QCML vs. SOXL

Last updated Jul 12, 2026

QCML (GraniteShares 2x Long QCOM Daily ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - QCML tracks the Qualcomm Inc. (QCOM) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past year, QCML returned 5.77% vs 604.71% for SOXL. A 0.67 correlation means they provide meaningful diversification when combined. QCML charges 1.50%/yr vs 0.75%/yr for SOXL.

Performance

QCML vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long QCOM Daily ETF (QCML) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QCML achieves a -3.62% return, which is significantly lower than SOXL's 357.44% return.

QCML

• 1D: -2.33%
• 1M: -23.29%
• 6M: -10.47%
• YTD: -3.62%
• 1Y: 5.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SOXL

• 1D: -0.10%
• 1M: -18.08%
• 6M: 256.37%
• YTD: 357.44%
• 1Y: 604.71%
• 3Y*: 100.40%
• 5Y*: 36.53%
• 10Y*: 58.80%

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

QCML vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025
QCML GraniteShares 2x Long QCOM Daily ETF	-3.62%	-16.71%
SOXL Direxion Daily Semiconductor Bull 3X ETF	357.44%	53.62%

Correlation

The correlation between QCML and SOXL is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.67

The correlation between QCML and SOXL has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

QCML vs. SOXL - Sectors Allocation Comparison

Sectors	QCML	SOXL
Technology	66.6%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

QCML vs. SOXL — Risk / Return Rank

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

QCML

QCML Risk / Return Rank: 14
QCML Sharpe Ratio Rank: 10
QCML Sortino Ratio Rank: 19
QCML Omega Ratio Rank: 20
QCML Calmar Ratio Rank: 10
QCML Martin Ratio Rank: 10

SOXL

SOXL Risk / Return Rank: 95
SOXL Sharpe Ratio Rank: 98
SOXL Sortino Ratio Rank: 89
SOXL Omega Ratio Rank: 90
SOXL Calmar Ratio Rank: 98
SOXL Martin Ratio Rank: 98

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long QCOM Daily ETF (QCML) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	0.04	4.95	-4.91
Sortino ratio: Return per unit of downside risk	0.84	3.29	-2.45
Omega ratio: Gain probability vs. loss probability	1.11	1.46	-0.35
Calmar ratio: Return relative to maximum drawdown	0.07	13.50	-13.43
Martin ratio: Return relative to average drawdown	0.13	39.95	-39.82

QCML vs. SOXL - Sharpe Ratio Comparison

The current QCML Sharpe Ratio is 0.04, which is lower than the SOXL Sharpe Ratio of 4.95. The chart below compares the historical Sharpe Ratios of QCML and SOXL, 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. SOXL - Drawdown Comparison

The maximum QCML drawdown since its inception was -59.13%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for QCML and SOXL.

Drawdown Indicators

	QCML	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-59.13%	-90.46%	+31.33%
Max Drawdown (1Y) Largest decline over 1 year	-58.72%	-45.05%	-13.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-87.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	-47.72%	-36.08%	-11.64%
Average Drawdown Average peak-to-trough decline	-29.60%	-34.94%	+5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.51%	15.19%	+15.32%

Volatility

QCML vs. SOXL - Volatility Comparison

The current volatility for GraniteShares 2x Long QCOM Daily ETF (QCML) is 41.35%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 64.81%. This indicates that QCML experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCML	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.35%	64.81%	-23.46%
Volatility (6M) Calculated over the trailing 6-month period	91.73%	107.31%	-15.58%
Volatility (1Y) Calculated over the trailing 1-year period	103.59%	122.83%	-19.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	100.33%	111.62%	-11.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.33%	101.19%	-0.86%

QCML vs. SOXL - Expense Ratio Comparison

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

Dividends

QCML vs. SOXL - Dividend Comparison

QCML has not paid dividends to shareholders, while SOXL's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%	0.00%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.01%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%

Frequently Asked Questions

Can I hold both QCML and SOXL in my portfolio?

QCML and SOXL have a correlation of 0.61, 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 SOXL?

SOXL has higher volatility (64.81%) compared to QCML (41.35%). In terms of maximum drawdown, QCML dropped -59.13% vs SOXL's -90.46%.

Which ETF is better, QCML or SOXL?

On 1-year performance, SOXL leads with 604.71% vs 5.77% for QCML. On fees, SOXL is cheaper at 0.75% per year. On volatility, QCML has been the lower-risk option at 41.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QCML or SOXL?

Over the 1-year period, SOXL has performed better with a 604.71% return vs 5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QCML or SOXL?

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

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

SOXL has the higher dividend yield at 0.01%, compared with 0.00% for QCML.

What is the main difference between QCML and SOXL?

QCML tracks Qualcomm Inc. (QCOM), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for QCML and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (4.95 vs 0.04), 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.