QCML vs. PYPG

Last updated Jul 18, 2026

QCML (GraniteShares 2x Long QCOM Daily ETF) and PYPG (Leverage Shares 2X Long PYPL Daily ETF) are both Leveraged Equities funds. QCML is passively managed, while PYPG is actively managed. Over the past year, QCML returned -7.45% vs -57.41% for PYPG. At a 0.29 correlation, their price movements are largely independent. QCML charges 1.50%/yr vs 0.75%/yr for PYPG.

Performance

QCML vs. PYPG - 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 PYPL Daily ETF (PYPG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QCML achieves a -21.04% return, which is significantly higher than PYPG's -23.77% return.

QCML

• 1D: 1.20%
• 1M: -37.63%
• 6M: -8.54%
• YTD: -21.04%
• 1Y: -7.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PYPG

• 1D: -0.47%
• 1M: 73.22%
• 6M: -19.05%
• YTD: -23.77%
• 1Y: -57.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QCML vs. PYPG - Yearly Performance Comparison

	2026 (YTD)	2025
QCML GraniteShares 2x Long QCOM Daily ETF	-21.04%	30.53%
PYPG Leverage Shares 2X Long PYPL Daily ETF	-23.77%	-20.19%

Correlation

The correlation between QCML and PYPG is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.29

Return for Risk

QCML vs. PYPG — Risk / Return Rank

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

QCML

QCML Risk / Return Rank: 12
QCML Sharpe Ratio Rank: 9
QCML Sortino Ratio Rank: 17
QCML Omega Ratio Rank: 18
QCML Calmar Ratio Rank: 9
QCML Martin Ratio Rank: 9

PYPG

PYPG Risk / Return Rank: 4
PYPG Sharpe Ratio Rank: 4
PYPG Sortino Ratio Rank: 5
PYPG Omega Ratio Rank: 4
PYPG Calmar Ratio Rank: 3
PYPG Martin Ratio Rank: 5

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. PYPG - 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 PYPL Daily ETF (PYPG). 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	PYPG	Difference
Sharpe ratio: Return per unit of total volatility	-0.07	-0.67	+0.60
Sortino ratio: Return per unit of downside risk	0.67	-0.72	+1.39
Omega ratio: Gain probability vs. loss probability	1.09	0.90	+0.19
Calmar ratio: Return relative to maximum drawdown	-0.13	-0.72	+0.60
Martin ratio: Return relative to average drawdown	-0.24	-1.02	+0.78

QCML vs. PYPG - Sharpe Ratio Comparison

The current QCML Sharpe Ratio is -0.07, which is higher than the PYPG Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of QCML and PYPG, 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. PYPG - Drawdown Comparison

The maximum QCML drawdown since its inception was -59.13%, smaller than the maximum PYPG drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for QCML and PYPG.

Drawdown Indicators

	QCML	PYPG	Difference
Max Drawdown Largest peak-to-trough decline	-59.13%	-79.52%	+20.39%
Max Drawdown (1Y) Largest decline over 1 year	-58.72%	-79.52%	+20.80%
Current Drawdown Current decline from peak	-57.17%	-61.90%	+4.73%
Average Drawdown Average peak-to-trough decline	-29.96%	-41.38%	+11.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.45%	56.44%	-24.99%

Volatility

QCML vs. PYPG - Volatility Comparison

GraniteShares 2x Long QCOM Daily ETF (QCML) and Leverage Shares 2X Long PYPL Daily ETF (PYPG) have volatilities of 34.90% and 34.49%, 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	PYPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.90%	34.49%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	91.73%	77.02%	+14.71%
Volatility (1Y) Calculated over the trailing 1-year period	104.17%	85.36%	+18.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	100.14%	83.15%	+16.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.14%	83.15%	+16.99%

QCML vs. PYPG - Expense Ratio Comparison

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

Dividends

QCML vs. PYPG - Dividend Comparison

Neither QCML nor PYPG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QCML and PYPG in my portfolio?

QCML and PYPG have a correlation of 0.21, 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 PYPG?

QCML has higher volatility (34.90%) compared to PYPG (34.49%). In terms of maximum drawdown, QCML dropped -59.13% vs PYPG's -79.52%.

Which ETF is better, QCML or PYPG?

On 1-year performance, QCML leads with -7.45% vs -57.41% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, PYPG has been the lower-risk option at 34.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QCML or PYPG?

Over the 1-year period, QCML has performed better with a -7.45% return vs -57.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QCML or PYPG?

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

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

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

What is the main difference between QCML and PYPG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for QCML and 0.75% for PYPG.

Which has better risk-adjusted returns?

QCML currently has the higher Sharpe Ratio (-0.07 vs -0.67), 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.