KWE3.L vs. QQQ5.L

Last updated Jun 5, 2026

KWE3.L (Leverage Shares 3x Long China Tech ETC Securities) and QQQ5.L (Leverage Shares 5x Long Nasdaq 100 ETP Securities) are both exchange-traded funds - KWE3.L is a Leveraged Equities fund actively managed by Leverage Shares, while QQQ5.L is a Nasdaq-100 fund tracking the Invesco QQQ Trust. KWE3.L is actively managed, while QQQ5.L is passively managed. Over the past 3 years, KWE3.L returned -34.38%/yr vs 74.62%/yr for QQQ5.L. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

KWE3.L vs. QQQ5.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 5x Long Nasdaq 100 ETP Securities (QQQ5.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KWE3.L achieves a -57.87% return, which is significantly lower than QQQ5.L's 91.93% return.

KWE3.L

• 1D: -1.12%
• 1M: -23.85%
• YTD: -57.87%
• 6M: -63.59%
• 1Y: -60.50%
• 3Y*: -34.38%
• 5Y*: —
• 10Y*: —

QQQ5.L

• 1D: -3.75%
• 1M: 33.89%
• YTD: 91.93%
• 6M: 77.67%
• 1Y: 199.62%
• 3Y*: 74.62%
• 5Y*: —
• 10Y*: —

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

KWE3.L vs. QQQ5.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KWE3.L Leverage Shares 3x Long China Tech ETC Securities	-57.87%	11.50%	-22.89%	-61.89%	-87.79%	-17.62%
QQQ5.L Leverage Shares 5x Long Nasdaq 100 ETP Securities	91.93%	2.29%	74.04%	430.61%	-96.07%	10.43%

Correlation

The correlation between KWE3.L and QQQ5.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	0.37
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	0.39

KWE3.L vs. QQQ5.L - Sectors Allocation Comparison

Sectors	KWE3.L	QQQ5.L
Communication Services	40.1%	15.5%
Consumer Cyclical	38.4%	12.2%
Healthcare	6.9%	4.2%
Real Estate	4.8%	0.1%
Consumer Defensive	4.3%	7.6%
Technology	3.6%	54.2%
Financial Services	2.0%	0.2%
Basic Materials	-	1.2%
Energy	-	0.6%
Industrials	-	2.8%
Utilities	-	1.4%

Return for Risk

KWE3.L vs. QQQ5.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: 3
KWE3.L Sharpe Ratio Rank: 3
KWE3.L Sortino Ratio Rank: 3
KWE3.L Omega Ratio Rank: 3
KWE3.L Calmar Ratio Rank: 3
KWE3.L Martin Ratio Rank: 2

QQQ5.L

QQQ5.L Risk / Return Rank: 67
QQQ5.L Sharpe Ratio Rank: 82
QQQ5.L Sortino Ratio Rank: 62
QQQ5.L Omega Ratio Rank: 58
QQQ5.L Calmar Ratio Rank: 74
QQQ5.L Martin Ratio Rank: 58

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. QQQ5.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 5x Long Nasdaq 100 ETP Securities (QQQ5.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.

	KWE3.L	QQQ5.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	2.62	-3.36
Sortino ratio: Return per unit of downside risk	-1.01	2.86	-3.87
Omega ratio: Gain probability vs. loss probability	0.89	1.35	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.75	3.68	-4.43
Martin ratio: Return relative to average drawdown	-1.33	10.11	-11.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KWE3.L vs. QQQ5.L - Sharpe Ratio Comparison

The current KWE3.L Sharpe Ratio is -0.74, which is lower than the QQQ5.L Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of KWE3.L and QQQ5.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.

Sharpe Ratios by Period

	KWE3.L	QQQ5.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.74	2.62	-3.36
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	-0.04	-0.42

Drawdowns

KWE3.L vs. QQQ5.L - Drawdown Comparison

The maximum KWE3.L drawdown since its inception was -98.72%, roughly equal to the maximum QQQ5.L drawdown of -96.40%. Use the drawdown chart below to compare losses from any high point for KWE3.L and QQQ5.L.

Drawdown Indicators

	KWE3.L	QQQ5.L	Difference
Max Drawdown Largest peak-to-trough decline	-98.72%	-96.40%	-2.32%
Max Drawdown (1Y) Largest decline over 1 year	-79.09%	-56.84%	-22.25%
Max Drawdown (3Y) Largest decline over 3 years	-83.05%	-80.09%	-2.96%
Current Drawdown Current decline from peak	-98.63%	-31.58%	-67.05%
Average Drawdown Average peak-to-trough decline	-90.36%	-75.53%	-14.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.53%	20.72%	+23.81%

Volatility

KWE3.L vs. QQQ5.L - Volatility Comparison

Leverage Shares 3x Long China Tech ETC Securities (KWE3.L) has a higher volatility of 36.15% compared to Leverage Shares 5x Long Nasdaq 100 ETP Securities (QQQ5.L) at 24.82%. This indicates that KWE3.L's price experiences larger fluctuations and is considered to be riskier than QQQ5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KWE3.L	QQQ5.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.15%	24.82%	+11.33%
Volatility (6M) Calculated over the trailing 6-month period	61.19%	58.83%	+2.36%
Volatility (1Y) Calculated over the trailing 1-year period	80.73%	79.70%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.42%	106.00%	+30.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.42%	106.00%	+30.42%

KWE3.L vs. QQQ5.L - Expense Ratio Comparison

Both KWE3.L and QQQ5.L have an expense ratio of 0.75%.

Dividends

KWE3.L vs. QQQ5.L - Dividend Comparison

Neither KWE3.L nor QQQ5.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KWE3.L and QQQ5.L in my portfolio?

KWE3.L and QQQ5.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.

Which ETF is better, KWE3.L or QQQ5.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 QQQ5.L?

KWE3.L and QQQ5.L have the same expense ratio: 0.75% per year.

What is the main difference between KWE3.L and QQQ5.L?

KWE3.L is categorized as Leveraged Equities, while QQQ5.L is Nasdaq-100.