FBL vs. METU

Last updated Jun 23, 2026

FBL (GraniteShares 2x Long META Daily ETF) and METU (Direxion Daily META Bull 2X ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, FBL returned -45.27% vs -46.07% for METU. With a 1.00 correlation, they move nearly in lockstep. FBL charges 1.15%/yr vs 1.07%/yr for METU.

Performance

FBL vs. METU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long META Daily ETF (FBL) and Direxion Daily META Bull 2X ETF (METU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FBL having a -35.19% return and METU slightly lower at -35.58%.

FBL

• 1D: -4.79%
• 1M: -16.55%
• YTD: -35.19%
• 6M: -35.68%
• 1Y: -45.27%
• 3Y*: 20.87%
• 5Y*: —
• 10Y*: —

METU

• 1D: -4.60%
• 1M: -16.54%
• YTD: -35.58%
• 6M: -36.08%
• 1Y: -46.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBL vs. METU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBL GraniteShares 2x Long META Daily ETF	-35.19%	0.50%	36.91%
METU Direxion Daily META Bull 2X ETF	-35.58%	-1.01%	28.79%

Correlation

The correlation between FBL and METU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 5, 2024	1.00

The correlation between FBL and METU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

FBL vs. METU - Sectors Allocation Comparison

Sectors	FBL	METU
Communication Services	66.7%	100.0%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FBL vs. METU — Risk / Return Rank

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

FBL

FBL Risk / Return Rank: 3
FBL Sharpe Ratio Rank: 4
FBL Sortino Ratio Rank: 4
FBL Omega Ratio Rank: 4
FBL Calmar Ratio Rank: 3
FBL Martin Ratio Rank: 2

METU

METU Risk / Return Rank: 3
METU Sharpe Ratio Rank: 4
METU Sortino Ratio Rank: 4
METU Omega Ratio Rank: 4
METU Calmar Ratio Rank: 3
METU Martin Ratio Rank: 2

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.

FBL vs. METU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long META Daily ETF (FBL) and Direxion Daily META Bull 2X ETF (METU). 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.

	FBL	METU	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	-0.64	+0.01
Sortino ratio: Return per unit of downside risk	-0.66	-0.69	+0.03
Omega ratio: Gain probability vs. loss probability	0.92	0.91	0.00
Calmar ratio: Return relative to maximum drawdown	-0.74	-0.75	+0.01
Martin ratio: Return relative to average drawdown	-1.30	-1.30	0.00

FBL vs. METU - Sharpe Ratio Comparison

The current FBL Sharpe Ratio is -0.63, which is comparable to the METU Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of FBL and METU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FBL vs. METU - Drawdown Comparison

The maximum FBL drawdown since its inception was -61.15%, roughly equal to the maximum METU drawdown of -61.85%. Use the drawdown chart below to compare losses from any high point for FBL and METU.

Drawdown Indicators

	FBL	METU	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-61.85%	+0.70%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-61.52%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-61.15%	—	—
Current Drawdown Current decline from peak	-58.00%	-58.82%	+0.82%
Average Drawdown Average peak-to-trough decline	-16.92%	-24.25%	+7.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.85%	35.34%	-0.49%

Volatility

FBL vs. METU - Volatility Comparison

GraniteShares 2x Long META Daily ETF (FBL) and Direxion Daily META Bull 2X ETF (METU) have volatilities of 26.24% and 26.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBL	METU	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.24%	26.02%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	56.07%	56.14%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	72.52%	72.41%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.39%	72.83%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.39%	72.83%	-1.44%

FBL vs. METU - Expense Ratio Comparison

FBL has a 1.15% expense ratio, which is higher than METU's 1.07% expense ratio.

Dividends

FBL vs. METU - Dividend Comparison

FBL's dividend yield for the trailing twelve months is around 3.20%, less than METU's 4.80% yield.

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	3.20%	2.07%	0.00%	51.58%
METU Direxion Daily META Bull 2X ETF	4.80%	3.00%	1.40%	0.00%

Frequently Asked Questions

Can I hold both FBL and METU in my portfolio?

With a correlation of 1.00, FBL and METU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FBL or METU?

FBL has higher volatility (26.24%) compared to METU (26.02%). In terms of maximum drawdown, FBL dropped -61.15% vs METU's -61.85%.

Which ETF is better, FBL or METU?

On 1-year performance, FBL leads with -45.27% vs -46.07% for METU. On fees, METU is cheaper at 1.07% per year. On volatility, METU has been the lower-risk option at 26.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBL or METU?

Over the 1-year period, FBL has performed better with a -45.27% return vs -46.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBL or METU?

METU is cheaper with a 1.07% expense ratio, compared with 1.15% for FBL.

Which ETF pays a higher dividend yield, FBL or METU?

METU has the higher dividend yield at 4.80%, compared with 3.20% for FBL.

What is the main difference between FBL and METU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for FBL and 1.07% for METU.

Which has better risk-adjusted returns?

FBL currently has the higher Sharpe Ratio (-0.63 vs -0.64), 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.