PDDL vs. FBL

Last updated Aug 1, 2026

PDDL (GraniteShares 2x Long PDD 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, PDDL returned -48.91% vs -56.50% for FBL. Their 0.31 correlation means their historical movements had little consistent relationship. PDDL charges 1.50%/yr vs 1.09%/yr for FBL.

Performance

PDDL vs. FBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long PDD Daily ETF (PDDL) 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, PDDL achieves a -48.41% return, which is significantly lower than FBL's -39.43% return.

PDDL

• 1D: 3.01%
• 1M: 13.21%
• 6M: -34.07%
• YTD: -48.41%
• 1Y: -48.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -42.28%

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
PDDL GraniteShares 2x Long PDD Daily ETF	$308.86K	$338.46K	$731.85K

PDDL vs. FBL - Yearly Performance Comparison

	2026 (YTD)	2025
PDDL GraniteShares 2x Long PDD Daily ETF	-48.41%	9.27%
FBL GraniteShares 2x Long META Daily ETF	-39.43%	-23.61%

Correlation

The correlation between PDDL and FBL is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.31

Return for Risk

PDDL vs. FBL — Risk / Return Rank

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

PDDL

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

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.

PDDL vs. FBL - Risk-Adjusted Trends Comparison

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

	PDDL	FBL	Difference
Sharpe ratio: Return per unit of total volatility	-0.77	-0.78	0.00
Sortino ratio: Return per unit of downside risk	-1.00	-1.07	+0.07
Omega ratio: Gain probability vs. loss probability	0.88	0.87	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.69	-0.94	+0.25
Martin ratio: Return relative to average drawdown	-1.18	-1.52	+0.34

PDDL vs. FBL - Sharpe Ratio Comparison

The current PDDL Sharpe Ratio is -0.77, which is comparable to the FBL Sharpe Ratio of -0.78. The chart below compares the historical Sharpe Ratios of PDDL 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

PDDL vs. FBL - Drawdown Comparison

The maximum PDDL drawdown since its inception was -76.06%, which is greater than FBL's maximum drawdown of -63.20%. Use the drawdown chart below to compare losses from any high point for PDDL and FBL.

Drawdown Indicators

	PDDL	FBL	Difference
Max Drawdown Largest peak-to-trough decline	-76.06%	-63.20%	-12.86%
Max Drawdown (1Y) Largest decline over 1 year	-76.06%	-63.09%	-12.97%
Max Drawdown (3Y) Largest decline over 3 years	—	-63.20%	—
Current Drawdown Current decline from peak	-66.24%	-60.75%	-5.49%
Average Drawdown Average peak-to-trough decline	-35.54%	-18.01%	-17.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.12%	38.96%	+5.16%

Volatility

PDDL vs. FBL - Volatility Comparison

The current volatility for GraniteShares 2x Long PDD Daily ETF (PDDL) is 15.94%, while GraniteShares 2x Long META Daily ETF (FBL) has a volatility of 31.44%. This indicates that PDDL experiences smaller price fluctuations and is considered to be less risky than FBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDDL	FBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.94%	31.44%	-15.50%
Volatility (6M) Calculated over the trailing 6-month period	53.11%	61.35%	-8.24%
Volatility (1Y) Calculated over the trailing 1-year period	67.64%	79.78%	-12.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.30%	72.81%	-5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.30%	72.81%	-5.51%

PDDL vs. FBL - Expense Ratio Comparison

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

Dividends

PDDL vs. FBL - Dividend Comparison

PDDL's dividend yield for the trailing twelve months is around 0.65%, less than FBL's 3.42% yield.

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	3.42%	2.07%	0.00%	51.58%
PDDL GraniteShares 2x Long PDD Daily ETF	0.65%	0.33%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PDDL and FBL in my portfolio?

PDDL and FBL have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDDL or FBL?

FBL has higher volatility (31.44%) compared to PDDL (15.94%). In terms of maximum drawdown, PDDL dropped -76.06% vs FBL's -63.20%.

Which ETF is better, PDDL or FBL?

On 1-year performance, PDDL leads with -48.91% vs -56.50% for FBL. On fees, FBL is cheaper at 1.09% per year. On volatility, PDDL has been the lower-risk option at 15.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PDDL or FBL?

Over the 1-year period, PDDL has performed better with a -48.91% return vs -56.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PDDL or FBL?

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

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

FBL has the higher dividend yield at 3.42%, compared with 0.65% for PDDL.

What is the main difference between PDDL and FBL?

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

Which has better risk-adjusted returns?

PDDL currently has the higher Sharpe Ratio (-0.77 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.