UBRL vs. MSFL

Last updated Jul 22, 2026

UBRL (GraniteShares 2x Long UBER Daily ETF) and MSFL (GraniteShares 2x Long MSFT Daily ETF) are both Leveraged Equities funds from GraniteShares. Both are actively managed. Over the past year, UBRL returned -48.68% vs -47.36% for MSFL. At a 0.34 correlation, their price movements are largely independent. Both charge a 1.15% expense ratio.

Performance

UBRL vs. MSFL - 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 MSFT Daily ETF (MSFL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UBRL achieves a -31.02% return, which is significantly higher than MSFL's -39.05% return.

UBRL

• 1D: -1.62%
• 1M: -1.84%
• 6M: -33.80%
• YTD: -31.02%
• 1Y: -48.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -20.34%

MSFL

• 1D: -2.47%
• 1M: 8.09%
• 6M: -30.55%
• YTD: -39.05%
• 1Y: -47.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -16.57%

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

UBRL vs. MSFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UBRL GraniteShares 2x Long UBER Daily ETF	-31.02%	45.90%	-35.13%
MSFL GraniteShares 2x Long MSFT Daily ETF	-39.05%	16.99%	1.62%

Correlation

The correlation between UBRL and MSFL is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.34

Return for Risk

UBRL vs. MSFL — Risk / Return Rank

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

UBRL

UBRL Risk / Return Rank: 3
UBRL Sharpe Ratio Rank: 4
UBRL Sortino Ratio Rank: 4
UBRL Omega Ratio Rank: 4
UBRL Calmar Ratio Rank: 2
UBRL Martin Ratio Rank: 3

MSFL

MSFL Risk / Return Rank: 3
MSFL Sharpe Ratio Rank: 3
MSFL Sortino Ratio Rank: 3
MSFL Omega Ratio Rank: 3
MSFL Calmar Ratio Rank: 3
MSFL 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.

UBRL vs. MSFL - 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 MSFT Daily ETF (MSFL). 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.

	UBRL	MSFL	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	-0.87	+0.14
Sortino ratio: Return per unit of downside risk	-0.93	-1.17	+0.24
Omega ratio: Gain probability vs. loss probability	0.90	0.86	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.84	-0.77	-0.07
Martin ratio: Return relative to average drawdown	-1.27	-1.31	+0.04

UBRL vs. MSFL - Sharpe Ratio Comparison

The current UBRL Sharpe Ratio is -0.73, which is comparable to the MSFL Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UBRL and MSFL, 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

UBRL vs. MSFL - Drawdown Comparison

The maximum UBRL drawdown since its inception was -58.45%, smaller than the maximum MSFL drawdown of -62.08%. Use the drawdown chart below to compare losses from any high point for UBRL and MSFL.

Drawdown Indicators

	UBRL	MSFL	Difference
Max Drawdown Largest peak-to-trough decline	-58.45%	-62.08%	+3.63%
Max Drawdown (1Y) Largest decline over 1 year	-58.45%	-62.08%	+3.63%
Current Drawdown Current decline from peak	-55.99%	-52.51%	-3.48%
Average Drawdown Average peak-to-trough decline	-30.06%	-23.31%	-6.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.21%	36.18%	+2.03%

Volatility

UBRL vs. MSFL - Volatility Comparison

GraniteShares 2x Long UBER Daily ETF (UBRL) has a higher volatility of 23.57% compared to GraniteShares 2x Long MSFT Daily ETF (MSFL) at 20.21%. This indicates that UBRL's price experiences larger fluctuations and is considered to be riskier than MSFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UBRL	MSFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.57%	20.21%	+3.36%
Volatility (6M) Calculated over the trailing 6-month period	50.04%	49.47%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	67.29%	54.80%	+12.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.07%	50.65%	+25.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.07%	50.65%	+25.42%

UBRL vs. MSFL - Expense Ratio Comparison

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

Dividends

UBRL vs. MSFL - Dividend Comparison

UBRL's dividend yield for the trailing twelve months is around 15.14%, while MSFL has not paid dividends to shareholders.

Position	TTM	2025
MSFL GraniteShares 2x Long MSFT Daily ETF	0.00%	0.00%
UBRL GraniteShares 2x Long UBER Daily ETF	15.14%	10.44%

Frequently Asked Questions

Can I hold both UBRL and MSFL in my portfolio?

UBRL and MSFL have a correlation of 0.33, 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 MSFL?

UBRL has higher volatility (23.57%) compared to MSFL (20.21%). In terms of maximum drawdown, UBRL dropped -58.45% vs MSFL's -62.08%.

Which ETF is better, UBRL or MSFL?

On 1-year performance, MSFL leads with -47.36% vs -48.68% for UBRL. Both ETFs have the same 1.15% expense ratio. On volatility, MSFL has been the lower-risk option at 20.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UBRL or MSFL?

Over the 1-year period, MSFL has performed better with a -47.36% return vs -48.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UBRL or MSFL?

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

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

UBRL has the higher dividend yield at 15.14%, compared with 0.00% for MSFL.

Which has better risk-adjusted returns?

UBRL currently has the higher Sharpe Ratio (-0.73 vs -0.87), 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.