FBL vs. SMH
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 12.26%/yr vs 50.56%/yr for SMH. Their 0.48 correlation means their historical movements had little consistent relationship. FBL charges 1.09%/yr vs 0.35%/yr for SMH.
Performance
FBL vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, FBL achieves a -39.43% return, which is significantly lower than SMH's 50.09% return.
FBL
- 1D
- 6.66%
- 1M
- -11.35%
- 6M
- -47.34%
- YTD
- -39.43%
- 1Y
- -56.50%
- 3Y*
- 12.26%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 61.04%
SMH
- 1D
- 0.30%
- 1M
- -8.74%
- 6M
- 33.97%
- YTD
- 50.09%
- 1Y
- 90.95%
- 3Y*
- 50.56%
- 5Y*
- 33.46%
- 10Y*
- 34.16%
- ALL TIME*
- 11.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $25.01M | $36.98M | $35.23M | |
| $8.28B | $7.64B | $7.07B |
FBL vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FBL GraniteShares 2x Long META Daily ETF | -39.43% | 0.50% | 112.72% | 341.59% | -1.38% |
SMH VanEck Semiconductor ETF | 50.09% | 49.17% | 39.10% | 73.38% | -8.36% |
Correlation
The correlation between FBL and SMH is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022 | 0.48 |
The correlation between FBL and SMH shifts across timeframes, from 0.34 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.
FBL vs. SMH - Sectors Allocation Comparison
Sectors
FBL
SMH
Communication Services
-
Basic Materials
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Financial Services
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
Utilities
-
-
Communication Services
FBL
SMH
-
Basic Materials
FBL
-
SMH
-
Consumer Cyclical
FBL
-
SMH
-
Consumer Defensive
FBL
-
SMH
-
Energy
FBL
-
SMH
-
Financial Services
FBL
-
SMH
-
Healthcare
FBL
-
SMH
-
Industrials
FBL
-
SMH
-
Real Estate
FBL
-
SMH
-
Technology
FBL
-
SMH
Utilities
FBL
-
SMH
-
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Return for Risk
FBL vs. SMH — Risk / Return Rank
FBL
SMH
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 ratioReturn per unit of total volatility | -3.07 | ||
| Sortino ratioReturn per unit of downside risk | -3.77 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.36 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.58 | -4.52 |
| Martin ratioReturn relative to average drawdown | -1.52 | 14.64 | -16.16 |
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Drawdowns
FBL vs. SMH - Drawdown Comparison
The maximum FBL drawdown since its inception was -63.20%, 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.
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Drawdown Indicators
| FBL | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.20% | -84.96% | +21.76% |
Max Drawdown (1Y)Largest decline over 1 year | -63.09% | -24.62% | -38.47% |
Max Drawdown (3Y)Largest decline over 3 years | -63.20% | -35.74% | -27.46% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -60.75% | -19.19% | -41.56% |
Average DrawdownAverage peak-to-trough decline | -18.01% | -40.89% | +22.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.96% | 6.01% | +32.95% |
Volatility
FBL vs. SMH - Volatility Comparison
GraniteShares 2x Long META Daily ETF (FBL) has a higher volatility of 31.44% compared to VanEck Semiconductor ETF (SMH) at 14.70%. 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.
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Volatility by Period
| FBL | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.44% | 14.70% | +16.74% |
Volatility (6M)Calculated over the trailing 6-month period | 61.35% | 33.13% | +28.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 79.78% | 38.57% | +41.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.81% | 36.50% | +36.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.81% | 33.32% | +39.49% |
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 3.42%, more than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBL GraniteShares 2x Long META Daily ETF | 3.42% | 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 | 0.20% | 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
FBL and SMH have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBL has higher volatility (31.44%) compared to SMH (14.70%). In terms of maximum drawdown, FBL dropped -63.20% vs SMH's -84.96%.
On 3-year performance, SMH leads with 50.56% vs 12.26% for FBL. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 14.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SMH has performed better with a 50.56% return vs 12.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 1.09% for FBL.
FBL has the higher dividend yield at 3.42%, compared with 0.20% for 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.
SMH currently has the higher Sharpe Ratio (2.29 vs -0.78), 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.
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