QCML vs. AXPG

Last updated Jun 24, 2026

QCML (GraniteShares 2x Long QCOM Daily ETF) and AXPG (Leverage Shares 2X Long AXP Daily ETF) are both Leveraged Equities funds - QCML tracks the Qualcomm Inc. (QCOM) while AXPG tracks the American Express Company (AXP). Both are passively managed. At a 0.16 correlation, their price movements are largely independent. QCML charges 1.50%/yr vs 0.75%/yr for AXPG.

Performance

QCML vs. AXPG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long QCOM Daily ETF (QCML) and Leverage Shares 2X Long AXP Daily ETF (AXPG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QCML

• 1D: -16.19%
• 1M: -31.47%
• YTD: 14.98%
• 6M: 10.10%
• 1Y: 33.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AXPG

• 1D: -0.28%
• 1M: 14.98%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QCML vs. AXPG - Yearly Performance Comparison

	2026 (YTD)
QCML GraniteShares 2x Long QCOM Daily ETF	68.85%
AXPG Leverage Shares 2X Long AXP Daily ETF	-9.95%

Correlation

The correlation between QCML and AXPG is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2026	0.16

Return for Risk

QCML vs. AXPG — Risk / Return Rank

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

QCML

QCML Risk / Return Rank: 18
QCML Sharpe Ratio Rank: 14
QCML Sortino Ratio Rank: 23
QCML Omega Ratio Rank: 26
QCML Calmar Ratio Rank: 15
QCML Martin Ratio Rank: 14

AXPG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

QCML vs. AXPG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long QCOM Daily ETF (QCML) and Leverage Shares 2X Long AXP Daily ETF (AXPG). 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.

	QCML	AXPG	Difference
Sharpe ratio: Return per unit of total volatility	0.33	—	—
Sortino ratio: Return per unit of downside risk	1.21	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	0.56	—	—
Martin ratio: Return relative to average drawdown	1.15	—	—

Drawdowns

QCML vs. AXPG - Drawdown Comparison

The maximum QCML drawdown since its inception was -59.13%, which is greater than AXPG's maximum drawdown of -30.54%. Use the drawdown chart below to compare losses from any high point for QCML and AXPG.

Drawdown Indicators

	QCML	AXPG	Difference
Max Drawdown Largest peak-to-trough decline	-59.13%	-30.54%	-28.59%
Max Drawdown (1Y) Largest decline over 1 year	-58.72%	—	—
Current Drawdown Current decline from peak	-37.63%	-11.38%	-26.25%
Average Drawdown Average peak-to-trough decline	-28.97%	-20.11%	-8.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.77%	—	—

Volatility

Volatility by Period

	QCML	AXPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	57.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	88.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	100.79%	59.60%	+41.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.78%	59.60%	+40.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.78%	59.60%	+40.18%

QCML vs. AXPG - Expense Ratio Comparison

QCML has a 1.50% expense ratio, which is higher than AXPG's 0.75% expense ratio.

Dividends

QCML vs. AXPG - Dividend Comparison

Neither QCML nor AXPG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QCML and AXPG in my portfolio?

QCML and AXPG have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QCML or AXPG?

On fees, AXPG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QCML or AXPG?

AXPG is cheaper with a 0.75% expense ratio, compared with 1.50% for QCML.

Which ETF pays a higher dividend yield, QCML or AXPG?

QCML and AXPG have nearly identical dividend yields, around 0.00%.

What is the main difference between QCML and AXPG?

QCML tracks Qualcomm Inc. (QCOM), while AXPG tracks American Express Company (AXP). They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for QCML and 0.75% for AXPG.