FBL vs. SPMO

Last updated Jun 13, 2026

FBL (GraniteShares 2x Long META Daily ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - FBL is a Leveraged Equities fund actively managed by GraniteShares, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. FBL is actively managed, while SPMO is passively managed. Over the past 3 years, FBL returned 25.43%/yr vs 41.53%/yr for SPMO. A 0.55 correlation means they provide meaningful diversification when combined. FBL charges 1.15%/yr vs 0.13%/yr for SPMO.

Performance

FBL vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long META Daily ETF (FBL) and Invesco S&P 500 Momentum ETF (SPMO). 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 SPMO's 28.15% return.

FBL

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

SPMO

• 1D: 1.26%
• 1M: 4.23%
• YTD: 28.15%
• 6M: 28.70%
• 1Y: 43.47%
• 3Y*: 41.53%
• 5Y*: 23.50%
• 10Y*: 20.86%

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

FBL vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FBL GraniteShares 2x Long META Daily ETF	-34.05%	0.50%	112.72%	341.59%	-1.38%
SPMO Invesco S&P 500 Momentum ETF	28.15%	26.58%	45.82%	17.56%	-0.69%

Correlation

The correlation between FBL and SPMO is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	0.55

The correlation between FBL and SPMO has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.

FBL vs. SPMO - Sectors Allocation Comparison

Sectors	FBL	SPMO
Communication Services	66.7%	8.7%
Basic Materials	-	1.6%
Consumer Cyclical	-	1.3%
Consumer Defensive	-	4.0%
Energy	-	3.1%
Financial Services	-	5.7%
Healthcare	-	6.2%
Industrials	-	10.9%
Real Estate	-	0.9%
Technology	-	54.8%
Utilities	-	2.5%

Return for Risk

FBL vs. SPMO — 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

SPMO

SPMO Risk / Return Rank: 79
SPMO Sharpe Ratio Rank: 81
SPMO Sortino Ratio Rank: 78
SPMO Omega Ratio Rank: 80
SPMO Calmar Ratio Rank: 77
SPMO Martin Ratio Rank: 78

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. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long META Daily ETF (FBL) and Invesco S&P 500 Momentum ETF (SPMO). 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	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	2.24	-2.90
Sortino ratio: Return per unit of downside risk	-0.73	2.98	-3.72
Omega ratio: Gain probability vs. loss probability	0.91	1.41	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.76	3.44	-4.20
Martin ratio: Return relative to average drawdown	-1.36	13.01	-14.37

FBL vs. SPMO - Sharpe Ratio Comparison

The current FBL Sharpe Ratio is -0.65, which is lower than the SPMO Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of FBL and SPMO, 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. SPMO - Drawdown Comparison

The maximum FBL drawdown since its inception was -61.15%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for FBL and SPMO.

Drawdown Indicators

	FBL	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-30.95%	-30.20%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-12.70%	-48.33%
Max Drawdown (3Y) Largest decline over 3 years	-61.15%	-20.13%	-41.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-57.26%	-1.68%	-55.58%
Average Drawdown Average peak-to-trough decline	-16.70%	-4.60%	-12.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.98%	3.35%	+30.63%

Volatility

FBL vs. SPMO - Volatility Comparison

GraniteShares 2x Long META Daily ETF (FBL) has a higher volatility of 20.60% compared to Invesco S&P 500 Momentum ETF (SPMO) at 10.29%. This indicates that FBL's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBL	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.60%	10.29%	+10.31%
Volatility (6M) Calculated over the trailing 6-month period	53.92%	16.73%	+37.19%
Volatility (1Y) Calculated over the trailing 1-year period	71.02%	19.48%	+51.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.08%	19.65%	+51.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.08%	20.48%	+50.60%

FBL vs. SPMO - Expense Ratio Comparison

FBL has a 1.15% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

FBL vs. SPMO - Dividend Comparison

FBL's dividend yield for the trailing twelve months is around 3.14%, more than SPMO's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBL GraniteShares 2x Long META Daily ETF	3.14%	2.07%	0.00%	51.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.67%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

Frequently Asked Questions

Can I hold both FBL and SPMO in my portfolio?

FBL and SPMO have a correlation of 0.56, 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 SPMO?

FBL has higher volatility (20.60%) compared to SPMO (10.29%). In terms of maximum drawdown, FBL dropped -61.15% vs SPMO's -30.95%.

Which ETF is better, FBL or SPMO?

On 3-year performance, SPMO leads with 41.53% vs 25.43% for FBL. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 10.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBL or SPMO?

Over the 3-year period, SPMO has performed better with a 41.53% return vs 25.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBL or SPMO?

SPMO is cheaper with a 0.13% expense ratio, compared with 1.15% for FBL.

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

FBL has the higher dividend yield at 3.14%, compared with 0.67% for SPMO.

What is the main difference between FBL and SPMO?

FBL is categorized as Leveraged Equities, while SPMO is Momentum. They also come from different issuers: GraniteShares and Invesco. Their fees differ too: 1.15% for FBL and 0.13% for SPMO.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.24 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.