NOWL vs. FBL

Last updated Aug 2, 2026

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. Over the past year, NOWL returned -76.52% vs -56.50% for FBL. Their 0.21 correlation means their historical movements had little consistent relationship. NOWL charges 1.50%/yr vs 1.09%/yr for FBL.

Performance

NOWL vs. FBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NOW Daily ETF (NOWL) 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, NOWL achieves a -63.41% return, which is significantly lower than FBL's -39.43% return.

NOWL

• 1D: 2.14%
• 1M: 5.43%
• 6M: -34.34%
• YTD: -63.41%
• 1Y: -76.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -77.99%

FBL

• 1D: 6.66%
• 1M: -11.35%
• 6M: -47.34%
• YTD: -39.43%
• 1Y: -56.50%
• 3Y*: 12.26%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 61.04%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBL GraniteShares 2x Long META Daily ETF	$25.01M	$36.98M	$35.23M
NOWL GraniteShares 2x Long NOW Daily ETF	$112.35M	$97.45M	$114.36M

NOWL vs. FBL - Yearly Performance Comparison

	2026 (YTD)	2025
NOWL GraniteShares 2x Long NOW Daily ETF	-63.41%	-43.64%
FBL GraniteShares 2x Long META Daily ETF	-39.43%	-23.61%

Correlation

The correlation between NOWL and FBL is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.21

Return for Risk

NOWL vs. FBL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NOWL

NOWL Risk / Return Rank: 2
NOWL Sharpe Ratio Rank: 3
NOWL Sortino Ratio Rank: 3
NOWL Omega Ratio Rank: 3
NOWL Calmar Ratio Rank: 1
NOWL Martin Ratio Rank: 2

FBL

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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 ratio: Return per unit of total volatility	-0.72	-0.78	+0.05
Sortino ratio: Return per unit of downside risk	-1.13	-1.07	-0.06
Omega ratio: Gain probability vs. loss probability	0.86	0.87	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.92	-0.94	+0.02
Martin ratio: Return relative to average drawdown	-1.34	-1.52	+0.18

NOWL vs. FBL - Sharpe Ratio Comparison

The current NOWL Sharpe Ratio is -0.72, which is comparable to the FBL Sharpe Ratio of -0.78. The chart below compares the historical Sharpe Ratios of NOWL 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

NOWL vs. FBL - Drawdown Comparison

The maximum NOWL drawdown since its inception was -86.64%, which is greater than FBL's maximum drawdown of -63.20%. Use the drawdown chart below to compare losses from any high point for NOWL and FBL.

Drawdown Indicators

	NOWL	FBL	Difference
Max Drawdown Largest peak-to-trough decline	-86.64%	-63.20%	-23.44%
Max Drawdown (1Y) Largest decline over 1 year	-85.16%	-63.09%	-22.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-63.20%	—
Current Drawdown Current decline from peak	-80.50%	-60.75%	-19.75%
Average Drawdown Average peak-to-trough decline	-52.61%	-18.01%	-34.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.33%	38.96%	+19.37%

Volatility

NOWL vs. FBL - Volatility Comparison

GraniteShares 2x Long NOW Daily ETF (NOWL) has a higher volatility of 34.79% compared to GraniteShares 2x Long META Daily ETF (FBL) at 31.44%. This indicates that NOWL'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

	NOWL	FBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.79%	31.44%	+3.35%
Volatility (6M) Calculated over the trailing 6-month period	98.80%	61.35%	+37.45%
Volatility (1Y) Calculated over the trailing 1-year period	108.39%	79.78%	+28.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.58%	72.81%	+33.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.58%	72.81%	+33.77%

NOWL vs. FBL - Expense Ratio Comparison

NOWL has a 1.50% expense ratio, which is higher than FBL's 1.09% 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 3.42%.

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	3.42%	2.07%	0.00%	51.58%
NOWL GraniteShares 2x Long NOW Daily ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NOWL and FBL in my portfolio?

NOWL and FBL have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOWL or FBL?

NOWL has higher volatility (34.79%) compared to FBL (31.44%). In terms of maximum drawdown, NOWL dropped -86.64% vs FBL's -63.20%.

Which ETF is better, NOWL or FBL?

On 1-year performance, FBL leads with -56.50% vs -76.52% for NOWL. On fees, FBL is cheaper at 1.09% per year. On volatility, FBL has been the lower-risk option at 31.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOWL or FBL?

Over the 1-year period, FBL has performed better with a -56.50% return vs -76.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOWL or FBL?

FBL is cheaper with a 1.09% expense ratio, compared with 1.50% for NOWL.

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

FBL has the higher dividend yield at 3.42%, compared with 0.00% for NOWL.

What is the main difference between NOWL and FBL?

Their fees differ too: 1.50% for NOWL and 1.09% for FBL.

Which has better risk-adjusted returns?

NOWL currently has the higher Sharpe Ratio (-0.72 vs -0.78), 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.