HOOG vs. FBL

Last updated Jun 23, 2026

HOOG (Leverage Shares 2X Long HOOD Daily ETF) and FBL (GraniteShares 2x Long META Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, HOOG returned -5.85% vs -45.27% for FBL. At a 0.40 correlation, their price movements are largely independent. HOOG charges 0.75%/yr vs 1.15%/yr for FBL.

Performance

HOOG vs. FBL - Performance Comparison

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

Returns By Period

In the year-to-date period, HOOG achieves a -37.65% return, which is significantly lower than FBL's -35.19% return.

HOOG

• 1D: -4.37%
• 1M: 92.50%
• YTD: -37.65%
• 6M: -47.26%
• 1Y: -5.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBL

• 1D: -4.79%
• 1M: -16.55%
• YTD: -35.19%
• 6M: -35.68%
• 1Y: -45.27%
• 3Y*: 20.87%
• 5Y*: —
• 10Y*: —

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

HOOG vs. FBL - Yearly Performance Comparison

	2026 (YTD)	2025
HOOG Leverage Shares 2X Long HOOD Daily ETF	-37.65%	320.19%
FBL GraniteShares 2x Long META Daily ETF	-35.19%	4.39%

Correlation

The correlation between HOOG and FBL is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Mar 21, 2025	0.40

Return for Risk

HOOG vs. FBL — Risk / Return Rank

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

HOOG

HOOG Risk / Return Rank: 12
HOOG Sharpe Ratio Rank: 8
HOOG Sortino Ratio Rank: 18
HOOG Omega Ratio Rank: 17
HOOG Calmar Ratio Rank: 8
HOOG Martin Ratio Rank: 8

FBL

FBL Risk / Return Rank: 3
FBL Sharpe Ratio Rank: 4
FBL Sortino Ratio Rank: 4
FBL Omega Ratio Rank: 4
FBL Calmar Ratio Rank: 3
FBL Martin Ratio Rank: 2

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.

HOOG vs. FBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long HOOD Daily ETF (HOOG) and GraniteShares 2x Long META Daily ETF (FBL). 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.

	HOOG	FBL	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	-0.63	+0.59
Sortino ratio: Return per unit of downside risk	0.98	-0.66	+1.64
Omega ratio: Gain probability vs. loss probability	1.12	0.92	+0.20
Calmar ratio: Return relative to maximum drawdown	-0.07	-0.74	+0.68
Martin ratio: Return relative to average drawdown	-0.11	-1.30	+1.20

HOOG vs. FBL - Sharpe Ratio Comparison

The current HOOG Sharpe Ratio is -0.04, which is higher than the FBL Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of HOOG and FBL, 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

HOOG vs. FBL - Drawdown Comparison

The maximum HOOG drawdown since its inception was -86.94%, which is greater than FBL's maximum drawdown of -61.15%. Use the drawdown chart below to compare losses from any high point for HOOG and FBL.

Drawdown Indicators

	HOOG	FBL	Difference
Max Drawdown Largest peak-to-trough decline	-86.94%	-61.15%	-25.79%
Max Drawdown (1Y) Largest decline over 1 year	-86.94%	-61.03%	-25.91%
Max Drawdown (3Y) Largest decline over 3 years	—	-61.15%	—
Current Drawdown Current decline from peak	-70.92%	-58.00%	-12.92%
Average Drawdown Average peak-to-trough decline	-38.94%	-16.92%	-22.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.79%	34.85%	+20.94%

Volatility

HOOG vs. FBL - Volatility Comparison

Leverage Shares 2X Long HOOD Daily ETF (HOOG) has a higher volatility of 46.00% compared to GraniteShares 2x Long META Daily ETF (FBL) at 26.24%. This indicates that HOOG's price experiences larger fluctuations and is considered to be riskier than FBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HOOG	FBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	46.00%	26.24%	+19.76%
Volatility (6M) Calculated over the trailing 6-month period	101.86%	56.07%	+45.79%
Volatility (1Y) Calculated over the trailing 1-year period	139.56%	72.52%	+67.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	144.89%	71.39%	+73.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.89%	71.39%	+73.50%

HOOG vs. FBL - Expense Ratio Comparison

HOOG has a 0.75% expense ratio, which is lower than FBL's 1.15% expense ratio.

Dividends

HOOG vs. FBL - Dividend Comparison

HOOG's dividend yield for the trailing twelve months is around 19.73%, more than FBL's 3.20% yield.

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	3.20%	2.07%	0.00%	51.58%
HOOG Leverage Shares 2X Long HOOD Daily ETF	19.73%	12.30%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HOOG and FBL in my portfolio?

HOOG and FBL 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.

Which is riskier, HOOG or FBL?

HOOG has higher volatility (46.00%) compared to FBL (26.24%). In terms of maximum drawdown, HOOG dropped -86.94% vs FBL's -61.15%.

Which ETF is better, HOOG or FBL?

On 1-year performance, HOOG leads with -5.85% vs -45.27% for FBL. On fees, HOOG is cheaper at 0.75% per year. On volatility, FBL has been the lower-risk option at 26.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HOOG or FBL?

Over the 1-year period, HOOG has performed better with a -5.85% return vs -45.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOOG or FBL?

HOOG is cheaper with a 0.75% expense ratio, compared with 1.15% for FBL.

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

HOOG has the higher dividend yield at 19.73%, compared with 3.20% for FBL.

What is the main difference between HOOG and FBL?

They also come from different issuers: Leverage Shares and GraniteShares. Their fees differ too: 0.75% for HOOG and 1.15% for FBL.

Which has better risk-adjusted returns?

HOOG currently has the higher Sharpe Ratio (-0.04 vs -0.63), 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.