Data as of .
FBL vs FBX: which held to its multiple?
Over the days both have traded, FBL finished 1.2 points from its stated multiple and FBX 1.3.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| FBL | FBX | FBL | FBX | FBL | FBX | |
| 1 month | +22.7% | +22.6% | +23.9% | +23.9% | −1.2 pts | −1.3 pts |
| 3 months | +21.0% | not published | +28.8% | not published | −7.8 pts | not published |
| 6 months | −3.5% | not published | +11.5% | not published | −15.1 pts | not published |
| 1 year | −42.0% | not published | −26.8% | not published | −15.1 pts | not published |
| 3 years | +108.8% | not published | not meaningful | not published | not meaningful | not published |
| Since launch | +643.3% | +23.2% | not meaningful | +30.1% | not meaningful | −6.9 pts |
| FBL GraniteShares 2x Long META Daily ETF Aims to return twice the daily move of Meta Platforms (META) | FBX Corgi META 2x Daily ETF Aims to return twice the daily move of Meta Platforms (META) | |
|---|---|---|
| Issuer | GraniteShares | Corgi |
| Sets out to return | +2x | +2x |
| On | META | META |
| Segment | company | company |
| Fund returned, 3 months | +21.0% | +22.6% |
| Underlying returned, 3 months | +14.4% | +11.9% |
| What the stated multiple implies, 3 months | +28.8% | +23.9% |
| Difference from stated, 3 months | −7.8 pts | −1.3 pts |
| Fund returned, 1 year or since launch | −42.0% | +23.2% |
| Difference from stated, over that window | −15.1 pts | −6.9 pts |
| Underlying volatility | 47% | 36% |
| Difference over the days both have traded | −1.2 pts | −1.3 pts |
| Expense ratio | 1.09% | 0.45% |
| Launched | Dec 13, 2022 | Jun 30, 2026 |
FBL in plain words
Three months to Sep 11, 2026: FBL returned +21.0% where its own daily promise gave +24.0%, 3.0 points short. Read the multiple against the whole window instead and +2 times META's 14.4% implies +28.8%, which makes FBL look 7.8 points short. 4.8 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. FBL aims to return +2 times META's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. META moved at 47% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
FBX in plain words
One month to Sep 11, 2026: FBX returned +22.6% where its own daily promise gave +23.9%, 1.4 points short. Read the multiple against the whole window instead and +2 times META's 11.9% implies +23.9%, which makes FBX look 1.3 points short. 0.0 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. FBX aims to return +2 times META's move each day, then resets. META moved at 36% annualized over that window.
Questions people ask
- Which came closer to its stated multiple, FBL or FBX?
- Over the window to Sep 11, 2026, FBL finished 7.8 points from what its multiple implies and FBX finished 1.3 points from its own, so FBX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are FBL and FBX levered on the same thing?
- Yes. Both are levered on Meta Platforms, FBL at +2 times and FBX at +2 times the daily move.
- Which one decays faster, FBL or FBX?
- Decay follows how much the underlying moves about. Over this window FBL’s moved at 47% annualized and FBX’s at 36%, so FBL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold FBL or FBX for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, FBL or FBX?
- FBL charges 1.09% a year and FBX charges 0.45%, so FBX is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FBL against FBX, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/FBL-FBX Free to use with attribution; the underlying files are at Open data.