QPUX vs. GCAL

Last updated Aug 5, 2026

QPUX (Defiance 2X Daily Long Pure Quantum ETF) and GCAL (Goldman Sachs Dynamic California Municipal Income ETF) are both exchange-traded funds - QPUX is a Leveraged Equities fund actively managed by Defiance, while GCAL is a Municipal Bonds fund actively managed by Goldman Sachs. Both are actively managed. Their 0.07 correlation means their historical movements had little consistent relationship. QPUX charges 1.29%/yr vs 0.30%/yr for GCAL.

Performance

QPUX vs. GCAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance 2X Daily Long Pure Quantum ETF (QPUX) and Goldman Sachs Dynamic California Municipal Income ETF (GCAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QPUX achieves a -58.68% return, which is significantly lower than GCAL's 1.17% return.

QPUX

• 1D: 15.89%
• 1M: -16.69%
• 6M: -40.37%
• YTD: -58.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

GCAL

• 1D: 0.32%
• 1M: -1.06%
• 6M: 0.37%
• YTD: 1.17%
• 1Y: 4.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.70%

*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)
GCAL Goldman Sachs Dynamic California Municipal Income ETF	$1.20M	$850.58K	$877.30K
QPUX Defiance 2X Daily Long Pure Quantum ETF	$3.92M	$3.26M	$8.44M

QPUX vs. GCAL - Yearly Performance Comparison

	2026 (YTD)	2025
QPUX Defiance 2X Daily Long Pure Quantum ETF	-58.68%	-55.09%
GCAL Goldman Sachs Dynamic California Municipal Income ETF	1.17%	3.99%

Correlation

The correlation between QPUX and GCAL is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 7, 2025	0.07

Return for Risk

QPUX vs. GCAL — Risk / Return Rank

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

QPUX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GCAL

GCAL Risk / Return Rank: 71
GCAL Sharpe Ratio Rank: 79
GCAL Sortino Ratio Rank: 79
GCAL Omega Ratio Rank: 85
GCAL Calmar Ratio Rank: 55
GCAL Martin Ratio Rank: 57

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.

QPUX vs. GCAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance 2X Daily Long Pure Quantum ETF (QPUX) and Goldman Sachs Dynamic California Municipal Income ETF (GCAL). 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.

	QPUX	GCAL	Difference
Sharpe ratio: Return per unit of total volatility	—	2.03	—
Sortino ratio: Return per unit of downside risk	—	2.85	—
Omega ratio: Gain probability vs. loss probability	—	1.40	—
Calmar ratio: Return relative to maximum drawdown	—	2.23	—
Martin ratio: Return relative to average drawdown	—	7.60	—

Drawdowns

QPUX vs. GCAL - Drawdown Comparison

The maximum QPUX drawdown since its inception was -95.05%, which is greater than GCAL's maximum drawdown of -4.39%. Use the drawdown chart below to compare losses from any high point for QPUX and GCAL.

Drawdown Indicators

	QPUX	GCAL	Difference
Max Drawdown Largest peak-to-trough decline	-95.05%	-4.39%	-90.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.24%	—
Current Drawdown Current decline from peak	-91.80%	-1.06%	-90.74%
Average Drawdown Average peak-to-trough decline	-71.69%	-0.83%	-70.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.66%	—

Volatility

Volatility by Period

	QPUX	GCAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	198.64%	2.46%	+196.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	198.64%	3.56%	+195.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	198.64%	3.56%	+195.08%

QPUX vs. GCAL - Expense Ratio Comparison

QPUX has a 1.29% expense ratio, which is higher than GCAL's 0.30% expense ratio.

Dividends

QPUX vs. GCAL - Dividend Comparison

QPUX has not paid dividends to shareholders, while GCAL's dividend yield for the trailing twelve months is around 3.61%.

Position	TTM	2025	2024
GCAL Goldman Sachs Dynamic California Municipal Income ETF	3.61%	3.06%	1.41%
QPUX Defiance 2X Daily Long Pure Quantum ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QPUX and GCAL in my portfolio?

QPUX and GCAL have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QPUX or GCAL?

On fees, GCAL is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QPUX or GCAL?

GCAL is cheaper with a 0.30% expense ratio, compared with 1.29% for QPUX.

Which ETF pays a higher dividend yield, QPUX or GCAL?

GCAL has the higher dividend yield at 3.61%, compared with 0.00% for QPUX.

What is the main difference between QPUX and GCAL?

QPUX is categorized as Leveraged Equities, while GCAL is Municipal Bonds. They also come from different issuers: Defiance and Goldman Sachs. Their fees differ too: 1.29% for QPUX and 0.30% for GCAL.