What is D-Wave Quantum's risk, return, and volatility like?
D-Wave Quantum returned +47.2% over the 1Y window. On the Since inception lens, Sharpe ratio is 0.80, annualized volatility is 151.0%, and max drawdown is -96.7%.
Cite This Comparison
"D-Wave Quantum (QBTS): Returns, Risk & Drawdowns." Gale Finance, June 12, 2026. https://www.gale.finance/assets/d-wave-quantum/ Free to use with attribution. Please link back to this page or gale.finance.
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Price history
D-Wave Quantum price since inception
Track D-Wave Quantum's standalone price path with macro and asset-specific events enabled by default.
D-Wave Quantum price since inception
Key takeaways
- Total Return: QBTS returned +47.2% over the 1Y window and +133.7% over the Since inception window ; annualized return over Since inception was +24.7%.
- Risk-adjusted return: Sharpe was 0.80 and Sortino was 1.49 over Since inception. Sharpe counts total volatility; Sortino focuses on downside volatility.
- Volatility & drawdown: Annualized volatility was 108.6% over 1Y and 151.0% over Since inception ; max drawdown was -71.0% over 1Y and -96.7% over Since inception .
- Tail risk (Expected Shortfall): Over Since inception, daily VaR (5%) was -10.7% and Expected Shortfall was -16.6%. VaR is the cutoff; Expected Shortfall is the average move inside the worst 5% of daily returns.
- Skew & kurtosis: Over Since inception, skew was 1.08 and excess kurtosis was 8.01. Skew shows return asymmetry; excess kurtosis shows how fat the tails were versus a Normal distribution.
- Risk ratios: Sortino Ratio: 1.49 , Calmar Ratio: 0.26 , Sterling Ratio: 0.44 , Treynor Ratio: 0.55 , Ulcer Index: 71.90% .
D-Wave Quantum Drawdown
Max drawdown shows the deepest peak-to-trough decline D-Wave Quantum suffered in each research window. 1Y: -71.0%; Since inception: -96.7%.
D-Wave Quantum is currently -47.8% below its prior peak, with the high-water mark at $44.78. Since inception low is $0.41.
Since inception drawdown episodes
D-Wave Quantum Volatility
Volatility D-Wave Quantum's annualized volatility shows how widely daily closes moved over 1Y and Since inception. Higher values mean a noisier path, not automatically a better or worse investment. 1Y: 108.6%; Since inception: 151.0%.
Benchmark context
Where QBTS fits relative to other lenses
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Risk-adjusted ratios
These ratios compare return against different definitions of risk: total volatility, downside volatility, drawdowns, benchmark beta, and time spent underwater.
D-Wave Quantum Sharpe Ratio
QBTS Sharpe Ratio (Since inception)
Return per total volatilityThe dot sits at (D-Wave Quantum's annualized volatility, its excess annualized return). The slope from the origin to the dot is the Sharpe ratio — steeper means the asset converted risk into return more efficiently.
Sharpe ratio D-Wave Quantum's Sharpe ratio measures excess return per unit of total volatility. Higher readings mean the asset converted risk into return more efficiently over the same window. 1Y: 0.84; Since inception: 0.80.
A Sharpe above 1.0 is generally considered good, above 2.0 is excellent. Negative Sharpe means the asset underperformed the risk-free rate. Calculated on each asset's full 365-day lookback of available prices and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).
D-Wave Quantum Sortino Ratio
QBTS Sortino Ratio (Since inception)
Return per downside volatilityD-Wave Quantum's daily-return distribution over the long window. Days left of the target line are the only ones Sortino penalizes in the denominator — so a distribution with a fat left tail produces a smaller Sortino even at the same mean return.
Sortino ratio D-Wave Quantum's Sortino ratio isolates downside volatility instead of all volatility. It is the cleaner lens when you care more about bad downside moves than upside noise. 1Y: 1.41; Since inception: 1.49.
A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).
D-Wave Quantum Calmar Ratio
QBTS Calmar Ratio (Since inception)
CAGR per worst drawdownD-Wave Quantum's CAGR bar sits above zero, the max drawdown bar sits below. Calmar is the ratio of those two magnitudes — a shallow drawdown bar with a tall CAGR bar produces a strong Calmar.
Calmar ratio D-Wave Quantum's Calmar ratio measures return per unit of max drawdown. It is useful when the path of losses matters as much as the final return. 1Y: 0.66; Since inception: 0.26.
Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.
D-Wave Quantum Sterling Ratio
QBTS Sterling Ratio (Since inception)
Return per average drawdownThe underwater curve shows D-Wave Quantum's drawdowns over the long window. Sterling averages every event deeper than the 10% threshold instead of taking only the worst one — so an asset with many mid-size drawdowns scores worse here than on Calmar.
Sterling ratio D-Wave Quantum's Sterling ratio compares return against deep drawdown pressure. It gives a harsher read on assets that compound well but suffer ugly declines along the way. 1Y: 1.62; Since inception: 0.44.
Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.
D-Wave Quantum Ulcer Index
QBTS Ulcer Index (Since inception)
Drawdown painThe underwater curve shows how deep and how long D-Wave Quantum's drawdowns were. Ulcer is the root-mean-square of that curve — both depth and persistence count, so lower is better.
