.10 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
COMB vs. FBL — Risk / Return Rank
COMB
FBL
COMB vs. FBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) and GraniteShares 2x Long META Daily ETF (FBL). 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.
| COMB | FBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.09 | ||
| Sortino ratioReturn per unit of downside risk | +2.79 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.88 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | -0.87 | +2.45 |
| Martin ratioReturn relative to average drawdown | 6.16 | -1.48 | +7.63 |
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Drawdowns
COMB vs. FBL - Drawdown Comparison
The maximum COMB drawdown since its inception was -33.50%, smaller than the maximum FBL drawdown of -61.15%. Use the drawdown chart below to compare losses from any high point for COMB and FBL.
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Drawdown Indicators
| COMB | FBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.50% | -61.15% | +27.65% |
Max Drawdown (1Y)Largest decline over 1 year | -14.84% | -61.03% | +46.19% |
Max Drawdown (3Y)Largest decline over 3 years | -14.84% | -61.15% | +46.31% |
Max Drawdown (5Y)Largest decline over 5 years | -26.63% | — | — |
Current DrawdownCurrent decline from peak | -14.55% | -58.34% | +43.79% |
Average DrawdownAverage peak-to-trough decline | -12.05% | -17.15% | +5.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 35.84% | -32.05% |
Volatility
COMB vs. FBL - Volatility Comparison
The current volatility for GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB) is 4.14%, while GraniteShares 2x Long META Daily ETF (FBL) has a volatility of 25.95%. This indicates that COMB experiences smaller price fluctuations and is considered to be less risky than FBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| COMB | FBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 25.95% | -21.81% |
Volatility (6M)Calculated over the trailing 6-month period | 15.36% | 56.36% | -41.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.33% | 72.47% | -55.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 71.31% | -54.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.15% | 71.31% | -56.16% |
COMB vs. FBL - Expense Ratio Comparison
COMB has a 0.25% expense ratio, which is lower than FBL's 1.15% expense ratio.
Dividends
COMB vs. FBL - Dividend Comparison
COMB's dividend yield for the trailing twelve months is around 7.99%, more than FBL's 3.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
COMB GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF | 7.99% | 9.05% | 2.48% | 6.57% | 30.85% | 15.83% | 0.07% | 1.48% | 0.97% | 0.20% |
FBL GraniteShares 2x Long META Daily ETF | 3.23% | 2.07% | 0.00% | 51.58% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
COMB and FBL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBL has higher volatility (25.95%) compared to COMB (4.14%). In terms of maximum drawdown, COMB dropped -33.50% vs FBL's -61.15%.
On 3-year performance, FBL leads with 21.11% vs 11.31% for COMB. On fees, COMB is cheaper at 0.25% per year. On volatility, COMB has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FBL has performed better with a 21.11% return vs 11.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COMB is cheaper with a 0.25% expense ratio, compared with 1.15% for FBL.
COMB has the higher dividend yield at 7.99%, compared with 3.23% for FBL.
COMB is categorized as Commodities, while FBL is Leveraged Equities. Their fees differ too: 0.25% for COMB and 1.15% for FBL.
COMB currently has the higher Sharpe Ratio (1.35 vs -0.73), 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.
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