TSLL vs. FBL

Last updated Jun 14, 2026

TSLL (Direxion Daily TSLA Bull 2X ETF) and FBL (GraniteShares 2x Long META Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past 3 years, TSLL returned -3.31%/yr vs 25.43%/yr for FBL. At a 0.35 correlation, their price movements are largely independent. TSLL charges 0.83%/yr vs 1.15%/yr for FBL.

Performance

TSLL vs. FBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bull 2X ETF (TSLL) 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, TSLL achieves a -28.34% return, which is significantly higher than FBL's -34.05% return.

TSLL

• 1D: 3.58%
• 1M: -18.38%
• YTD: -28.34%
• 6M: -32.14%
• 1Y: 13.30%
• 3Y*: -3.31%
• 5Y*: —
• 10Y*: —

FBL

• 1D: -0.74%
• 1M: -17.57%
• YTD: -34.05%
• 6M: -31.11%
• 1Y: -44.60%
• 3Y*: 25.43%
• 5Y*: —
• 10Y*: —

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

TSLL vs. FBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLL Direxion Daily TSLA Bull 2X ETF	-28.34%	-26.80%	99.63%	139.86%	-38.50%
FBL GraniteShares 2x Long META Daily ETF	-34.05%	0.50%	112.72%	341.59%	-1.38%

Correlation

The correlation between TSLL and FBL is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022	0.35

TSLL vs. FBL - Sectors Allocation Comparison

Sectors	TSLL	FBL
Consumer Cyclical	100.0%	-
Basic Materials	-	-
Communication Services	-	66.7%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TSLL vs. FBL — Risk / Return Rank

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

TSLL

TSLL Risk / Return Rank: 15
TSLL Sharpe Ratio Rank: 13
TSLL Sortino Ratio Rank: 19
TSLL Omega Ratio Rank: 18
TSLL Calmar Ratio Rank: 13
TSLL Martin Ratio Rank: 13

FBL

FBL Risk / Return Rank: 4
FBL Sharpe Ratio Rank: 4
FBL Sortino Ratio Rank: 5
FBL Omega Ratio Rank: 4
FBL Calmar Ratio Rank: 3
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.

TSLL vs. FBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bull 2X ETF (TSLL) 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.

	TSLL	FBL	Difference
Sharpe ratio: Return per unit of total volatility	0.20	-0.65	+0.85
Sortino ratio: Return per unit of downside risk	0.92	-0.73	+1.65
Omega ratio: Gain probability vs. loss probability	1.10	0.91	+0.20
Calmar ratio: Return relative to maximum drawdown	0.32	-0.76	+1.08
Martin ratio: Return relative to average drawdown	0.65	-1.36	+2.02

TSLL vs. FBL - Sharpe Ratio Comparison

The current TSLL Sharpe Ratio is 0.20, which is higher than the FBL Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of TSLL 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

TSLL vs. FBL - Drawdown Comparison

The maximum TSLL drawdown since its inception was -82.88%, which is greater than FBL's maximum drawdown of -61.15%. Use the drawdown chart below to compare losses from any high point for TSLL and FBL.

Drawdown Indicators

	TSLL	FBL	Difference
Max Drawdown Largest peak-to-trough decline	-82.88%	-61.15%	-21.73%
Max Drawdown (1Y) Largest decline over 1 year	-54.75%	-61.03%	+6.28%
Max Drawdown (3Y) Largest decline over 3 years	-82.88%	-61.15%	-21.73%
Current Drawdown Current decline from peak	-63.81%	-57.26%	-6.55%
Average Drawdown Average peak-to-trough decline	-53.85%	-16.70%	-37.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.01%	33.98%	-6.97%

Volatility

TSLL vs. FBL - Volatility Comparison

Direxion Daily TSLA Bull 2X ETF (TSLL) has a higher volatility of 28.50% compared to GraniteShares 2x Long META Daily ETF (FBL) at 20.60%. This indicates that TSLL'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

	TSLL	FBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.50%	20.60%	+7.90%
Volatility (6M) Calculated over the trailing 6-month period	57.37%	53.92%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	88.62%	71.02%	+17.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	107.00%	71.08%	+35.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.00%	71.08%	+35.92%

TSLL vs. FBL - Expense Ratio Comparison

TSLL has a 0.83% expense ratio, which is lower than FBL's 1.15% expense ratio.

Dividends

TSLL vs. FBL - Dividend Comparison

TSLL's dividend yield for the trailing twelve months is around 7.14%, more than FBL's 3.14% yield.

Position	TTM	2025	2024	2023	2022
FBL GraniteShares 2x Long META Daily ETF	3.14%	2.07%	0.00%	51.58%	0.00%
TSLL Direxion Daily TSLA Bull 2X ETF	7.14%	5.00%	2.47%	4.44%	1.57%

Frequently Asked Questions

Can I hold both TSLL and FBL in my portfolio?

TSLL and FBL have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLL or FBL?

TSLL has higher volatility (28.50%) compared to FBL (20.60%). In terms of maximum drawdown, TSLL dropped -82.88% vs FBL's -61.15%.

Which ETF is better, TSLL or FBL?

On 3-year performance, FBL leads with 25.43% vs -3.31% for TSLL. On fees, TSLL is cheaper at 0.83% per year. On volatility, FBL has been the lower-risk option at 20.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLL or FBL?

Over the 3-year period, FBL has performed better with a 25.43% return vs -3.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLL or FBL?

TSLL is cheaper with a 0.83% expense ratio, compared with 1.15% for FBL.

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

TSLL has the higher dividend yield at 7.14%, compared with 3.14% for FBL.

What is the main difference between TSLL and FBL?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 0.83% for TSLL and 1.15% for FBL.

Which has better risk-adjusted returns?

TSLL currently has the higher Sharpe Ratio (0.20 vs -0.65), 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.