GraniteShares 1.5x Long Meta Daily ETF (FBL) Performance
FBL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −24.8% since Dec 31, 2025
- 1 year
- −41.9% total return
- 3 years
- +23.4% a year
- Since first price
- +65.6% a year since 2022
FBL trailing returns vs SPY, QQQ, AGG
| Period | FBL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −27.6% | −27.6% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.6% | +3.6% | +3.2% | +1.9% | −0.4% |
| 6 months | −18.6% | −18.6% | +7.8% | +8.4% | −1.5% |
| YTD | −24.8% | −24.8% | +12.3% | +15.1% | −1.0% |
| 1 year | −41.9% | −43.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +88.1%+23.4%/yr | +84.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionDec 13, 2022 | +601.6%+65.6%/yr | +587.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FBL vs SPY
From Dec 13, 2022: FBL grew to $70,162, SPY to $19,913.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FBL returns by calendar year
3 of 3 full years positive. Best 2023 (+341.6%), worst 2025 (+0.5%). 2026 is year to date.
FBL annual returns table
| Year | FBL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −24.8% | −53.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +0.5% | −59.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +112.7% | −35.3% | +24.9% | +25.6% | +1.3% |
| 2023 | +341.6% | −19.4% | +26.2% | +54.9% | +5.7% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FBL largest drawdowns
Now 51.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 14, 2025 | −63.2% | Jul 30, 2026 | not yet | 1.5 years | 1.7 years so far |
| Apr 5, 2024 | −35.3% | Apr 30, 2024 | Sep 19, 2024 | 25 days | 5 months |
| Jul 28, 2023 | −19.4% | Aug 18, 2023 | Nov 14, 2023 | 21 days | 4 months |
| Feb 7, 2023 | −17.1% | Feb 27, 2023 | Mar 14, 2023 | 20 days | 35 days |
| Oct 4, 2024 | −14.9% | Nov 15, 2024 | Dec 3, 2024 | 42 days | 2 months |
| Dec 11, 2024 | −14.9% | Dec 20, 2024 | Jan 24, 2025 | 9 days | 44 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FBL risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +37.5% | +80.9% |
| Volatility (annualized) | 70.7% | 68.6% |
| Sharpe ratio | 0.71 | 1.13 |
| Sortino ratio | 1.36 | 2.31 |
| Best month | +55.5% | +55.5% |
| Worst month | −27.1% | −27.1% |
| Best 12 months | +161.8% | +351.9% |
| Worst 12 months | −59.2% | −59.2% |
| Positive months | 56% | 62% |
| Beta vs S&P 500 | 3.01 | — |
| Correlation with S&P 500 | 0.53 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FBL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 35 | −59.2% | +54.7% | +351.9% | 71% |
| 3-year (a year) | 11 | +13.0% | +37.5% | +111.3% | 100% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
FBL performance overview
GraniteShares 1.5x Long Meta Daily ETF (FBL) returned −41.9% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned +65.6% a year, turning $10,000 into about $70,162. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −63.2%, from Feb 14, 2025 to Jul 30, 2026; the fund has not yet regained that high. FBL finished 3 of its 3 full calendar years with a gain; the best year was 2023 (+341.6%) and the worst 2025 (+0.5%). Volatility has been 68.6% a year.
Related: FBL chart, FBL dividends. See the FBL overview for the latest quote and fund facts.
FBL performance FAQ
What is the FBL return over the past year?
FBL returned −41.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 43.1%.
How much would $10,000 invested in FBL be worth?
$10,000 invested in FBL at its first recorded close on December 13, 2022 would be worth about $70,162 on October 23, 2026 with distributions reinvested.
What was the worst year for FBL?
The worst calendar year was 2025, with a total return of +0.5%. The best was 2023 at +341.6%.
What is the biggest drawdown of FBL?
The largest peak-to-trough decline was −63.2% between February 14, 2025 and July 30, 2026. It has not yet recovered to that high; it is 51.2% below its peak.
How volatile is FBL?
Over the past 3 years FBL had an annualized volatility of 70.7% and a Sharpe ratio of 0.71 (excess return over 1–3 month T-bills per unit of risk).