WISE vs. FBL

Last updated Jun 4, 2026

WISE (Themes Generative Artificial Intelligence ETF) and FBL (GraniteShares 2x Long META Daily ETF) are both exchange-traded funds - WISE is a Technology Equities fund tracking the Solactive Generative Artificial Intelligence Index - Benchmark TR Gross, while FBL is a Leveraged Equities fund actively managed by GraniteShares. WISE is passively managed, while FBL is actively managed. Over the past year, WISE returned 36.46% vs -29.78% for FBL. At a 0.48 correlation, their price movements are largely independent. WISE charges 0.35%/yr vs 1.15%/yr for FBL.

Performance

WISE vs. FBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Generative Artificial Intelligence ETF (WISE) 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, WISE achieves a 11.03% return, which is significantly higher than FBL's -19.72% return.

WISE

• 1D: -3.13%
• 1M: 11.81%
• YTD: 11.03%
• 6M: 7.21%
• 1Y: 36.46%
• 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)

WISE vs. FBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WISE Themes Generative Artificial Intelligence ETF	11.03%	5.88%	40.45%	7.55%
FBL GraniteShares 2x Long META Daily ETF	-19.72%	0.50%	112.72%	8.89%

Correlation

The correlation between WISE and FBL is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Dec 11, 2023	0.48

WISE vs. FBL - Sectors Allocation Comparison

Sectors	WISE	FBL
Technology	90.4%	-
Consumer Cyclical	4.0%	-
Communication Services	3.2%	66.7%
Industrials	1.5%	-
Healthcare	0.7%	-
Utilities	0.3%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Real Estate	-	-

Return for Risk

WISE vs. FBL — Risk / Return Rank

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

WISE

WISE Risk / Return Rank: 27
WISE Sharpe Ratio Rank: 31
WISE Sortino Ratio Rank: 30
WISE Omega Ratio Rank: 29
WISE Calmar Ratio Rank: 23
WISE Martin Ratio Rank: 21

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.

WISE vs. FBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Generative Artificial Intelligence ETF (WISE) 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.

	WISE	FBL	Difference
Sharpe ratio: Return per unit of total volatility	1.14	-0.42	+1.56
Sortino ratio: Return per unit of downside risk	1.64	-0.22	+1.86
Omega ratio: Gain probability vs. loss probability	1.20	0.97	+0.23
Calmar ratio: Return relative to maximum drawdown	1.07	-0.49	+1.56
Martin ratio: Return relative to average drawdown	2.58	-0.91	+3.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WISE vs. FBL - Sharpe Ratio Comparison

The current WISE Sharpe Ratio is 1.14, which is higher than the FBL Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of WISE 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

	WISE	FBL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	-0.42	+1.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	1.12	-0.33

Drawdowns

WISE vs. FBL - Drawdown Comparison

The maximum WISE drawdown since its inception was -39.15%, smaller than the maximum FBL drawdown of -61.15%. Use the drawdown chart below to compare losses from any high point for WISE and FBL.

Drawdown Indicators

	WISE	FBL	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-61.15%	+22.00%
Max Drawdown (1Y) Largest decline over 1 year	-34.08%	-61.03%	+26.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-61.15%	—
Current Drawdown Current decline from peak	-5.48%	-47.97%	+42.49%
Average Drawdown Average peak-to-trough decline	-11.90%	-16.41%	+4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.15%	32.76%	-18.61%

Volatility

WISE vs. FBL - Volatility Comparison

The current volatility for Themes Generative Artificial Intelligence ETF (WISE) is 10.83%, while GraniteShares 2x Long META Daily ETF (FBL) has a volatility of 17.63%. This indicates that WISE 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

	WISE	FBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.83%	17.63%	-6.80%
Volatility (6M) Calculated over the trailing 6-month period	24.11%	53.15%	-29.04%
Volatility (1Y) Calculated over the trailing 1-year period	32.26%	70.42%	-38.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.55%	71.06%	-37.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.55%	71.06%	-37.51%

WISE vs. FBL - Expense Ratio Comparison

WISE has a 0.35% expense ratio, which is lower than FBL's 1.15% expense ratio.

Dividends

WISE vs. FBL - Dividend Comparison

WISE's dividend yield for the trailing twelve months is around 3.71%, 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%
WISE Themes Generative Artificial Intelligence ETF	3.71%	4.12%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WISE and FBL in my portfolio?

WISE and FBL have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WISE or FBL?

FBL has higher volatility (17.63%) compared to WISE (10.83%). In terms of maximum drawdown, WISE dropped -39.15% vs FBL's -61.15%.

Which ETF is better, WISE or FBL?

On 1-year performance, WISE leads with 36.46% vs -29.78% for FBL. On fees, WISE is cheaper at 0.35% per year. On volatility, WISE has been the lower-risk option at 10.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WISE or FBL?

Over the 1-year period, WISE has performed better with a 36.46% return vs -29.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WISE or FBL?

WISE is cheaper with a 0.35% expense ratio, compared with 1.15% for FBL.

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

WISE has the higher dividend yield at 3.71%, compared with 2.58% for FBL.

What is the main difference between WISE and FBL?

WISE is categorized as Technology Equities, while FBL is Leveraged Equities. They also come from different issuers: Themes and GraniteShares. Their fees differ too: 0.35% for WISE and 1.15% for FBL.

Which has better risk-adjusted returns?

WISE currently has the higher Sharpe Ratio (1.14 vs -0.42), 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.