Which came closer to its stated multiple, QCML or QCMU?

Over the window to Sep 30, 2026, QCML finished 8.5 points from what its multiple implies and QCMU finished 7.9 points from its own, so QCMU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are QCML and QCMU levered on the same thing?

Yes. Both are levered on QUALCOMM, QCML at +2 times and QCMU at +2 times the daily move.

Which one decays faster, QCML or QCMU?

Decay follows how much the underlying moves about. Over this window QCML’s moved at 47% annualized and QCMU’s at 47%, so QCML has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold QCML or QCMU 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.

Which is cheaper, QCML or QCMU?

QCML charges 1.50% a year and QCMU charges 1.07%, so QCMU is cheaper. Fees come from each fund's prospectus.

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QCML vs QCMU: which held to its multiple?

Over the days both have traded, QCML finished 8.5 points from its stated multiple and QCMU 7.9. GraniteShares 2x Long QCOM Daily ETF and Direxion Daily QCOM Bull 2X ETF.

−5.1%

QCML returned, 3 months

−4.5%

QCMU returned, 3 months

−8.5 pts

QCML from its stated multiple

−7.9 pts

QCMU from its stated multiple

QCML · 3 months to Sep 30, 20268.5 pts short of its stated multiple

QCML returned −5.1% while 2 times QCOM's move would have been +3.4%

QCMU · 3 months to Sep 30, 20267.9 pts short of its stated multiple

QCMU returned −4.5% while 2 times QCOM's move would have been +3.4%

ETFIQ Decay Resistance Score · QCMU scores higherDid it keep up with its own daily multiple, compounded day by day?

QCML 41

QCMU 57.9

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. 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	QCML	QCMU	QCML	QCMU	QCML	QCMU
1 month	+13.7%	+14.4%	+17.1%	+17.1%	−3.3 pts	−2.6 pts
3 months	−5.1%	−4.5%	+3.4%	+3.4%	−8.5 pts	−7.9 pts
6 months	+59.9%	+60.8%	+91.9%	+91.9%	−32.0 pts	−31.1 pts
1 year	−13.7%	−14.9%	+25.9%	+25.9%	−39.6 pts	−40.9 pts
Since launch QCML Feb 2025 · QCMU Jun 2025	−28.8%	−6.5%	+22.1%	+42.4%	−50.8 pts	−48.9 pts

QCML and QCMU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

QCML

GraniteShares 2x Long QCOM Daily ETF · Aims to return twice the daily move of QUALCOMM (QCOM)

QCMU

Direxion Daily QCOM Bull 2X ETF · Aims to return twice the daily move of QUALCOMM (QCOM)

Issuer GraniteShares Direxion

Sets out to return +2x +2x

Underlying asset QCOM QCOM

Segment company company

Fund returned, 3 months or since launch −5.1% −4.5%

Underlying returned, over that window +1.7% +1.7%

What the stated multiple implies, over that window +3.4% +3.4%

Difference from stated, over that window −8.5 pts −7.9 pts

Fund returned, 1 year or since launch −13.7% −14.9%

Difference from stated, over that window −39.6 pts −40.9 pts

Underlying volatility 47% 47%

Difference over the days both have traded −8.5 pts −7.9 pts

Expense ratio 1.50% 1.07%

Launched Feb 13, 2025 Jun 25, 2025

Net assets $57m $24m

QCML and QCMU on the same fields, as of Sep 30, 2026. Source: ETFIQ.

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 one day it does that. 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. 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.

QCMU in plain words

Three months to Sep 30, 2026: QCMU returned −4.5% where its own daily promise gave −2.1%, 2.4 points short. Read the multiple against the whole window instead and 2 times QCOM's 1.7% implies +3.4%, which makes QCMU look 7.9 points short. QCMU aims to return +2 times QCOM's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, QCML or QCMU?: Over the window to Sep 30, 2026, QCML finished 8.5 points from what its multiple implies and QCMU finished 7.9 points from its own, so QCMU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are QCML and QCMU levered on the same thing?: Yes. Both are levered on QUALCOMM, QCML at +2 times and QCMU at +2 times the daily move.
Which one decays faster, QCML or QCMU?: Decay follows how much the underlying moves about. Over this window QCML’s moved at 47% annualized and QCMU’s at 47%, so QCML has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold QCML or QCMU 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.
Which is cheaper, QCML or QCMU?: QCML charges 1.50% a year and QCMU charges 1.07%, so QCMU is cheaper. Fees come from each fund's prospectus.

Other comparisons

QCML vs QCMD QCMU vs QCMD

QCML on its own →QCMU on its own →How every figure is computed →Standards and sources →

Where these figures came from

QCML filings on SEC EDGAR ↗QCML prospectus with the expense ratio (SEC) ↗GraniteShares page for QCML ↗QCMU filings on SEC EDGAR ↗QCMU prospectus with the expense ratio (SEC) ↗Direxion website ↗

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.

Cite this page

ETFIQ, QCML against QCMU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/qcml-vs-qcmu

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.