IONL vs. FBL

Last updated Jun 4, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and FBL (GraniteShares 2x Long META Daily ETF) are both Leveraged Equities funds from GraniteShares. IONL is passively managed, while FBL is actively managed. Over the past year, IONL returned 11.24% vs -29.78% for FBL. At a 0.31 correlation, their price movements are largely independent. IONL charges 1.50%/yr vs 1.15%/yr for FBL.

Performance

IONL vs. FBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) 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, IONL achieves a 48.62% return, which is significantly higher than FBL's -19.72% return.

IONL

• 1D: -8.47%
• 1M: 99.80%
• YTD: 48.62%
• 6M: 17.16%
• 1Y: 11.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBL

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

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

IONL vs. FBL - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	48.62%	38.57%
FBL GraniteShares 2x Long META Daily ETF	-19.72%	-8.10%

Correlation

The correlation between IONL and FBL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	0.31

IONL vs. FBL - Sectors Allocation Comparison

Sectors	IONL	FBL
Technology	66.7%	-
Basic Materials	-	-
Communication Services	-	66.7%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

IONL vs. FBL — Risk / Return Rank

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

IONL

IONL Risk / Return Rank: 17
IONL Sharpe Ratio Rank: 10
IONL Sortino Ratio Rank: 29
IONL Omega Ratio Rank: 26
IONL Calmar Ratio Rank: 10
IONL Martin Ratio Rank: 10

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

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.

IONL vs. FBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) 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.

	IONL	FBL	Difference
Sharpe ratio: Return per unit of total volatility	0.06	-0.42	+0.49
Sortino ratio: Return per unit of downside risk	1.52	-0.22	+1.74
Omega ratio: Gain probability vs. loss probability	1.17	0.97	+0.20
Calmar ratio: Return relative to maximum drawdown	0.12	-0.49	+0.61
Martin ratio: Return relative to average drawdown	0.18	-0.91	+1.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IONL vs. FBL - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is 0.06, which is higher than the FBL Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of IONL 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.

Sharpe Ratios by Period

	IONL	FBL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	-0.42	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.12	-0.69

Drawdowns

IONL vs. FBL - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, which is greater than FBL's maximum drawdown of -61.15%. Use the drawdown chart below to compare losses from any high point for IONL and FBL.

Drawdown Indicators

	IONL	FBL	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-61.15%	-32.26%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-61.03%	-32.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-61.15%	—
Current Drawdown Current decline from peak	-65.21%	-47.97%	-17.24%
Average Drawdown Average peak-to-trough decline	-50.11%	-16.41%	-33.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.00%	32.76%	+29.24%

Volatility

IONL vs. FBL - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 59.44% compared to GraniteShares 2x Long META Daily ETF (FBL) at 17.63%. This indicates that IONL'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

	IONL	FBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	59.44%	17.63%	+41.81%
Volatility (6M) Calculated over the trailing 6-month period	130.72%	53.15%	+77.57%
Volatility (1Y) Calculated over the trailing 1-year period	181.66%	70.42%	+111.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.45%	71.06%	+124.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.45%	71.06%	+124.39%

IONL vs. FBL - Expense Ratio Comparison

IONL has a 1.50% expense ratio, which is higher than FBL's 1.15% expense ratio.

Dividends

IONL vs. FBL - Dividend Comparison

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

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	2.58%	2.07%	0.00%	51.58%
IONL GraniteShares 2x Long IONQ Daily ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IONL and FBL in my portfolio?

IONL and FBL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IONL or FBL?

IONL has higher volatility (59.44%) compared to FBL (17.63%). In terms of maximum drawdown, IONL dropped -93.41% vs FBL's -61.15%.

Which ETF is better, IONL or FBL?

On 1-year performance, IONL leads with 11.24% vs -29.78% for FBL. On fees, FBL is cheaper at 1.15% per year. On volatility, FBL has been the lower-risk option at 17.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or FBL?

Over the 1-year period, IONL has performed better with a 11.24% return vs -29.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONL or FBL?

FBL is cheaper with a 1.15% expense ratio, compared with 1.50% for IONL.

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

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

What is the main difference between IONL and FBL?

Their fees differ too: 1.50% for IONL and 1.15% for FBL.

Which has better risk-adjusted returns?

IONL currently has the higher Sharpe Ratio (0.06 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.