QCML vs. DBO

Last updated Jun 23, 2026

QCML (GraniteShares 2x Long QCOM Daily ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - QCML is a Leveraged Equities fund tracking the Qualcomm Inc. (QCOM), while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past year, QCML returned 61.74% vs 29.75% for DBO. At a correlation of -0.01, they often move in opposite directions. QCML charges 1.50%/yr vs 0.78%/yr for DBO.

Performance

QCML vs. DBO - 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 Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QCML achieves a 37.20% return, which is significantly lower than DBO's 51.89% return.

QCML

• 1D: -3.63%
• 1M: -18.23%
• YTD: 37.20%
• 6M: 32.11%
• 1Y: 61.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: -1.91%
• 1M: -17.64%
• YTD: 51.89%
• 6M: 50.65%
• 1Y: 29.75%
• 3Y*: 14.76%
• 5Y*: 10.50%
• 10Y*: 9.34%

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

QCML vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025
QCML GraniteShares 2x Long QCOM Daily ETF	37.20%	-16.71%
DBO Invesco DB Oil Fund	51.89%	-12.08%

Correlation

The correlation between QCML and DBO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	-0.01

Return for Risk

QCML vs. DBO — Risk / Return Rank

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

QCML

QCML Risk / Return Rank: 25
QCML Sharpe Ratio Rank: 19
QCML Sortino Ratio Rank: 29
QCML Omega Ratio Rank: 33
QCML Calmar Ratio Rank: 23
QCML Martin Ratio Rank: 19

DBO

DBO Risk / Return Rank: 26
DBO Sharpe Ratio Rank: 25
DBO Sortino Ratio Rank: 25
DBO Omega Ratio Rank: 24
DBO Calmar Ratio Rank: 28
DBO Martin Ratio Rank: 27

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. DBO - 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 Oil Fund (DBO). 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	DBO	Difference
Sharpe ratio: Return per unit of total volatility	0.62	0.86	-0.23
Sortino ratio: Return per unit of downside risk	1.54	1.36	+0.18
Omega ratio: Gain probability vs. loss probability	1.22	1.17	+0.05
Calmar ratio: Return relative to maximum drawdown	1.06	1.35	-0.29
Martin ratio: Return relative to average drawdown	2.16	3.56	-1.40

QCML vs. DBO - Sharpe Ratio Comparison

The current QCML Sharpe Ratio is 0.62, which is comparable to the DBO Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of QCML and DBO, 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. DBO - Drawdown Comparison

The maximum QCML drawdown since its inception was -59.13%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for QCML and DBO.

Drawdown Indicators

	QCML	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-59.13%	-90.18%	+31.05%
Max Drawdown (1Y) Largest decline over 1 year	-58.72%	-22.14%	-36.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-25.58%	-60.03%	+34.45%
Average Drawdown Average peak-to-trough decline	-28.94%	-62.22%	+33.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.67%	9.52%	+19.15%

Volatility

QCML vs. DBO - Volatility Comparison

GraniteShares 2x Long QCOM Daily ETF (QCML) has a higher volatility of 55.13% compared to Invesco DB Oil Fund (DBO) at 10.39%. This indicates that QCML's price experiences larger fluctuations and is considered to be riskier than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCML	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	55.13%	10.39%	+44.74%
Volatility (6M) Calculated over the trailing 6-month period	86.76%	29.37%	+57.39%
Volatility (1Y) Calculated over the trailing 1-year period	99.62%	34.94%	+64.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.92%	32.53%	+66.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.92%	31.84%	+67.08%

QCML vs. DBO - Expense Ratio Comparison

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

Dividends

QCML vs. DBO - Dividend Comparison

QCML has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	2.31%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
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 DBO in my portfolio?

QCML and DBO have a correlation of -0.09, 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 DBO?

QCML has higher volatility (55.13%) compared to DBO (10.39%). In terms of maximum drawdown, QCML dropped -59.13% vs DBO's -90.18%.

Which ETF is better, QCML or DBO?

On 1-year performance, QCML leads with 61.74% vs 29.75% for DBO. On fees, DBO is cheaper at 0.78% per year. On volatility, DBO has been the lower-risk option at 10.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QCML or DBO?

Over the 1-year period, QCML has performed better with a 61.74% return vs 29.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QCML or DBO?

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

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

DBO has the higher dividend yield at 2.31%, compared with 0.00% for QCML.

What is the main difference between QCML and DBO?

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

Which has better risk-adjusted returns?

DBO currently has the higher Sharpe Ratio (0.86 vs 0.62), 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.