QCML vs. TSLG

Last updated Jun 23, 2026

QCML (GraniteShares 2x Long QCOM Daily ETF) and TSLG (Leverage Shares 2X Long TSLA Daily ETF) are both Leveraged Equities funds. QCML is passively managed, while TSLG is actively managed. Over the past year, QCML returned 61.74% vs 14.94% for TSLG. At a 0.45 correlation, their price movements are largely independent. QCML charges 1.50%/yr vs 0.75%/yr for TSLG.

Performance

QCML vs. TSLG - 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 TSLA Daily ETF (TSLG). 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 higher than TSLG's -28.97% return.

QCML

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

TSLG

• 1D: 2.16%
• 1M: -11.85%
• YTD: -28.97%
• 6M: -40.18%
• 1Y: 14.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QCML vs. TSLG - Yearly Performance Comparison

	2026 (YTD)	2025
QCML GraniteShares 2x Long QCOM Daily ETF	37.20%	-16.71%
TSLG Leverage Shares 2X Long TSLA Daily ETF	-28.97%	10.78%

Correlation

The correlation between QCML and TSLG is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.45

Return for Risk

QCML vs. TSLG — 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

TSLG

TSLG Risk / Return Rank: 13
TSLG Sharpe Ratio Rank: 11
TSLG Sortino Ratio Rank: 16
TSLG Omega Ratio Rank: 15
TSLG Calmar Ratio Rank: 11
TSLG Martin Ratio Rank: 11

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. TSLG - 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 TSLA Daily ETF (TSLG). 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	TSLG	Difference
Sharpe ratio: Return per unit of total volatility	0.62	0.17	+0.45
Sortino ratio: Return per unit of downside risk	1.54	0.88	+0.67
Omega ratio: Gain probability vs. loss probability	1.22	1.10	+0.12
Calmar ratio: Return relative to maximum drawdown	1.06	0.27	+0.78
Martin ratio: Return relative to average drawdown	2.16	0.54	+1.62

QCML vs. TSLG - Sharpe Ratio Comparison

The current QCML Sharpe Ratio is 0.62, which is higher than the TSLG Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of QCML and TSLG, 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. TSLG - Drawdown Comparison

The maximum QCML drawdown since its inception was -59.13%, smaller than the maximum TSLG drawdown of -82.86%. Use the drawdown chart below to compare losses from any high point for QCML and TSLG.

Drawdown Indicators

	QCML	TSLG	Difference
Max Drawdown Largest peak-to-trough decline	-59.13%	-82.86%	+23.73%
Max Drawdown (1Y) Largest decline over 1 year	-58.72%	-54.61%	-4.11%
Current Drawdown Current decline from peak	-25.58%	-64.12%	+38.54%
Average Drawdown Average peak-to-trough decline	-28.94%	-58.75%	+29.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.67%	27.52%	+1.15%

Volatility

QCML vs. TSLG - Volatility Comparison

GraniteShares 2x Long QCOM Daily ETF (QCML) has a higher volatility of 55.13% compared to Leverage Shares 2X Long TSLA Daily ETF (TSLG) at 26.61%. This indicates that QCML's price experiences larger fluctuations and is considered to be riskier than TSLG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCML	TSLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	55.13%	26.61%	+28.52%
Volatility (6M) Calculated over the trailing 6-month period	86.76%	56.16%	+30.60%
Volatility (1Y) Calculated over the trailing 1-year period	99.62%	88.64%	+10.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.92%	114.81%	-15.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.92%	114.81%	-15.89%

QCML vs. TSLG - Expense Ratio Comparison

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

Dividends

QCML vs. TSLG - Dividend Comparison

QCML has not paid dividends to shareholders, while TSLG's dividend yield for the trailing twelve months is around 9.22%.

Position	TTM	2025
QCML GraniteShares 2x Long QCOM Daily ETF	0.00%	0.00%
TSLG Leverage Shares 2X Long TSLA Daily ETF	9.22%	6.55%

Frequently Asked Questions

Can I hold both QCML and TSLG in my portfolio?

QCML and TSLG have a correlation of 0.41, 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 TSLG?

QCML has higher volatility (55.13%) compared to TSLG (26.61%). In terms of maximum drawdown, QCML dropped -59.13% vs TSLG's -82.86%.

Which ETF is better, QCML or TSLG?

On 1-year performance, QCML leads with 61.74% vs 14.94% for TSLG. On fees, TSLG is cheaper at 0.75% per year. On volatility, TSLG has been the lower-risk option at 26.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QCML or TSLG?

Over the 1-year period, QCML has performed better with a 61.74% return vs 14.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QCML or TSLG?

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

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

TSLG has the higher dividend yield at 9.22%, compared with 0.00% for QCML.

What is the main difference between QCML and TSLG?

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

Which has better risk-adjusted returns?

QCML currently has the higher Sharpe Ratio (0.62 vs 0.17), 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.