QCMD vs QCML: which held to its multiple?
Over three months against its own daily promise, QCMD finished 1.4 points over and QCML 3.0 points short. Direxion Daily QCOM Bear 1X ETF and GraniteShares 2x Long QCOM Daily ETF.
QCMD returned −5.7% while −1 times QCOM's move would have been −1.7%
QCML returned −5.1% while 2 times QCOM's move would have been +3.4%
QCMD among the 125 inverse ETFs over three months
QCML among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. QCML is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | QCMD | QCML | QCMD | QCML | QCMD | QCML |
| 1 month | −9.9% | +13.7% | −8.5% | +17.1% | −1.4 pts | −3.3 pts |
| 3 months | −5.7% | −5.1% | −1.7% | +3.4% | −3.9 pts | −8.5 pts |
| 6 months | −44.2% | +59.9% | −45.9% | +91.9% | +1.8 pts | −32.0 pts |
| 1 year | −30.1% | −13.7% | −12.9% | +25.9% | −17.1 pts | −39.6 pts |
| Since launch QCMD Jun 2025 · QCML Feb 2025 | −34.7% | −28.8% | −21.2% | +22.1% | −13.6 pts | −50.8 pts |
QCMD and QCML over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
QCMD and QCML on the same fields, as of Sep 30, 2026. Source: ETFIQ.
QCMD in plain words
Three months to Sep 30, 2026: QCMD returned −5.7% where its own daily promise gave −7.0%, 1.4 points over. Read the multiple against the whole window instead and −1 times QCOM's 1.7% implies −1.7%, which makes QCMD look 3.9 points short. 5.3 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. QCMD aims to return -1 times QCOM's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. QCOM moved at 47% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
QCML in plain words
Three months to Sep 30, 2026: QCML returned −5.1% where its own daily promise gave −2.1%, 3.0 points short. Read the multiple against the whole window instead and 2 times QCOM's 1.7% implies +3.4%, which makes QCML look 8.5 points short. 5.5 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. QCML aims to return +2 times QCOM's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, QCMD or QCML?
- Over the window to Sep 30, 2026, QCMD finished 3.9 points from what its multiple implies and QCML finished 8.5 points from its own, so QCMD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are QCMD and QCML levered on the same thing?
- Yes. Both are levered on QUALCOMM, QCMD at -1 times and QCML at +2 times the daily move.
- Which one decays faster, QCMD or QCML?
- Decay follows how much the underlying moves about. Over this window QCMD’s moved at 47% annualized and QCML’s at 47%, so QCMD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold QCMD or QCML for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, QCMD against QCML, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/qcmd-vs-qcml
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, QCMD against QCML, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/qcmd-vs-qcml Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, QCMD against QCML, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/qcmd-vs-qcml
- APA
- ETFIQ. (Sep 30, 2026). QCMD against QCML. Retrieved from https://etfiq.com/compare/leverage/qcmd-vs-qcml
- Markdown
- [QCMD against QCML (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/qcmd-vs-qcml)