FBL vs. XTJL

Last updated Jun 4, 2026

FBL (GraniteShares 2x Long META Daily ETF) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both Leveraged Equities funds. Both are actively managed. Over the past 3 years, FBL returned 33.25%/yr vs 14.68%/yr for XTJL. A 0.56 correlation means they provide meaningful diversification when combined. FBL charges 1.15%/yr vs 0.79%/yr for XTJL.

Performance

FBL vs. XTJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long META Daily ETF (FBL) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBL achieves a -19.72% return, which is significantly lower than XTJL's 5.36% return.

FBL

• 1D: 8.48%
• 1M: 2.55%
• YTD: -19.72%
• 6M: -15.34%
• 1Y: -29.78%
• 3Y*: 33.25%
• 5Y*: —
• 10Y*: —

XTJL

• 1D: 0.00%
• 1M: 1.16%
• YTD: 5.36%
• 6M: 6.38%
• 1Y: 15.64%
• 3Y*: 14.68%
• 5Y*: —
• 10Y*: —

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

FBL vs. XTJL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FBL GraniteShares 2x Long META Daily ETF	-19.72%	0.50%	112.72%	341.59%	-1.22%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	5.36%	15.42%	14.43%	25.72%	-3.15%

Correlation

The correlation between FBL and XTJL is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 14, 2022	0.56

The correlation between FBL and XTJL has been stable across timeframes, ranging from 0.54 to 0.56 - a consistent structural relationship.

FBL vs. XTJL - Sectors Allocation Comparison

Sectors	FBL	XTJL
Communication Services	66.7%	10.9%
Basic Materials	-	1.8%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.9%
Healthcare	-	8.4%
Industrials	-	8.1%
Real Estate	-	1.9%
Technology	-	36.2%
Utilities	-	2.3%

Return for Risk

FBL vs. XTJL — Risk / Return Rank

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

FBL

FBL Risk / Return Rank: 5
FBL Sharpe Ratio Rank: 5
FBL Sortino Ratio Rank: 6
FBL Omega Ratio Rank: 6
FBL Calmar Ratio Rank: 4
FBL Martin Ratio Rank: 4

XTJL

XTJL Risk / Return Rank: 71
XTJL Sharpe Ratio Rank: 63
XTJL Sortino Ratio Rank: 68
XTJL Omega Ratio Rank: 77
XTJL Calmar Ratio Rank: 62
XTJL Martin Ratio Rank: 84

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. XTJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long META Daily ETF (FBL) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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	XTJL	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	2.12	-2.54
Sortino ratio: Return per unit of downside risk	-0.22	3.14	-3.36
Omega ratio: Gain probability vs. loss probability	0.97	1.46	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.49	3.07	-3.56
Martin ratio: Return relative to average drawdown	-0.91	17.37	-18.28
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. XTJL - Sharpe Ratio Comparison

The current FBL Sharpe Ratio is -0.42, which is lower than the XTJL Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of FBL and XTJL, 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	XTJL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	2.12	-2.54
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.65	+0.47

Drawdowns

FBL vs. XTJL - Drawdown Comparison

The maximum FBL drawdown since its inception was -61.15%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for FBL and XTJL.

Drawdown Indicators

	FBL	XTJL	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-23.24%	-37.91%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-5.12%	-55.91%
Max Drawdown (3Y) Largest decline over 3 years	-61.15%	-16.70%	-44.45%
Current Drawdown Current decline from peak	-47.97%	0.00%	-47.97%
Average Drawdown Average peak-to-trough decline	-16.41%	-4.04%	-12.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.76%	0.90%	+31.86%

Volatility

FBL vs. XTJL - Volatility Comparison

GraniteShares 2x Long META Daily ETF (FBL) has a higher volatility of 17.63% compared to Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) at 0.33%. This indicates that FBL's price experiences larger fluctuations and is considered to be riskier than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBL	XTJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.63%	0.33%	+17.30%
Volatility (6M) Calculated over the trailing 6-month period	53.15%	5.72%	+47.43%
Volatility (1Y) Calculated over the trailing 1-year period	70.42%	7.43%	+62.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.06%	15.22%	+55.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.06%	15.22%	+55.84%

FBL vs. XTJL - Expense Ratio Comparison

FBL has a 1.15% expense ratio, which is higher than XTJL's 0.79% expense ratio.

Dividends

FBL vs. XTJL - Dividend Comparison

FBL's dividend yield for the trailing twelve months is around 2.58%, while XTJL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	2.58%	2.07%	0.00%	51.58%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBL and XTJL in my portfolio?

FBL and XTJL have a correlation of 0.54, 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 XTJL?

FBL has higher volatility (17.63%) compared to XTJL (0.33%). In terms of maximum drawdown, FBL dropped -61.15% vs XTJL's -23.24%.

Which ETF is better, FBL or XTJL?

On 3-year performance, FBL leads with 33.25% vs 14.68% for XTJL. On fees, XTJL is cheaper at 0.79% per year. On volatility, XTJL has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBL or XTJL?

Over the 3-year period, FBL has performed better with a 33.25% return vs 14.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBL or XTJL?

XTJL is cheaper with a 0.79% expense ratio, compared with 1.15% for FBL.

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

FBL has the higher dividend yield at 2.58%, compared with 0.00% for XTJL.

What is the main difference between FBL and XTJL?

They also come from different issuers: GraniteShares and Innovator. Their fees differ too: 1.15% for FBL and 0.79% for XTJL.

Which has better risk-adjusted returns?

XTJL currently has the higher Sharpe Ratio (2.12 vs -0.42), 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.