FBGX vs. QULL

Last updated Jun 3, 2026

FBGX (UBS AG FI Enhanced Large Cap Growth ETN) and QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) are both Leveraged Equities funds from UBS - FBGX tracks the Russell 1000 Growth Index (200%) while QULL tracks the MSCI USA Sector Neutral Quality Index. Both are passively managed. A 0.73 correlation means they provide meaningful diversification when combined. FBGX charges 1.29%/yr vs 0.95%/yr for QULL.

Performance

FBGX vs. QULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS AG FI Enhanced Large Cap Growth ETN (FBGX) and ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FBGX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QULL

• 1D: -0.02%
• 1M: 7.79%
• YTD: 15.23%
• 6M: 15.73%
• 1Y: 40.54%
• 3Y*: 32.44%
• 5Y*: 16.69%
• 10Y*: —

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

FBGX vs. QULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FBGX UBS AG FI Enhanced Large Cap Growth ETN	0.00%	0.00%	35.73%	83.74%	-56.41%	44.91%
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	15.23%	17.61%	38.03%	57.07%	-42.00%	51.36%

Correlation

The correlation between FBGX and QULL is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.73

The correlation between FBGX and QULL shifts across timeframes, from 0.46 (3 years) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FBGX vs. QULL — Risk / Return Rank

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

QULL

QULL Risk / Return Rank: 47
QULL Sharpe Ratio Rank: 47
QULL Sortino Ratio Rank: 46
QULL Omega Ratio Rank: 44
QULL Calmar Ratio Rank: 44
QULL Martin Ratio Rank: 56

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.

FBGX vs. QULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS AG FI Enhanced Large Cap Growth ETN (FBGX) and ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FBGX	QULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.67	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.56	—

Drawdowns

Drawdown Indicators

	FBGX	QULL	Difference
Max Drawdown Largest peak-to-trough decline	—	-51.83%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-18.43%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-36.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-51.83%	—
Current Drawdown Current decline from peak	—	-0.02%	—
Average Drawdown Average peak-to-trough decline	—	-14.07%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.15%	—

Volatility

Volatility by Period

	FBGX	QULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.80%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	24.46%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	35.62%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	35.16%	—

FBGX vs. QULL - Expense Ratio Comparison

FBGX has a 1.29% expense ratio, which is higher than QULL's 0.95% expense ratio.

Dividends

FBGX vs. QULL - Dividend Comparison

Neither FBGX nor QULL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FBGX and QULL in my portfolio?

FBGX and QULL have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FBGX or QULL?

On fees, QULL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FBGX or QULL?

QULL is cheaper with a 0.95% expense ratio, compared with 1.29% for FBGX.

Which ETF pays a higher dividend yield, FBGX or QULL?

FBGX and QULL have nearly identical dividend yields, around 0.00%.

What is the main difference between FBGX and QULL?

FBGX tracks Russell 1000 Growth Index (200%), while QULL tracks MSCI USA Sector Neutral Quality Index. Their fees differ too: 1.29% for FBGX and 0.95% for QULL.