QCML vs. TSMG

Last updated Jun 4, 2026

QCML (GraniteShares 2x Long QCOM Daily ETF) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. QCML is passively managed, while TSMG is actively managed. Over the past year, QCML returned 120.00% vs 297.71% for TSMG. At a 0.38 correlation, their price movements are largely independent. QCML charges 1.50%/yr vs 0.75%/yr for TSMG.

Performance

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

Returns By Period

In the year-to-date period, QCML achieves a 79.80% return, which is significantly lower than TSMG's 86.06% return.

QCML

• 1D: 7.29%
• 1M: 100.00%
• YTD: 79.80%
• 6M: 72.23%
• 1Y: 120.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMG

• 1D: -4.26%
• 1M: 15.77%
• YTD: 86.06%
• 6M: 95.35%
• 1Y: 297.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QCML vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
QCML GraniteShares 2x Long QCOM Daily ETF	79.80%	-16.71%
TSMG Leverage Shares 2X Long TSM Daily ETF	86.06%	84.78%

Correlation

The correlation between QCML and TSMG is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.38

Return for Risk

QCML vs. TSMG — Risk / Return Rank

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

QCML

QCML Risk / Return Rank: 41
QCML Sharpe Ratio Rank: 37
QCML Sortino Ratio Rank: 44
QCML Omega Ratio Rank: 50
QCML Calmar Ratio Rank: 42
QCML Martin Ratio Rank: 30

TSMG

TSMG Risk / Return Rank: 89
TSMG Sharpe Ratio Rank: 96
TSMG Sortino Ratio Rank: 83
TSMG Omega Ratio Rank: 76
TSMG Calmar Ratio Rank: 95
TSMG Martin Ratio Rank: 94

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. TSMG - 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 TSM Daily ETF (TSMG). 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.

	QCML	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	1.30	4.18	-2.89
Sortino ratio: Return per unit of downside risk	2.18	3.78	-1.60
Omega ratio: Gain probability vs. loss probability	1.31	1.46	-0.15
Calmar ratio: Return relative to maximum drawdown	2.06	8.50	-6.44
Martin ratio: Return relative to average drawdown	4.31	27.74	-23.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QCML vs. TSMG - Sharpe Ratio Comparison

The current QCML Sharpe Ratio is 1.30, which is lower than the TSMG Sharpe Ratio of 4.18. The chart below compares the historical Sharpe Ratios of QCML and TSMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QCML	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	4.18	-2.89
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	1.69	-1.31

Drawdowns

QCML vs. TSMG - Drawdown Comparison

The maximum QCML drawdown since its inception was -59.13%, smaller than the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for QCML and TSMG.

Drawdown Indicators

	QCML	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-59.13%	-63.67%	+4.54%
Max Drawdown (1Y) Largest decline over 1 year	-58.72%	-35.29%	-23.43%
Current Drawdown Current decline from peak	-2.47%	-4.26%	+1.79%
Average Drawdown Average peak-to-trough decline	-29.03%	-16.98%	-12.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.93%	10.79%	+17.14%

Volatility

QCML vs. TSMG - Volatility Comparison

GraniteShares 2x Long QCOM Daily ETF (QCML) has a higher volatility of 57.39% compared to Leverage Shares 2X Long TSM Daily ETF (TSMG) at 23.14%. This indicates that QCML's price experiences larger fluctuations and is considered to be riskier than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCML	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	57.39%	23.14%	+34.25%
Volatility (6M) Calculated over the trailing 6-month period	78.26%	55.07%	+23.19%
Volatility (1Y) Calculated over the trailing 1-year period	93.04%	71.74%	+21.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.49%	81.06%	+14.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.49%	81.06%	+14.43%

QCML vs. TSMG - Expense Ratio Comparison

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

Dividends

QCML vs. TSMG - Dividend Comparison

QCML has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 6.17%.

Position	TTM	2025
QCML GraniteShares 2x Long QCOM Daily ETF	0.00%	0.00%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.17%	11.48%

Frequently Asked Questions

Can I hold both QCML and TSMG in my portfolio?

QCML and TSMG have a correlation of 0.29, 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 TSMG?

QCML has higher volatility (57.39%) compared to TSMG (23.14%). In terms of maximum drawdown, QCML dropped -59.13% vs TSMG's -63.67%.

Which ETF is better, QCML or TSMG?

On 1-year performance, TSMG leads with 297.71% vs 120.00% for QCML. On fees, TSMG is cheaper at 0.75% per year. On volatility, TSMG has been the lower-risk option at 23.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QCML or TSMG?

Over the 1-year period, TSMG has performed better with a 297.71% return vs 120.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QCML or TSMG?

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

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

TSMG has the higher dividend yield at 6.17%, compared with 0.00% for QCML.

What is the main difference between QCML and TSMG?

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

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.18 vs 1.30), 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.