QCML vs. DBE

Last updated Jun 24, 2026

QCML (GraniteShares 2x Long QCOM Daily ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - QCML is a Leveraged Equities fund tracking the Qualcomm Inc. (QCOM), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, QCML returned 33.01% vs 43.95% for DBE. At a correlation of -0.04, they often move in opposite directions. QCML charges 1.50%/yr vs 0.78%/yr for DBE.

Performance

QCML vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long QCOM Daily ETF (QCML) and Invesco DB Energy Fund (DBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QCML achieves a 14.98% return, which is significantly lower than DBE's 53.97% return.

QCML

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

DBE

• 1D: -0.63%
• 1M: -16.23%
• YTD: 53.97%
• 6M: 50.93%
• 1Y: 43.95%
• 3Y*: 16.83%
• 5Y*: 14.66%
• 10Y*: 10.12%

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

QCML vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025
QCML GraniteShares 2x Long QCOM Daily ETF	14.98%	-16.71%
DBE Invesco DB Energy Fund	53.97%	-5.90%

Correlation

The correlation between QCML and DBE is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	-0.04

Return for Risk

QCML vs. DBE — 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

DBE

DBE Risk / Return Rank: 40
DBE Sharpe Ratio Rank: 37
DBE Sortino Ratio Rank: 37
DBE Omega Ratio Rank: 37
DBE Calmar Ratio Rank: 44
DBE Martin Ratio Rank: 44

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. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long QCOM Daily ETF (QCML) and Invesco DB Energy Fund (DBE). 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	DBE	Difference
Sharpe ratio: Return per unit of total volatility	0.33	1.27	-0.94
Sortino ratio: Return per unit of downside risk	1.21	1.84	-0.62
Omega ratio: Gain probability vs. loss probability	1.17	1.23	-0.06
Calmar ratio: Return relative to maximum drawdown	0.56	2.07	-1.51
Martin ratio: Return relative to average drawdown	1.15	6.89	-5.74

QCML vs. DBE - Sharpe Ratio Comparison

The current QCML Sharpe Ratio is 0.33, which is lower than the DBE Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of QCML and DBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QCML vs. DBE - Drawdown Comparison

The maximum QCML drawdown since its inception was -59.13%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for QCML and DBE.

Drawdown Indicators

	QCML	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-59.13%	-86.69%	+27.56%
Max Drawdown (1Y) Largest decline over 1 year	-58.72%	-21.28%	-37.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-37.63%	-41.55%	+3.92%
Average Drawdown Average peak-to-trough decline	-28.97%	-57.24%	+28.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.77%	6.42%	+22.35%

Volatility

QCML vs. DBE - Volatility Comparison

GraniteShares 2x Long QCOM Daily ETF (QCML) has a higher volatility of 57.03% compared to Invesco DB Energy Fund (DBE) at 9.37%. This indicates that QCML's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCML	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	57.03%	9.37%	+47.66%
Volatility (6M) Calculated over the trailing 6-month period	88.55%	31.44%	+57.11%
Volatility (1Y) Calculated over the trailing 1-year period	100.79%	35.27%	+65.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.78%	29.58%	+70.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.78%	28.34%	+71.44%

QCML vs. DBE - Expense Ratio Comparison

QCML has a 1.50% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

QCML vs. DBE - Dividend Comparison

QCML has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.51%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.51%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
QCML GraniteShares 2x Long QCOM Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QCML and DBE in my portfolio?

QCML and DBE have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QCML or DBE?

QCML has higher volatility (57.03%) compared to DBE (9.37%). In terms of maximum drawdown, QCML dropped -59.13% vs DBE's -86.69%.

Which ETF is better, QCML or DBE?

On 1-year performance, DBE leads with 43.95% vs 33.01% for QCML. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 9.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QCML or DBE?

Over the 1-year period, DBE has performed better with a 43.95% return vs 33.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QCML or DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 1.50% for QCML.

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

DBE has the higher dividend yield at 2.51%, compared with 0.00% for QCML.

What is the main difference between QCML and DBE?

QCML is categorized as Leveraged Equities, while DBE is Oil & Gas. QCML tracks Qualcomm Inc. (QCOM), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: GraniteShares and Invesco. Their fees differ too: 1.50% for QCML and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.27 vs 0.33), 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.