FBL vs SPY
GraniteShares 2x Long META Daily ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | FBL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.09% | 0.09% | |
| AUM | $177M | $789.1B | |
| Dividend Yield | 3.22% | 1.01% | |
| Holdings | 2 | 505 | |
| YTD Return | -29.94% | +13.79% | |
| 1Y Return | -52.44% | +23.66% | |
| 3Y Return (annualized) | +18.57% | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 64.5% | 15.3% | |
| Max Drawdown | -63.2% | -56.5% | |
| Fund Family | GraniteShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Dec 13, 2022 | Jan 22, 1993 |
FBL vs SPY Performance
GraniteShares 2x Long META Daily ETF (FBL) is a ETF from GraniteShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FBL returned -52.44% while SPY returned +23.66%. Year to date, FBL is down 29.94% versus a gain of 13.79% for SPY.
Over three years, FBL compounded at +18.57% per year against +21.40% for SPY. Across the full 4-year window we track, FBL has the edge at +65.84% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FBL has been the more volatile fund, with annualized monthly volatility of 64.5% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -63.2% for FBL and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.58. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FBL charges 1.09% per year while SPY charges 0.09%. On a $10,000 position that is $109 vs $9 annually, a gap of $100 per year that compounds over a long holding period. On income, FBL currently yields 3.22% against 1.01% for SPY.
Holdings Overlap
FBL and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FBL or SPY?
FBL has an expense ratio of 1.09% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $100 per year of difference.
Which performed better, FBL or SPY?
Over the past year FBL returned -52.44% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), FBL annualized +65.84% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FBL or SPY?
FBL has been the more volatile fund at 64.5% annualized versus 15.3% for SPY. Worst drawdown: FBL -63.2% vs SPY -56.5%.
Should I hold both FBL and SPY?
FBL and SPY have a monthly-return correlation of 0.58, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FBL and SPY?
FBL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, FBL or SPY?
FBL yields 3.22% while SPY yields 1.01%, so FBL currently pays the higher dividend yield.
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