KWE3.L vs. FLQA.L
KWE3.L (Leverage Shares 3x Long China Tech ETC Securities) and FLQA.L (Franklin FTSE Asia ex China ex Japan UCITS ETF) are both China Equities funds. KWE3.L is actively managed, while FLQA.L is passively managed. Over the past 3 years, KWE3.L returned -40.96%/yr vs 25.15%/yr for FLQA.L. A 0.54 correlation means they provide meaningful diversification when combined. KWE3.L charges 0.75%/yr vs 0.14%/yr for FLQA.L.
Performance
KWE3.L vs. FLQA.L - Performance Comparison
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Returns By Period
In the year-to-date period, KWE3.L achieves a -60.11% return, which is significantly lower than FLQA.L's 32.52% return.
KWE3.L
- 1D
- 10.62%
- 1M
- 2.18%
- 6M
- -67.46%
- YTD
- -60.11%
- 1Y
- -64.29%
- 3Y*
- -40.96%
- 5Y*
- —
- 10Y*
- —
FLQA.L
- 1D
- -1.74%
- 1M
- -9.13%
- 6M
- 26.58%
- YTD
- 32.52%
- 1Y
- 52.26%
- 3Y*
- 25.15%
- 5Y*
- 12.63%
- 10Y*
- —
KWE3.L vs. FLQA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
KWE3.L Leverage Shares 3x Long China Tech ETC Securities | -60.11% | 11.51% | -22.87% | -61.90% | -87.79% | -34.30% |
FLQA.L Franklin FTSE Asia ex China ex Japan UCITS ETF | 32.52% | 29.84% | 7.76% | 12.02% | -12.93% | 1.05% |
Correlation
The correlation between KWE3.L and FLQA.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.54 |
The correlation between KWE3.L and FLQA.L shifts across timeframes, from 0.44 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KWE3.L vs. FLQA.L — Risk / Return Rank
KWE3.L
FLQA.L
KWE3.L vs. FLQA.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 Franklin FTSE Asia ex China ex Japan UCITS ETF (FLQA.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 | FLQA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.84 | ||
| Sortino ratioReturn per unit of downside risk | -3.84 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.37 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 3.75 | -4.50 |
| Martin ratioReturn relative to average drawdown | -1.23 | 11.86 | -13.09 |
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Drawdowns
KWE3.L vs. FLQA.L - Drawdown Comparison
The maximum KWE3.L drawdown since its inception was -99.29%, which is greater than FLQA.L's maximum drawdown of -29.21%. Use the drawdown chart below to compare losses from any high point for KWE3.L and FLQA.L.
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Drawdown Indicators
| KWE3.L | FLQA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.29% | -29.21% | -70.08% |
Max Drawdown (1Y)Largest decline over 1 year | -85.64% | -13.77% | -71.87% |
Max Drawdown (3Y)Largest decline over 3 years | -88.36% | -22.19% | -66.17% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.38% | — |
Current DrawdownCurrent decline from peak | -98.95% | -12.64% | -86.31% |
Average DrawdownAverage peak-to-trough decline | -92.04% | -7.22% | -84.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 52.38% | 4.36% | +48.02% |
Volatility
KWE3.L vs. FLQA.L - Volatility Comparison
Leverage Shares 3x Long China Tech ETC Securities (KWE3.L) has a higher volatility of 24.10% compared to Franklin FTSE Asia ex China ex Japan UCITS ETF (FLQA.L) at 11.18%. This indicates that KWE3.L's price experiences larger fluctuations and is considered to be riskier than FLQA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KWE3.L | FLQA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.10% | 11.18% | +12.92% |
Volatility (6M)Calculated over the trailing 6-month period | 63.99% | 22.99% | +41.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.22% | 25.11% | +57.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 134.82% | 17.74% | +117.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 134.82% | 18.52% | +116.30% |
KWE3.L vs. FLQA.L - Expense Ratio Comparison
KWE3.L has a 0.75% expense ratio, which is higher than FLQA.L's 0.14% expense ratio.
Dividends
KWE3.L vs. FLQA.L - Dividend Comparison
Neither KWE3.L nor FLQA.L has paid dividends to shareholders.
Frequently Asked Questions
KWE3.L and FLQA.L have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FLQA.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FLQA.L is cheaper with a 0.14% expense ratio, compared with 0.75% for KWE3.L.
They also come from different issuers: Leverage Shares and Franklin. Their fees differ too: 0.75% for KWE3.L and 0.14% for FLQA.L.
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