FBL vs. SHLD

Last updated Jun 13, 2026

FBL (GraniteShares 2x Long META Daily ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - FBL is a Leveraged Equities fund actively managed by GraniteShares, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. FBL is actively managed, while SHLD is passively managed. Over the past year, FBL returned -46.30% vs 10.40% for SHLD. At a 0.19 correlation, their price movements are largely independent. FBL charges 1.15%/yr vs 0.50%/yr for SHLD.

Performance

FBL vs. SHLD - Performance Comparison

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

Returns By Period

In the year-to-date period, FBL achieves a -34.05% return, which is significantly lower than SHLD's -1.50% return.

FBL

• 1D: -0.74%
• 1M: -17.09%
• YTD: -34.05%
• 6M: -31.11%
• 1Y: -46.30%
• 3Y*: 25.43%
• 5Y*: —
• 10Y*: —

SHLD

• 1D: -2.04%
• 1M: 0.05%
• YTD: -1.50%
• 6M: -1.03%
• 1Y: 10.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBL vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	-34.05%	0.50%	112.72%	22.53%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%

Correlation

The correlation between FBL and SHLD is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.19

FBL vs. SHLD - Sectors Allocation Comparison

Sectors	FBL	SHLD
Communication Services	66.7%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	88.2%
Real Estate	-	-
Technology	-	11.8%
Utilities	-	-

Return for Risk

FBL vs. SHLD — 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: 4
FBL Calmar Ratio Rank: 3
FBL Martin Ratio Rank: 2

SHLD

SHLD Risk / Return Rank: 16
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 17
SHLD Omega Ratio Rank: 16
SHLD Calmar Ratio Rank: 16
SHLD Martin Ratio Rank: 16

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long META Daily ETF (FBL) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	0.43	-1.08
Sortino ratio: Return per unit of downside risk	-0.73	0.78	-1.51
Omega ratio: Gain probability vs. loss probability	0.91	1.09	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.76	0.52	-1.28
Martin ratio: Return relative to average drawdown	-1.36	1.28	-2.65

FBL vs. SHLD - Sharpe Ratio Comparison

The current FBL Sharpe Ratio is -0.65, which is lower than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of FBL and SHLD, 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. SHLD - Drawdown Comparison

The maximum FBL drawdown since its inception was -61.15%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for FBL and SHLD.

Drawdown Indicators

	FBL	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-20.10%	-41.05%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-20.10%	-40.93%
Max Drawdown (3Y) Largest decline over 3 years	-61.15%	—	—
Current Drawdown Current decline from peak	-57.26%	-18.20%	-39.06%
Average Drawdown Average peak-to-trough decline	-16.70%	-3.34%	-13.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.98%	8.12%	+25.86%

Volatility

FBL vs. SHLD - Volatility Comparison

GraniteShares 2x Long META Daily ETF (FBL) has a higher volatility of 20.60% compared to Global X Defense Tech ETF (SHLD) at 9.05%. This indicates that FBL's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBL	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.60%	9.05%	+11.55%
Volatility (6M) Calculated over the trailing 6-month period	53.92%	19.94%	+33.98%
Volatility (1Y) Calculated over the trailing 1-year period	71.02%	24.55%	+46.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.08%	21.29%	+49.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.08%	21.29%	+49.79%

FBL vs. SHLD - Expense Ratio Comparison

FBL has a 1.15% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

FBL vs. SHLD - Dividend Comparison

FBL's dividend yield for the trailing twelve months is around 3.14%, more than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	3.14%	2.07%	0.00%	51.58%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both FBL and SHLD in my portfolio?

FBL and SHLD have a correlation of 0.18, 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 SHLD?

FBL has higher volatility (20.60%) compared to SHLD (9.05%). In terms of maximum drawdown, FBL dropped -61.15% vs SHLD's -20.10%.

Which ETF is better, FBL or SHLD?

On 1-year performance, SHLD leads with 10.40% vs -46.30% for FBL. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBL or SHLD?

Over the 1-year period, SHLD has performed better with a 10.40% return vs -46.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBL or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 1.15% for FBL.

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

FBL has the higher dividend yield at 3.14%, compared with 0.56% for SHLD.

What is the main difference between FBL and SHLD?

FBL is categorized as Leveraged Equities, while SHLD is Aerospace & Defense. They also come from different issuers: GraniteShares and Global X. Their fees differ too: 1.15% for FBL and 0.50% for SHLD.

Which has better risk-adjusted returns?

SHLD currently has the higher Sharpe Ratio (0.43 vs -0.65), 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.