FBL vs. SMH

Last updated Jul 14, 2026

FBL (GraniteShares 2x Long META Daily ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - FBL is a Leveraged Equities fund actively managed by GraniteShares, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. FBL is actively managed, while SMH is passively managed. Over the past 3 years, FBL returned 28.66%/yr vs 55.82%/yr for SMH. At a 0.49 correlation, their price movements are largely independent. FBL charges 1.09%/yr vs 0.35%/yr for SMH.

Performance

FBL vs. SMH - Performance Comparison

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

Returns By Period

In the year-to-date period, FBL achieves a -14.12% return, which is significantly lower than SMH's 62.61% return.

FBL

• 1D: -3.69%
• 1M: 30.22%
• 6M: -8.94%
• YTD: -14.12%
• 1Y: -33.72%
• 3Y*: 28.66%
• 5Y*: —
• 10Y*: —

SMH

• 1D: -4.16%
• 1M: -5.54%
• 6M: 49.91%
• YTD: 62.61%
• 1Y: 104.33%
• 3Y*: 55.82%
• 5Y*: 36.02%
• 10Y*: 35.93%

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

FBL vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FBL GraniteShares 2x Long META Daily ETF	-14.12%	0.50%	112.72%	341.59%	-1.38%
SMH VanEck Semiconductor ETF	62.61%	49.17%	39.10%	73.38%	-8.36%

Correlation

The correlation between FBL and SMH is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	0.49

The correlation between FBL and SMH shifts across timeframes, from 0.32 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

FBL vs. SMH - Sectors Allocation Comparison

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

Return for Risk

FBL vs. SMH — Risk / Return Rank

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

FBL

FBL Risk / Return Rank: 6
FBL Sharpe Ratio Rank: 5
FBL Sortino Ratio Rank: 6
FBL Omega Ratio Rank: 6
FBL Calmar Ratio Rank: 5
FBL Martin Ratio Rank: 5

SMH

SMH Risk / Return Rank: 92
SMH Sharpe Ratio Rank: 94
SMH Sortino Ratio Rank: 87
SMH Omega Ratio Rank: 88
SMH Calmar Ratio Rank: 96
SMH Martin Ratio Rank: 95

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. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long META Daily ETF (FBL) and VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.44	2.86	-3.30
Sortino ratio: Return per unit of downside risk	-0.22	3.14	-3.36
Omega ratio: Gain probability vs. loss probability	0.97	1.43	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.55	7.03	-7.58
Martin ratio: Return relative to average drawdown	-0.91	22.83	-23.74

FBL vs. SMH - Sharpe Ratio Comparison

The current FBL Sharpe Ratio is -0.44, which is lower than the SMH Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of FBL and SMH, 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. SMH - Drawdown Comparison

The maximum FBL drawdown since its inception was -61.15%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FBL and SMH.

Drawdown Indicators

	FBL	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-84.96%	+23.81%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-14.93%	-46.10%
Max Drawdown (3Y) Largest decline over 3 years	-61.15%	-35.74%	-25.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-44.34%	-12.45%	-31.89%
Average Drawdown Average peak-to-trough decline	-17.49%	-40.94%	+23.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.05%	4.59%	+32.46%

Volatility

FBL vs. SMH - Volatility Comparison

GraniteShares 2x Long META Daily ETF (FBL) has a higher volatility of 31.85% compared to VanEck Semiconductor ETF (SMH) at 18.45%. This indicates that FBL's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBL	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.85%	18.45%	+13.40%
Volatility (6M) Calculated over the trailing 6-month period	61.90%	31.29%	+30.61%
Volatility (1Y) Calculated over the trailing 1-year period	77.12%	36.76%	+40.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.36%	36.19%	+36.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.36%	33.14%	+39.22%

FBL vs. SMH - Expense Ratio Comparison

FBL has a 1.09% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

FBL vs. SMH - Dividend Comparison

FBL's dividend yield for the trailing twelve months is around 2.41%, more than SMH's 0.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBL GraniteShares 2x Long META Daily ETF	2.41%	2.07%	0.00%	51.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.19%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both FBL and SMH in my portfolio?

FBL and SMH have a correlation of 0.32, 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 SMH?

FBL has higher volatility (31.85%) compared to SMH (18.45%). In terms of maximum drawdown, FBL dropped -61.15% vs SMH's -84.96%.

Which ETF is better, FBL or SMH?

On 3-year performance, SMH leads with 55.82% vs 28.66% for FBL. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 18.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBL or SMH?

Over the 3-year period, SMH has performed better with a 55.82% return vs 28.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBL or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 1.09% for FBL.

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

FBL has the higher dividend yield at 2.41%, compared with 0.19% for SMH.

What is the main difference between FBL and SMH?

FBL is categorized as Leveraged Equities, while SMH is Semiconductors. They also come from different issuers: GraniteShares and VanEck. Their fees differ too: 1.09% for FBL and 0.35% for SMH.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (2.86 vs -0.44), 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.