FBL vs. YSPY

Last updated Jun 4, 2026

FBL (GraniteShares 2x Long META Daily ETF) and YSPY (GraniteShares YieldBOOST SPY ETF) are both Leveraged Equities funds from GraniteShares. Both are actively managed. Over the past year, FBL returned -29.78% vs 27.85% for YSPY. A 0.56 correlation means they provide meaningful diversification when combined. FBL charges 1.15%/yr vs 1.07%/yr for YSPY.

Performance

FBL vs. YSPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long META Daily ETF (FBL) and GraniteShares YieldBOOST SPY ETF (YSPY). 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 YSPY's 5.53% return.

FBL

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

YSPY

• 1D: 0.10%
• 1M: 4.66%
• YTD: 5.53%
• 6M: 7.18%
• 1Y: 27.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBL vs. YSPY - Yearly Performance Comparison

	2026 (YTD)	2025
FBL GraniteShares 2x Long META Daily ETF	-19.72%	-22.20%
YSPY GraniteShares YieldBOOST SPY ETF	5.53%	9.17%

Correlation

The correlation between FBL and YSPY is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Feb 27, 2025	0.56

The correlation between FBL and YSPY has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.

Return for Risk

FBL vs. YSPY — 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

YSPY

YSPY Risk / Return Rank: 41
YSPY Sharpe Ratio Rank: 41
YSPY Sortino Ratio Rank: 34
YSPY Omega Ratio Rank: 50
YSPY Calmar Ratio Rank: 39
YSPY Martin Ratio Rank: 43

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. YSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long META Daily ETF (FBL) and GraniteShares YieldBOOST SPY ETF (YSPY). 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	YSPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	1.47	-1.89
Sortino ratio: Return per unit of downside risk	-0.22	1.81	-2.03
Omega ratio: Gain probability vs. loss probability	0.97	1.32	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.49	1.92	-2.40
Martin ratio: Return relative to average drawdown	-0.91	7.09	-8.00
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. YSPY - Sharpe Ratio Comparison

The current FBL Sharpe Ratio is -0.42, which is lower than the YSPY Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of FBL and YSPY, 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	YSPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	1.47	-1.89
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.56	+0.56

Drawdowns

FBL vs. YSPY - Drawdown Comparison

The maximum FBL drawdown since its inception was -61.15%, which is greater than YSPY's maximum drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for FBL and YSPY.

Drawdown Indicators

	FBL	YSPY	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-18.74%	-42.41%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-14.60%	-46.43%
Max Drawdown (3Y) Largest decline over 3 years	-61.15%	—	—
Current Drawdown Current decline from peak	-47.97%	-0.43%	-47.54%
Average Drawdown Average peak-to-trough decline	-16.41%	-5.00%	-11.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.76%	3.94%	+28.82%

Volatility

FBL vs. YSPY - Volatility Comparison

GraniteShares 2x Long META Daily ETF (FBL) has a higher volatility of 17.63% compared to GraniteShares YieldBOOST SPY ETF (YSPY) at 1.37%. This indicates that FBL's price experiences larger fluctuations and is considered to be riskier than YSPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBL	YSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.63%	1.37%	+16.26%
Volatility (6M) Calculated over the trailing 6-month period	53.15%	14.18%	+38.97%
Volatility (1Y) Calculated over the trailing 1-year period	70.42%	19.10%	+51.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.06%	21.28%	+49.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.06%	21.28%	+49.78%

FBL vs. YSPY - Expense Ratio Comparison

FBL has a 1.15% expense ratio, which is higher than YSPY's 1.07% expense ratio.

Dividends

FBL vs. YSPY - Dividend Comparison

FBL's dividend yield for the trailing twelve months is around 2.58%, less than YSPY's 56.98% yield.

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	2.58%	2.07%	0.00%	51.58%
YSPY GraniteShares YieldBOOST SPY ETF	56.98%	45.57%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBL and YSPY in my portfolio?

FBL and YSPY have a correlation of 0.52, 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 YSPY?

FBL has higher volatility (17.63%) compared to YSPY (1.37%). In terms of maximum drawdown, FBL dropped -61.15% vs YSPY's -18.74%.

Which ETF is better, FBL or YSPY?

On 1-year performance, YSPY leads with 27.85% vs -29.78% for FBL. On fees, YSPY is cheaper at 1.07% per year. On volatility, YSPY has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBL or YSPY?

Over the 1-year period, YSPY has performed better with a 27.85% return vs -29.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBL or YSPY?

YSPY is cheaper with a 1.07% expense ratio, compared with 1.15% for FBL.

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

YSPY has the higher dividend yield at 56.98%, compared with 2.58% for FBL.

What is the main difference between FBL and YSPY?

Their fees differ too: 1.15% for FBL and 1.07% for YSPY.

Which has better risk-adjusted returns?

YSPY currently has the higher Sharpe Ratio (1.47 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.