QCML vs. IFED

Last updated Aug 2, 2026

QCML (GraniteShares 2x Long QCOM Daily ETF) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - QCML tracks the Qualcomm Inc. (QCOM) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past year, QCML returned -27.37% vs 14.76% for IFED. Their 0.44 correlation means their historical movements had little consistent relationship. QCML charges 1.50%/yr vs 0.45%/yr for IFED.

Performance

QCML vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long QCOM Daily ETF (QCML) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QCML achieves a -42.41% return, which is significantly lower than IFED's 10.03% return.

QCML

• 1D: -5.62%
• 1M: -31.62%
• 6M: -25.47%
• YTD: -42.41%
• 1Y: -27.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -39.56%

IFED

• 1D: 0.00%
• 1M: 13.92%
• 6M: 14.63%
• YTD: 10.03%
• 1Y: 14.76%
• 3Y*: 18.74%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.40%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IFED ETRACS IFED Invest with the Fed TR Index ETN	$159.79K	$83.84K	$44.71K
QCML GraniteShares 2x Long QCOM Daily ETF	$8.37M	$13.54M	$57.95M

QCML vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025
QCML GraniteShares 2x Long QCOM Daily ETF	-42.41%	-16.71%
IFED ETRACS IFED Invest with the Fed TR Index ETN	10.03%	7.65%

Correlation

The correlation between QCML and IFED is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.44

Return for Risk

QCML vs. IFED — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QCML

QCML Risk / Return Rank: 9
QCML Sharpe Ratio Rank: 7
QCML Sortino Ratio Rank: 13
QCML Omega Ratio Rank: 14
QCML Calmar Ratio Rank: 6
QCML Martin Ratio Rank: 6

IFED

IFED Risk / Return Rank: 24
IFED Sharpe Ratio Rank: 21
IFED Sortino Ratio Rank: 23
IFED Omega Ratio Rank: 30
IFED Calmar Ratio Rank: 22
IFED Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QCML vs. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long QCOM Daily ETF (QCML) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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	IFED	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	0.44	-0.71
Sortino ratio: Return per unit of downside risk	0.30	0.84	-0.53
Omega ratio: Gain probability vs. loss probability	1.04	1.14	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.41	0.64	-1.05
Martin ratio: Return relative to average drawdown	-0.83	2.01	-2.84

QCML vs. IFED - Sharpe Ratio Comparison

The current QCML Sharpe Ratio is -0.27, which is lower than the IFED Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of QCML and IFED, 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. IFED - Drawdown Comparison

The maximum QCML drawdown since its inception was -68.76%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for QCML and IFED.

Drawdown Indicators

	QCML	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-22.36%	-46.40%
Max Drawdown (1Y) Largest decline over 1 year	-68.76%	-20.18%	-48.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.36%	—
Current Drawdown Current decline from peak	-68.76%	-7.61%	-61.15%
Average Drawdown Average peak-to-trough decline	-30.79%	-5.85%	-24.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.51%	6.43%	+27.08%

Volatility

QCML vs. IFED - Volatility Comparison

GraniteShares 2x Long QCOM Daily ETF (QCML) and ETRACS IFED Invest with the Fed TR Index ETN (IFED) have volatilities of 24.96% and 24.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCML	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.96%	24.07%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	92.90%	27.96%	+64.94%
Volatility (1Y) Calculated over the trailing 1-year period	105.25%	29.34%	+75.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.78%	22.56%	+77.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.78%	22.56%	+77.22%

QCML vs. IFED - Expense Ratio Comparison

QCML has a 1.50% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

QCML vs. IFED - Dividend Comparison

Neither QCML nor IFED has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QCML and IFED in my portfolio?

QCML and IFED have a correlation of 0.42, 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 IFED?

QCML has higher volatility (24.96%) compared to IFED (24.07%). In terms of maximum drawdown, QCML dropped -68.76% vs IFED's -22.36%.

Which ETF is better, QCML or IFED?

On 1-year performance, IFED leads with 14.76% vs -27.37% for QCML. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 24.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QCML or IFED?

Over the 1-year period, IFED has performed better with a 14.76% return vs -27.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QCML or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 1.50% for QCML.

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

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

What is the main difference between QCML and IFED?

QCML tracks Qualcomm Inc. (QCOM), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: GraniteShares and UBS. Their fees differ too: 1.50% for QCML and 0.45% for IFED.

Which has better risk-adjusted returns?

IFED currently has the higher Sharpe Ratio (0.44 vs -0.27), 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.