MSTP vs. FBL

Last updated Jun 24, 2026

MSTP (GraniteShares 2x Long MSTR Daily ETF) and FBL (GraniteShares 2x Long META Daily ETF) are both Leveraged Equities funds from GraniteShares. Both are actively managed. Over the past year, MSTP returned -96.14% vs -48.06% for FBL. At a 0.22 correlation, their price movements are largely independent. MSTP charges 1.50%/yr vs 1.15%/yr for FBL.

Performance

MSTP vs. FBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MSTR Daily ETF (MSTP) 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, MSTP achieves a -69.31% return, which is significantly lower than FBL's -35.56% return.

MSTP

• 1D: -9.68%
• 1M: -60.57%
• YTD: -69.31%
• 6M: -71.78%
• 1Y: -96.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBL

• 1D: -0.57%
• 1M: -17.03%
• YTD: -35.56%
• 6M: -36.69%
• 1Y: -48.06%
• 3Y*: 20.64%
• 5Y*: —
• 10Y*: —

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

MSTP vs. FBL - Yearly Performance Comparison

	2026 (YTD)	2025
MSTP GraniteShares 2x Long MSTR Daily ETF	-69.31%	-89.07%
FBL GraniteShares 2x Long META Daily ETF	-35.56%	-18.91%

Correlation

The correlation between MSTP 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 Jun 10, 2025	0.22

Return for Risk

MSTP vs. FBL — Risk / Return Rank

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

MSTP

MSTP Risk / Return Rank: 2
MSTP Sharpe Ratio Rank: 4
MSTP Sortino Ratio Rank: 0
MSTP Omega Ratio Rank: 1
MSTP Calmar Ratio Rank: 0
MSTP Martin Ratio Rank: 3

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: 2
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.

MSTP vs. FBL - Risk-Adjusted Trends Comparison

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

	MSTP	FBL	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	-0.67	0.00
Sortino ratio: Return per unit of downside risk	-2.13	-0.77	-1.36
Omega ratio: Gain probability vs. loss probability	0.78	0.90	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.79	-0.20
Martin ratio: Return relative to average drawdown	-1.24	-1.37	+0.13

MSTP vs. FBL - Sharpe Ratio Comparison

The current MSTP Sharpe Ratio is -0.67, which is comparable to the FBL Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of MSTP 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

MSTP vs. FBL - Drawdown Comparison

The maximum MSTP drawdown since its inception was -97.39%, which is greater than FBL's maximum drawdown of -61.15%. Use the drawdown chart below to compare losses from any high point for MSTP and FBL.

Drawdown Indicators

	MSTP	FBL	Difference
Max Drawdown Largest peak-to-trough decline	-97.39%	-61.15%	-36.24%
Max Drawdown (1Y) Largest decline over 1 year	-97.39%	-61.03%	-36.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-61.15%	—
Current Drawdown Current decline from peak	-97.39%	-58.24%	-39.15%
Average Drawdown Average peak-to-trough decline	-69.72%	-16.96%	-52.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.44%	35.05%	+42.39%

Volatility

MSTP vs. FBL - Volatility Comparison

GraniteShares 2x Long MSTR Daily ETF (MSTP) has a higher volatility of 44.19% compared to GraniteShares 2x Long META Daily ETF (FBL) at 26.20%. This indicates that MSTP'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

	MSTP	FBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.19%	26.20%	+17.99%
Volatility (6M) Calculated over the trailing 6-month period	115.53%	55.87%	+59.66%
Volatility (1Y) Calculated over the trailing 1-year period	143.94%	72.38%	+71.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.80%	71.35%	+70.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.80%	71.35%	+70.45%

MSTP vs. FBL - Expense Ratio Comparison

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

Dividends

MSTP vs. FBL - Dividend Comparison

MSTP has not paid dividends to shareholders, while FBL's dividend yield for the trailing twelve months is around 3.22%.

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	3.22%	2.07%	0.00%	51.58%
MSTP GraniteShares 2x Long MSTR Daily ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSTP and FBL in my portfolio?

MSTP 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, MSTP or FBL?

MSTP has higher volatility (44.19%) compared to FBL (26.20%). In terms of maximum drawdown, MSTP dropped -97.39% vs FBL's -61.15%.

Which ETF is better, MSTP or FBL?

On 1-year performance, FBL leads with -48.06% vs -96.14% for MSTP. On fees, FBL is cheaper at 1.15% per year. On volatility, FBL has been the lower-risk option at 26.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTP or FBL?

Over the 1-year period, FBL has performed better with a -48.06% return vs -96.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTP or FBL?

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

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

FBL has the higher dividend yield at 3.22%, compared with 0.00% for MSTP.

What is the main difference between MSTP and FBL?

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

Which has better risk-adjusted returns?

FBL currently has the higher Sharpe Ratio (-0.67 vs -0.67), 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.