UBRL vs. FBL

Last updated Jun 4, 2026

UBRL (GraniteShares 2x Long UBER 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, UBRL returned -37.28% vs -29.78% for FBL. At a 0.33 correlation, their price movements are largely independent. Both charge a 1.15% expense ratio.

Performance

UBRL vs. FBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long UBER Daily ETF (UBRL) 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, UBRL achieves a -28.65% return, which is significantly lower than FBL's -19.72% return.

UBRL

• 1D: 0.19%
• 1M: -7.56%
• YTD: -28.65%
• 6M: -42.96%
• 1Y: -37.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBL

• 1D: 8.48%
• 1M: 2.55%
• YTD: -19.72%
• 6M: -15.34%
• 1Y: -29.78%
• 3Y*: 33.25%
• 5Y*: —
• 10Y*: —

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

UBRL vs. FBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UBRL GraniteShares 2x Long UBER Daily ETF	-28.65%	45.90%	-35.13%
FBL GraniteShares 2x Long META Daily ETF	-19.72%	0.50%	24.99%

Correlation

The correlation between UBRL and FBL is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.33

Return for Risk

UBRL vs. FBL — Risk / Return Rank

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

UBRL

UBRL Risk / Return Rank: 4
UBRL Sharpe Ratio Rank: 4
UBRL Sortino Ratio Rank: 5
UBRL Omega Ratio Rank: 5
UBRL Calmar Ratio Rank: 3
UBRL Martin Ratio Rank: 4

FBL

FBL Risk / Return Rank: 5
FBL Sharpe Ratio Rank: 5
FBL Sortino Ratio Rank: 6
FBL Omega Ratio Rank: 6
FBL Calmar Ratio Rank: 4
FBL Martin Ratio Rank: 4

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.

UBRL vs. FBL - Risk-Adjusted Trends Comparison

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

	UBRL	FBL	Difference
Sharpe ratio Return per unit of total volatility	-0.58	-0.42	-0.15
Sortino ratio Return per unit of downside risk	-0.57	-0.22	-0.35
Omega ratio Gain probability vs. loss probability	0.93	0.97	-0.04
Calmar ratio Return relative to maximum drawdown	-0.66	-0.49	-0.18
Martin ratio Return relative to average drawdown	-1.12	-0.91	-0.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UBRL vs. FBL - Sharpe Ratio Comparison

The current UBRL Sharpe Ratio is -0.58, which is lower than the FBL Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of UBRL 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.

Sharpe Ratios by Period

	UBRL	FBL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	-0.42	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	-0.27	1.12	-1.38

Drawdowns

UBRL vs. FBL - Drawdown Comparison

The maximum UBRL drawdown since its inception was -56.25%, smaller than the maximum FBL drawdown of -61.15%. Use the drawdown chart below to compare losses from any high point for UBRL and FBL.

Drawdown Indicators

	UBRL	FBL	Difference
Max Drawdown Largest peak-to-trough decline	-56.25%	-61.15%	+4.90%
Max Drawdown (1Y) Largest decline over 1 year	-56.25%	-61.03%	+4.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-61.15%	—
Current Drawdown Current decline from peak	-54.48%	-47.97%	-6.51%
Average Drawdown Average peak-to-trough decline	-28.34%	-16.41%	-11.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.27%	32.76%	+0.51%

Volatility

UBRL vs. FBL - Volatility Comparison

GraniteShares 2x Long UBER Daily ETF (UBRL) has a higher volatility of 23.03% compared to GraniteShares 2x Long META Daily ETF (FBL) at 17.63%. This indicates that UBRL'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

	UBRL	FBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.03%	17.63%	+5.40%
Volatility (6M) Calculated over the trailing 6-month period	48.39%	53.15%	-4.76%
Volatility (1Y) Calculated over the trailing 1-year period	64.91%	70.42%	-5.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.97%	71.06%	+4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.97%	71.06%	+4.91%

UBRL vs. FBL - Expense Ratio Comparison

Both UBRL and FBL have an expense ratio of 1.15%.

Dividends

UBRL vs. FBL - Dividend Comparison

UBRL's dividend yield for the trailing twelve months is around 14.64%, more than FBL's 2.58% yield.

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	2.58%	2.07%	0.00%	51.58%
UBRL GraniteShares 2x Long UBER Daily ETF	14.64%	10.44%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UBRL and FBL in my portfolio?

UBRL and FBL have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UBRL or FBL?

UBRL has higher volatility (23.03%) compared to FBL (17.63%). In terms of maximum drawdown, UBRL dropped -56.25% vs FBL's -61.15%.

Which ETF is better, UBRL or FBL?

On 1-year performance, FBL leads with -29.78% vs -37.28% for UBRL. Both ETFs have the same 1.15% expense ratio. On volatility, FBL has been the lower-risk option at 17.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UBRL or FBL?

Over the 1-year period, FBL has performed better with a -29.78% return vs -37.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UBRL or FBL?

UBRL and FBL have the same expense ratio: 1.15% per year.

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

UBRL has the higher dividend yield at 14.64%, compared with 2.58% for FBL.

Which has better risk-adjusted returns?

FBL currently has the higher Sharpe Ratio (-0.42 vs -0.58), 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.