KWE3.L vs. LCCN.L
KWE3.L (Leverage Shares 3x Long China Tech ETC Securities) and LCCN.L (Lyxor MSCI China UCITS ETF - Acc) are both China Equities funds. KWE3.L is actively managed, while LCCN.L is passively managed. Over the past 3 years, KWE3.L returned -40.96%/yr vs 8.66%/yr for LCCN.L. Their correlation of 0.91 suggests significant overlap in exposure. KWE3.L charges 0.75%/yr vs 0.29%/yr for LCCN.L.
Performance
KWE3.L vs. LCCN.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 LCCN.L's -8.72% return.
KWE3.L
- 1D
- 10.62%
- 1M
- 2.18%
- 6M
- -67.46%
- YTD
- -60.11%
- 1Y
- -64.29%
- 3Y*
- -40.96%
- 5Y*
- —
- 10Y*
- —
LCCN.L
- 1D
- 2.05%
- 1M
- -0.85%
- 6M
- -13.44%
- YTD
- -8.72%
- 1Y
- -0.57%
- 3Y*
- 8.66%
- 5Y*
- -4.23%
- 10Y*
- —
KWE3.L vs. LCCN.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% |
LCCN.L Lyxor MSCI China UCITS ETF - Acc | -8.72% | 31.99% | 19.37% | -11.59% | -22.21% | -4.02% |
Correlation
The correlation between KWE3.L and LCCN.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.91 |
The correlation between KWE3.L and LCCN.L has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
KWE3.L vs. LCCN.L — Risk / Return Rank
KWE3.L
LCCN.L
KWE3.L vs. LCCN.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 Lyxor MSCI China UCITS ETF - Acc (LCCN.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 | LCCN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.28 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.01 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.03 | -0.72 |
| Martin ratioReturn relative to average drawdown | -1.23 | -0.05 | -1.17 |
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Drawdowns
KWE3.L vs. LCCN.L - Drawdown Comparison
The maximum KWE3.L drawdown since its inception was -99.29%, which is greater than LCCN.L's maximum drawdown of -62.38%. Use the drawdown chart below to compare losses from any high point for KWE3.L and LCCN.L.
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Drawdown Indicators
| KWE3.L | LCCN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.29% | -62.38% | -36.91% |
Max Drawdown (1Y)Largest decline over 1 year | -85.64% | -22.74% | -62.90% |
Max Drawdown (3Y)Largest decline over 3 years | -88.36% | -25.53% | -62.83% |
Max Drawdown (5Y)Largest decline over 5 years | — | -53.18% | — |
Current DrawdownCurrent decline from peak | -98.95% | -35.27% | -63.68% |
Average DrawdownAverage peak-to-trough decline | -92.04% | -29.90% | -62.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 52.38% | 10.49% | +41.89% |
Volatility
KWE3.L vs. LCCN.L - Volatility Comparison
Leverage Shares 3x Long China Tech ETC Securities (KWE3.L) has a higher volatility of 24.10% compared to Lyxor MSCI China UCITS ETF - Acc (LCCN.L) at 5.49%. This indicates that KWE3.L's price experiences larger fluctuations and is considered to be riskier than LCCN.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 | LCCN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.10% | 5.49% | +18.61% |
Volatility (6M)Calculated over the trailing 6-month period | 63.99% | 15.17% | +48.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.22% | 20.46% | +61.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 134.82% | 29.35% | +105.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 134.82% | 27.61% | +107.21% |
KWE3.L vs. LCCN.L - Expense Ratio Comparison
KWE3.L has a 0.75% expense ratio, which is higher than LCCN.L's 0.29% expense ratio.
Dividends
KWE3.L vs. LCCN.L - Dividend Comparison
Neither KWE3.L nor LCCN.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, KWE3.L and LCCN.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, LCCN.L is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
LCCN.L is cheaper with a 0.29% expense ratio, compared with 0.75% for KWE3.L.
They also come from different issuers: Leverage Shares and Amundi. Their fees differ too: 0.75% for KWE3.L and 0.29% for LCCN.L.
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