FBL vs. NEMG

Last updated Jun 24, 2026

FBL (GraniteShares 2x Long META Daily ETF) and NEMG (Leverage Shares 2x Long NEM Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.21 correlation, their price movements are largely independent. FBL charges 1.15%/yr vs 0.75%/yr for NEMG.

Performance

FBL vs. NEMG - Performance Comparison

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

Returns By Period

In the year-to-date period, FBL achieves a -35.56% return, which is significantly lower than NEMG's -20.44% return.

FBL

• 1D: -0.57%
• 1M: -17.03%
• YTD: -35.56%
• 6M: -36.69%
• 1Y: -48.06%
• 3Y*: 20.64%
• 5Y*: —
• 10Y*: —

NEMG

• 1D: -7.98%
• 1M: -20.02%
• YTD: -20.44%
• 6M: -28.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBL vs. NEMG - Yearly Performance Comparison

	2026 (YTD)	2025
FBL GraniteShares 2x Long META Daily ETF	-35.56%	14.99%
NEMG Leverage Shares 2x Long NEM Daily ETF	-20.44%	22.87%

Correlation

The correlation between FBL and NEMG is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	0.21

Return for Risk

FBL vs. NEMG — 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: 2
FBL Martin Ratio Rank: 2

NEMG

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

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. NEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long META Daily ETF (FBL) and Leverage Shares 2x Long NEM Daily ETF (NEMG). 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	NEMG	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	—	—
Sortino ratio: Return per unit of downside risk	-0.77	—	—
Omega ratio: Gain probability vs. loss probability	0.90	—	—
Calmar ratio: Return relative to maximum drawdown	-0.79	—	—
Martin ratio: Return relative to average drawdown	-1.37	—	—

Drawdowns

FBL vs. NEMG - Drawdown Comparison

The maximum FBL drawdown since its inception was -61.15%, which is greater than NEMG's maximum drawdown of -57.56%. Use the drawdown chart below to compare losses from any high point for FBL and NEMG.

Drawdown Indicators

	FBL	NEMG	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-57.56%	-3.59%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-61.15%	—	—
Current Drawdown Current decline from peak	-58.24%	-53.44%	-4.80%
Average Drawdown Average peak-to-trough decline	-16.96%	-23.21%	+6.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.05%	—	—

Volatility

Volatility by Period

	FBL	NEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	55.87%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	72.38%	102.63%	-30.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.35%	102.63%	-31.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.35%	102.63%	-31.28%

FBL vs. NEMG - Expense Ratio Comparison

FBL has a 1.15% expense ratio, which is higher than NEMG's 0.75% expense ratio.

Dividends

FBL vs. NEMG - Dividend Comparison

FBL's dividend yield for the trailing twelve months is around 3.22%, while NEMG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	3.22%	2.07%	0.00%	51.58%
NEMG Leverage Shares 2x Long NEM Daily ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBL and NEMG in my portfolio?

FBL and NEMG have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FBL or NEMG?

On fees, NEMG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FBL or NEMG?

NEMG is cheaper with a 0.75% expense ratio, compared with 1.15% for FBL.

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

FBL has the higher dividend yield at 3.22%, compared with 0.00% for NEMG.

What is the main difference between FBL and NEMG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.15% for FBL and 0.75% for NEMG.