Ulcer Index D-Wave Quantum's Ulcer Index measures both the depth and persistence of drawdowns. Lower is better because it means fewer and shallower underwater periods. 1Y: 40.64; Since inception: 71.90.
Ulcer Index is computed from each asset's drawdown series over the full lookback window.
D-Wave Quantum Treynor Ratio
QBTS Treynor Ratio (Since inception)
Excess return per beta vs SPYThe line's slope is D-Wave Quantum's beta to SPY — steeper means more market-sensitive. Treynor divides excess return by that slope, so an asset can look efficient with a shallow beta and a small return, or inefficient with a steep beta and a big return.
Treynor ratio measures excess return per unit of market beta versus SPY. A high Treynor means the asset compensated its market exposure well over this window. A low or negative Treynor means the asset's market risk wasn't rewarded.
Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.
D-Wave Quantum Tail Risk
Tail-risk stats use daily return distributions rather than simple end-point returns. They show how ugly the left tail has been, how severe the worst 5% of days were, and whether returns were skewed toward outsized upside or downside shocks.
The histogram shows the shape of D-Wave Quantum's daily log returns over the Since inception window. Bars left of the 5% VaR marker are the worst 5% of days; the ES marker is the average loss inside that tail. Skew and excess kurtosis describe whether the distribution is symmetric around zero and whether extreme days are more common than a Normal distribution predicts.
QBTS daily return distribution (Since inception)
QBTS daily return distribution (Since inception)Log-return histogram with Value-at-Risk and Expected Shortfall markers at the 5% left tail.
| Metric | 1Y | Since inception |
|---|---|---|
| VaR (5%) | -9.5% Historical daily threshold | -10.7% Historical daily threshold |
| Expected shortfall (5%) | -11.9% Beyond the VaR threshold | -16.6% Beyond the VaR threshold |
| Skew | 0.67 | 1.08 |
| Excess kurtosis | 1.48 | 8.01 |
Less negative daily VaR and Expected Shortfall values mean the left tail was less violent. Skew and excess kurtosis help distinguish between steady compounding and a path dominated by occasional extreme moves.
Full stats table
Every window-consistent research metric
Each column keeps the same horizon across returns, ratios, drawdowns, and tail-risk metrics.
| Metric | 1Y Recent window | Since inception Deeper research window |
|---|---|---|
| Total return | +47.2% | +133.7% |
| Annualized return | +47.2% | +24.7% |
| Volatility | 108.6% Annualized daily closes | 151.0% Annualized daily closes |
| Sharpe ratio | 0.84 | 0.80 |
| Sortino ratio | 1.41 | 1.49 |
| Calmar ratio | 0.66 | 0.26 |
| Sterling ratio | 1.62 | 0.44 |
| Ulcer Index | 40.64 | 71.90 |
| Max drawdown | -71.0% 2025-10-15 to 2026-03-30 | -96.7% 2022-08-09 to 2023-05-12 |
| VaR (5%) | -9.5% Historical daily threshold | -10.7% Historical daily threshold |
| Expected shortfall (5%) | -11.9% Beyond the VaR threshold | -16.6% Beyond the VaR threshold |
| Skew | 0.67 | 1.08 |
| Excess kurtosis | 1.48 | 8.01 |
What viewers usually ask next
What is D-Wave Quantum's Since inception CAGR?
D-Wave Quantum's since inception cagr is +24.7% on Gale using the since-inception window.
What is D-Wave Quantum's 1-year volatility?
Annualized volatility is 108.6% over the past year.
What is D-Wave Quantum's since-inception Sharpe ratio?
D-Wave Quantum's Sharpe ratio is 0.80 using the since-inception window.
What is D-Wave Quantum's since-inception Sortino ratio?
D-Wave Quantum's Sortino ratio is 1.49 using the since-inception window.
What is D-Wave Quantum's since-inception Calmar ratio?
D-Wave Quantum's Calmar ratio is 0.26 using the since-inception window.
What is D-Wave Quantum's since-inception Sterling ratio?
D-Wave Quantum's Sterling ratio is 0.44 using the since-inception window.
What is D-Wave Quantum's since-inception Ulcer Index?
D-Wave Quantum's Ulcer Index is 71.90 using the since-inception window. Lower is better because it means shallower and less persistent drawdowns.
What is D-Wave Quantum's since-inception max drawdown?
Max drawdown is -96.7% over the since-inception window from 2022-08-09 to 2023-05-12.
What is D-Wave Quantum's since-inception daily Value at Risk?
Using historical daily returns, Gale estimates a 5% Value at Risk of -10.67% over the since-inception window.
What is D-Wave Quantum's since-inception Expected Shortfall?
Expected Shortfall is -16.56% over the since-inception window, which captures the average outcome inside the worst 5% of daily returns.
Is D-Wave Quantum still below its all-time high?
Current drawdown is -47.8% versus the all-time high of $44.78 reached on 2025-10-15.
Which benchmark should viewers open first for D-Wave Quantum?
S&P 500 is the default benchmark lens on Gale because it gives the cleanest context for D-Wave Quantum's recent behavior.