2FB.L vs. KWE3.L

Last updated Jun 26, 2026

2FB.L (Leverage Shares 2x Facebook ETC A GBP) and KWE3.L (Leverage Shares 3x Long China Tech ETC Securities) are both Leveraged Equities funds from Leverage Shares. 2FB.L is passively managed, while KWE3.L is actively managed. Over the past 3 years, 2FB.L returned 24.62%/yr vs -44.89%/yr for KWE3.L. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

2FB.L vs. KWE3.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Leverage Shares 2x Facebook ETC A GBP (2FB.L) and Leverage Shares 3x Long China Tech ETC Securities (KWE3.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

2FB.L is traded in GBp, while KWE3.L is traded in USD. To make them comparable, the KWE3.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, 2FB.L achieves a -37.06% return, which is significantly higher than KWE3.L's -72.47% return.

2FB.L

• 1D: -4.35%
• 1M: -17.47%
• YTD: -37.06%
• 6M: -36.55%
• 1Y: -50.20%
• 3Y*: 24.62%
• 5Y*: -6.69%
• 10Y*: —

KWE3.L

• 1D: -10.14%
• 1M: -35.75%
• YTD: -72.47%
• 6M: -73.25%
• 1Y: -73.83%
• 3Y*: -44.89%
• 5Y*: —
• 10Y*: —

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

2FB.L vs. KWE3.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
2FB.L Leverage Shares 2x Facebook ETC A GBP	-37.06%	-8.57%	128.56%	597.14%	-92.16%	1.45%
KWE3.L Leverage Shares 3x Long China Tech ETC Securities	-72.47%	3.56%	-21.53%	-63.80%	-86.33%	-35.59%

Correlation

The correlation between 2FB.L and KWE3.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021	0.32

2FB.L vs. KWE3.L - Sectors Allocation Comparison

Sectors	2FB.L	KWE3.L
Communication Services	100.0%	41.5%
Basic Materials	-	-
Consumer Cyclical	-	37.1%
Consumer Defensive	-	4.0%
Energy	-	-
Financial Services	-	2.2%
Healthcare	-	6.1%
Industrials	-	-
Real Estate	-	5.1%
Technology	-	4.0%
Utilities	-	-

Return for Risk

2FB.L vs. KWE3.L — Risk / Return Rank

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

2FB.L

2FB.L Risk / Return Rank: 3
2FB.L Sharpe Ratio Rank: 4
2FB.L Sortino Ratio Rank: 4
2FB.L Omega Ratio Rank: 4
2FB.L Calmar Ratio Rank: 2
2FB.L Martin Ratio Rank: 2

KWE3.L

KWE3.L Risk / Return Rank: 2
KWE3.L Sharpe Ratio Rank: 2
KWE3.L Sortino Ratio Rank: 1
KWE3.L Omega Ratio Rank: 1
KWE3.L Calmar Ratio Rank: 2
KWE3.L Martin Ratio Rank: 1

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.

2FB.L vs. KWE3.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Facebook ETC A GBP (2FB.L) and Leverage Shares 3x Long China Tech ETC Securities (KWE3.L). 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.

	2FB.L	KWE3.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	-0.93	+0.20
Sortino ratio: Return per unit of downside risk	-0.94	-1.74	+0.80
Omega ratio: Gain probability vs. loss probability	0.88	0.81	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.86	+0.03
Martin ratio: Return relative to average drawdown	-1.42	-1.52	+0.10

2FB.L vs. KWE3.L - Sharpe Ratio Comparison

The current 2FB.L Sharpe Ratio is -0.73, which is comparable to the KWE3.L Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of 2FB.L and KWE3.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

2FB.L vs. KWE3.L - Drawdown Comparison

The maximum 2FB.L drawdown since its inception was -96.13%, roughly equal to the maximum KWE3.L drawdown of -99.29%. Use the drawdown chart below to compare losses from any high point for 2FB.L and KWE3.L.

Drawdown Indicators

	2FB.L	KWE3.L	Difference
Max Drawdown Largest peak-to-trough decline	-96.13%	-99.29%	+3.16%
Max Drawdown (1Y) Largest decline over 1 year	-60.32%	-85.33%	+25.01%
Max Drawdown (3Y) Largest decline over 3 years	-63.66%	-88.67%	+25.01%
Max Drawdown (5Y) Largest decline over 5 years	-96.13%	—	—
Current Drawdown Current decline from peak	-62.03%	-99.29%	+37.26%
Average Drawdown Average peak-to-trough decline	-41.71%	-91.73%	+50.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.33%	48.51%	-13.18%

Volatility

2FB.L vs. KWE3.L - Volatility Comparison

The current volatility for Leverage Shares 2x Facebook ETC A GBP (2FB.L) is 21.64%, while Leverage Shares 3x Long China Tech ETC Securities (KWE3.L) has a volatility of 28.82%. This indicates that 2FB.L experiences smaller price fluctuations and is considered to be less risky than KWE3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	2FB.L	KWE3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.64%	28.82%	-7.18%
Volatility (6M) Calculated over the trailing 6-month period	53.17%	62.76%	-9.59%
Volatility (1Y) Calculated over the trailing 1-year period	68.56%	79.55%	-10.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.15%	133.33%	-49.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.73%	133.33%	-54.60%

2FB.L vs. KWE3.L - Expense Ratio Comparison

Both 2FB.L and KWE3.L have an expense ratio of 0.75%.

Dividends

2FB.L vs. KWE3.L - Dividend Comparison

Neither 2FB.L nor KWE3.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 2FB.L and KWE3.L in my portfolio?

2FB.L and KWE3.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 2FB.L or KWE3.L?

Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 2FB.L or KWE3.L?

2FB.L and KWE3.L have the same expense ratio: 0.75% per year.