KWE3.L vs. 3PYE.L

Last updated Jun 26, 2026

KWE3.L (Leverage Shares 3x Long China Tech ETC Securities) and 3PYE.L (Leverage Shares 3x PayPal ETP Securities EUR) are both Leveraged Equities funds from Leverage Shares. KWE3.L is actively managed, while 3PYE.L is passively managed. Over the past 3 years, KWE3.L returned -44.20%/yr vs -65.63%/yr for 3PYE.L. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

KWE3.L vs. 3PYE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 3x Long China Tech ETC Securities (KWE3.L) and Leverage Shares 3x PayPal ETP Securities EUR (3PYE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

KWE3.L is traded in USD, while 3PYE.L is traded in EUR. To make them comparable, the 3PYE.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with KWE3.L having a -73.03% return and 3PYE.L slightly lower at -74.32%.

KWE3.L

• 1D: -9.95%
• 1M: -36.94%
• YTD: -73.03%
• 6M: -73.87%
• 1Y: -74.71%
• 3Y*: -44.20%
• 5Y*: —
• 10Y*: —

3PYE.L

• 1D: -2.61%
• 1M: -11.40%
• YTD: -74.32%
• 6M: -74.75%
• 1Y: -89.94%
• 3Y*: -65.63%
• 5Y*: -85.48%
• 10Y*: —

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

KWE3.L vs. 3PYE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KWE3.L Leverage Shares 3x Long China Tech ETC Securities	-73.03%	11.51%	-22.87%	-61.90%	-87.79%	-34.30%
3PYE.L Leverage Shares 3x PayPal ETP Securities EUR	-74.32%	-83.07%	49.88%	-59.43%	-98.96%	-5.01%

Correlation

The correlation between KWE3.L and 3PYE.L is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021	0.34

KWE3.L vs. 3PYE.L - Sectors Allocation Comparison

Sectors	KWE3.L	3PYE.L
Communication Services	41.5%	-
Consumer Cyclical	37.1%	-
Healthcare	6.1%	-
Real Estate	5.1%	-
Technology	4.0%	-
Consumer Defensive	4.0%	-
Financial Services	2.2%	100.0%
Basic Materials	-	-
Energy	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

KWE3.L vs. 3PYE.L — Risk / Return Rank

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

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

3PYE.L

3PYE.L Risk / Return Rank: 2
3PYE.L Sharpe Ratio Rank: 3
3PYE.L Sortino Ratio Rank: 2
3PYE.L Omega Ratio Rank: 1
3PYE.L Calmar Ratio Rank: 1
3PYE.L Martin Ratio Rank: 3

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.

KWE3.L vs. 3PYE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long China Tech ETC Securities (KWE3.L) and Leverage Shares 3x PayPal ETP Securities EUR (3PYE.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.

	KWE3.L	3PYE.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	-0.78	-0.14
Sortino ratio: Return per unit of downside risk	-1.76	-1.60	-0.16
Omega ratio: Gain probability vs. loss probability	0.81	0.78	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.97	+0.10
Martin ratio: Return relative to average drawdown	-1.53	-1.33	-0.20

KWE3.L vs. 3PYE.L - Sharpe Ratio Comparison

The current KWE3.L Sharpe Ratio is -0.92, which is comparable to the 3PYE.L Sharpe Ratio of -0.78. The chart below compares the historical Sharpe Ratios of KWE3.L and 3PYE.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

KWE3.L vs. 3PYE.L - Drawdown Comparison

The maximum KWE3.L drawdown since its inception was -99.29%, roughly equal to the maximum 3PYE.L drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for KWE3.L and 3PYE.L.

Drawdown Indicators

	KWE3.L	3PYE.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.29%	-100.00%	+0.71%
Max Drawdown (1Y) Largest decline over 1 year	-85.64%	-92.59%	+6.95%
Max Drawdown (3Y) Largest decline over 3 years	-88.36%	-97.51%	+9.15%
Max Drawdown (5Y) Largest decline over 5 years	—	-100.00%	—
Current Drawdown Current decline from peak	-99.29%	-99.99%	+0.70%
Average Drawdown Average peak-to-trough decline	-91.96%	-89.36%	-2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.69%	67.49%	-18.80%

Volatility

KWE3.L vs. 3PYE.L - Volatility Comparison

Leverage Shares 3x Long China Tech ETC Securities (KWE3.L) and Leverage Shares 3x PayPal ETP Securities EUR (3PYE.L) have volatilities of 29.03% and 29.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KWE3.L	3PYE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.03%	29.57%	-0.54%
Volatility (6M) Calculated over the trailing 6-month period	63.91%	109.79%	-45.88%
Volatility (1Y) Calculated over the trailing 1-year period	80.69%	115.00%	-34.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	135.34%	122.40%	+12.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	135.34%	121.03%	+14.31%

KWE3.L vs. 3PYE.L - Expense Ratio Comparison

Both KWE3.L and 3PYE.L have an expense ratio of 0.75%.

Dividends

KWE3.L vs. 3PYE.L - Dividend Comparison

Neither KWE3.L nor 3PYE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KWE3.L and 3PYE.L in my portfolio?

KWE3.L and 3PYE.L have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KWE3.L or 3PYE.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, KWE3.L or 3PYE.L?

KWE3.L and 3PYE.L have the same expense ratio: 0.75% per year.