FBL vs. OILT

Last updated Jun 3, 2026

FBL (GraniteShares 2x Long META Daily ETF) and OILT (Texas Capital Texas Oil Index ETF) are both exchange-traded funds - FBL is a Leveraged Equities fund actively managed by GraniteShares, while OILT is a Energy Equities fund tracking the Alerian Texas Weighted Oil and Gas Index - Benchmark TR Gross. FBL is actively managed, while OILT is passively managed. Over the past year, FBL returned -36.08% vs 49.18% for OILT. At a correlation of -0.03, they often move in opposite directions. FBL charges 1.15%/yr vs 0.35%/yr for OILT.

Performance

FBL vs. OILT - Performance Comparison

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

Returns By Period

In the year-to-date period, FBL achieves a -25.99% return, which is significantly lower than OILT's 33.02% return.

FBL

• 1D: -1.07%
• 1M: -4.94%
• YTD: -25.99%
• 6M: -23.80%
• 1Y: -36.08%
• 3Y*: 29.68%
• 5Y*: —
• 10Y*: —

OILT

• 1D: 0.90%
• 1M: -4.61%
• YTD: 33.02%
• 6M: 30.50%
• 1Y: 49.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBL vs. OILT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	-25.99%	0.50%	112.72%	-0.41%
OILT Texas Capital Texas Oil Index ETF	33.02%	-3.30%	0.87%	-0.16%

Correlation

The correlation between FBL and OILT is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Dec 22, 2023	-0.03

Over the past year, the inverse relationship between FBL and OILT has strengthened: their correlation has moved from -0.03 to -0.24, meaning they now move in opposite directions more often than their long-term average.

FBL vs. OILT - Sectors Allocation Comparison

Sectors	FBL	OILT
Communication Services	66.7%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	94.2%
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	5.8%

Return for Risk

FBL vs. OILT — Risk / Return Rank

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

FBL

FBL Risk / Return Rank: 4
FBL Sharpe Ratio Rank: 4
FBL Sortino Ratio Rank: 5
FBL Omega Ratio Rank: 5
FBL Calmar Ratio Rank: 4
FBL Martin Ratio Rank: 4

OILT

OILT Risk / Return Rank: 53
OILT Sharpe Ratio Rank: 50
OILT Sortino Ratio Rank: 46
OILT Omega Ratio Rank: 43
OILT Calmar Ratio Rank: 73
OILT Martin Ratio Rank: 52

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. OILT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long META Daily ETF (FBL) and Texas Capital Texas Oil Index ETF (OILT). 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.

	FBL	OILT	Difference
Sharpe ratio Return per unit of total volatility	-0.52	1.76	-2.28
Sortino ratio Return per unit of downside risk	-0.42	2.32	-2.74
Omega ratio Gain probability vs. loss probability	0.95	1.28	-0.33
Calmar ratio Return relative to maximum drawdown	-0.51	3.74	-4.26
Martin ratio Return relative to average drawdown	-0.96	9.16	-10.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBL vs. OILT - Sharpe Ratio Comparison

The current FBL Sharpe Ratio is -0.52, which is lower than the OILT Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of FBL and OILT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FBL	OILT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	1.76	-2.28
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.39	+0.67

Drawdowns

FBL vs. OILT - Drawdown Comparison

The maximum FBL drawdown since its inception was -61.15%, which is greater than OILT's maximum drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for FBL and OILT.

Drawdown Indicators

	FBL	OILT	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-35.21%	-25.94%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-13.79%	-47.24%
Max Drawdown (3Y) Largest decline over 3 years	-61.15%	—	—
Current Drawdown Current decline from peak	-52.04%	-10.23%	-41.81%
Average Drawdown Average peak-to-trough decline	-16.38%	-12.94%	-3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.62%	5.64%	+26.98%

Volatility

FBL vs. OILT - Volatility Comparison

GraniteShares 2x Long META Daily ETF (FBL) has a higher volatility of 15.51% compared to Texas Capital Texas Oil Index ETF (OILT) at 9.97%. This indicates that FBL's price experiences larger fluctuations and is considered to be riskier than OILT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBL	OILT	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.51%	9.97%	+5.54%
Volatility (6M) Calculated over the trailing 6-month period	52.53%	21.09%	+31.44%
Volatility (1Y) Calculated over the trailing 1-year period	70.31%	28.08%	+42.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.96%	28.73%	+42.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.96%	28.73%	+42.23%

FBL vs. OILT - Expense Ratio Comparison

FBL has a 1.15% expense ratio, which is higher than OILT's 0.35% expense ratio.

Dividends

FBL vs. OILT - Dividend Comparison

FBL's dividend yield for the trailing twelve months is around 2.80%, more than OILT's 2.48% yield.

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	2.80%	2.07%	0.00%	51.58%
OILT Texas Capital Texas Oil Index ETF	2.48%	3.12%	2.63%	0.00%

Frequently Asked Questions

Can I hold both FBL and OILT in my portfolio?

FBL and OILT have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBL or OILT?

FBL has higher volatility (15.51%) compared to OILT (9.97%). In terms of maximum drawdown, FBL dropped -61.15% vs OILT's -35.21%.

Which ETF is better, FBL or OILT?

On 1-year performance, OILT leads with 49.18% vs -36.08% for FBL. On fees, OILT is cheaper at 0.35% per year. On volatility, OILT has been the lower-risk option at 9.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBL or OILT?

Over the 1-year period, OILT has performed better with a 49.18% return vs -36.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBL or OILT?

OILT is cheaper with a 0.35% expense ratio, compared with 1.15% for FBL.

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

FBL has the higher dividend yield at 2.80%, compared with 2.48% for OILT.

What is the main difference between FBL and OILT?

FBL is categorized as Leveraged Equities, while OILT is Energy Equities. They also come from different issuers: GraniteShares and Texas Capital. Their fees differ too: 1.15% for FBL and 0.35% for OILT.

Which has better risk-adjusted returns?

OILT currently has the higher Sharpe Ratio (1.76 vs -0.52), 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.