NOWL vs. FBL
NOWL (GraniteShares 2x Long NOW Daily ETF) and FBL (GraniteShares 2x Long META Daily ETF) are both Leveraged Equities funds from GraniteShares. Both are actively managed. At a 0.18 correlation, their price movements are largely independent. NOWL charges 1.50%/yr vs 1.15%/yr for FBL.
Performance
NOWL vs. FBL - Performance Comparison
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Returns By Period
In the year-to-date period, NOWL achieves a -71.09% return, which is significantly lower than FBL's -35.56% return.
NOWL
- 1D
- 6.15%
- 1M
- -17.53%
- YTD
- -71.09%
- 6M
- -71.60%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FBL
- 1D
- -0.57%
- 1M
- -17.03%
- YTD
- -35.56%
- 6M
- -36.69%
- 1Y
- -48.06%
- 3Y*
- 20.64%
- 5Y*
- —
- 10Y*
- —
NOWL vs. FBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NOWL GraniteShares 2x Long NOW Daily ETF | -71.09% | -43.64% |
FBL GraniteShares 2x Long META Daily ETF | -35.56% | -23.61% |
Correlation
The correlation between NOWL and FBL is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025 | 0.18 |
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Return for Risk
NOWL vs. FBL — Risk / Return Rank
NOWL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FBL
NOWL vs. FBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NOW Daily ETF (NOWL) 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.
| NOWL | FBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.90 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.79 | — |
| Martin ratioReturn relative to average drawdown | — | -1.37 | — |
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Drawdowns
NOWL vs. FBL - Drawdown Comparison
The maximum NOWL drawdown since its inception was -86.57%, which is greater than FBL's maximum drawdown of -61.15%. Use the drawdown chart below to compare losses from any high point for NOWL and FBL.
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Drawdown Indicators
| NOWL | FBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.57% | -61.15% | -25.42% |
Max Drawdown (1Y)Largest decline over 1 year | — | -61.03% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -61.15% | — |
Current DrawdownCurrent decline from peak | -84.59% | -58.24% | -26.35% |
Average DrawdownAverage peak-to-trough decline | -49.22% | -16.96% | -32.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 35.05% | — |
Volatility
NOWL vs. FBL - Volatility Comparison
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Volatility by Period
| NOWL | FBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 26.20% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 55.87% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 103.16% | 72.38% | +30.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.16% | 71.35% | +31.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 103.16% | 71.35% | +31.81% |
NOWL vs. FBL - Expense Ratio Comparison
NOWL has a 1.50% expense ratio, which is higher than FBL's 1.15% expense ratio.
Dividends
NOWL vs. FBL - Dividend Comparison
NOWL 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% |
NOWL GraniteShares 2x Long NOW Daily ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NOWL and FBL have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FBL is cheaper at 1.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FBL is cheaper with a 1.15% expense ratio, compared with 1.50% for NOWL.
FBL has the higher dividend yield at 3.22%, compared with 0.00% for NOWL.
Their fees differ too: 1.50% for NOWL and 1.15% for FBL.
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