KWE3.L vs. CM5S.L
KWE3.L (Leverage Shares 3x Long China Tech ETC Securities) and CM5S.L (Invesco S&P China A MidCap 500 Swap UCITS ETF Acc) are both China Equities funds. KWE3.L is actively managed, while CM5S.L is passively managed. Over the past 3 years, KWE3.L returned -40.96%/yr vs 22.84%/yr for CM5S.L. A 0.54 correlation means they provide meaningful diversification when combined. KWE3.L charges 0.75%/yr vs 0.35%/yr for CM5S.L.
Performance
KWE3.L vs. CM5S.L - Performance Comparison
Loading charts...
Different Trading Currencies
KWE3.L is traded in USD, while CM5S.L is traded in GBp. To make them comparable, the CM5S.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, KWE3.L achieves a -60.11% return, which is significantly lower than CM5S.L's 17.43% return.
KWE3.L
- 1D
- 10.62%
- 1M
- 2.18%
- 6M
- -67.46%
- YTD
- -60.11%
- 1Y
- -64.29%
- 3Y*
- -40.96%
- 5Y*
- —
- 10Y*
- —
CM5S.L
- 1D
- 2.25%
- 1M
- -3.12%
- 6M
- 7.76%
- YTD
- 17.43%
- 1Y
- 15,590.91%
- 3Y*
- 22.84%
- 5Y*
- —
- 10Y*
- —
KWE3.L vs. CM5S.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
KWE3.L Leverage Shares 3x Long China Tech ETC Securities | -60.11% | 11.51% | -22.87% | -61.90% | -43.69% |
CM5S.L Invesco S&P China A MidCap 500 Swap UCITS ETF Acc | 17.43% | 52.79% | 12.39% | -9.50% | -14.14% |
Correlation
The correlation between KWE3.L and CM5S.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since May 5, 2022 | 0.54 |
The correlation between KWE3.L and CM5S.L has been stable across timeframes, ranging from 0.46 to 0.56 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
KWE3.L vs. CM5S.L — Risk / Return Rank
KWE3.L
CM5S.L
KWE3.L vs. CM5S.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 Invesco S&P China A MidCap 500 Swap UCITS ETF Acc (CM5S.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 | CM5S.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -267.39 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 93.77 | -92.89 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 156.36 | -157.11 |
| Martin ratioReturn relative to average drawdown | -1.23 | 503.11 | -504.34 |
Loading charts...
Drawdowns
KWE3.L vs. CM5S.L - Drawdown Comparison
The maximum KWE3.L drawdown since its inception was -99.29%, roughly equal to the maximum CM5S.L drawdown of -99.28%. Use the drawdown chart below to compare losses from any high point for KWE3.L and CM5S.L.
Loading charts...
Drawdown Indicators
| KWE3.L | CM5S.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.29% | -99.28% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -85.64% | -99.28% | +13.64% |
Max Drawdown (3Y)Largest decline over 3 years | -88.36% | -99.28% | +10.92% |
Current DrawdownCurrent decline from peak | -98.95% | -8.92% | -90.03% |
Average DrawdownAverage peak-to-trough decline | -92.04% | -17.60% | -74.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 52.38% | 30.86% | +21.52% |
Volatility
KWE3.L vs. CM5S.L - Volatility Comparison
The current volatility for Leverage Shares 3x Long China Tech ETC Securities (KWE3.L) is 24.10%, while Invesco S&P China A MidCap 500 Swap UCITS ETF Acc (CM5S.L) has a volatility of 666.41%. This indicates that KWE3.L experiences smaller price fluctuations and is considered to be less risky than CM5S.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| KWE3.L | CM5S.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.10% | 666.41% | -642.31% |
Volatility (6M)Calculated over the trailing 6-month period | 63.99% | 925.01% | -861.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.22% | 24,150.28% | -24,068.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 134.82% | 11,904.00% | -11,769.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 134.82% | 11,904.00% | -11,769.18% |
KWE3.L vs. CM5S.L - Expense Ratio Comparison
KWE3.L has a 0.75% expense ratio, which is higher than CM5S.L's 0.35% expense ratio.
Dividends
KWE3.L vs. CM5S.L - Dividend Comparison
Neither KWE3.L nor CM5S.L has paid dividends to shareholders.
Frequently Asked Questions
KWE3.L and CM5S.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CM5S.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CM5S.L is cheaper with a 0.35% expense ratio, compared with 0.75% for KWE3.L.
They also come from different issuers: Leverage Shares and Invesco. Their fees differ too: 0.75% for KWE3.L and 0.35% for CM5S.L.
Find the right allocation for KWE3.L and CM5S.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer