KWE3.L vs. XCHA.L

Last updated Jul 16, 2026

KWE3.L (Leverage Shares 3x Long China Tech ETC Securities) and XCHA.L (Xtrackers CSI 300 Swap UCITS ETF 1C) are both China Equities funds. KWE3.L is actively managed, while XCHA.L is passively managed. Over the past 3 years, KWE3.L returned -40.96%/yr vs 14.18%/yr for XCHA.L. A 0.63 correlation means they provide meaningful diversification when combined. KWE3.L charges 0.75%/yr vs 0.50%/yr for XCHA.L.

Performance

KWE3.L vs. XCHA.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 Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.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 -60.11% return, which is significantly lower than XCHA.L's 9.79% return.

KWE3.L

• 1D: 10.62%
• 1M: 2.18%
• 6M: -67.46%
• YTD: -60.11%
• 1Y: -64.29%
• 3Y*: -40.96%
• 5Y*: —
• 10Y*: —

XCHA.L

• 1D: -0.23%
• 1M: -1.60%
• 6M: 7.00%
• YTD: 9.79%
• 1Y: 33.96%
• 3Y*: 14.18%
• 5Y*: 2.69%
• 10Y*: 8.65%

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

KWE3.L vs. XCHA.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%
XCHA.L Xtrackers CSI 300 Swap UCITS ETF 1C	9.79%	30.11%	16.00%	-11.00%	-24.25%	-1.62%

Correlation

The correlation between KWE3.L and XCHA.L is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021	0.63

The correlation between KWE3.L and XCHA.L has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.

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

Sectors	KWE3.L	XCHA.L
Communication Services	41.5%	1.5%
Consumer Cyclical	37.1%	6.2%
Healthcare	6.1%	4.3%
Real Estate	5.1%	0.4%
Technology	4.0%	31.6%
Consumer Defensive	4.0%	6.6%
Financial Services	2.2%	18.8%
Basic Materials	-	9.1%
Energy	-	2.7%
Industrials	-	16.0%
Utilities	-	2.9%

Return for Risk

KWE3.L vs. XCHA.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: 3

XCHA.L

XCHA.L Risk / Return Rank: 76
XCHA.L Sharpe Ratio Rank: 68
XCHA.L Sortino Ratio Rank: 68
XCHA.L Omega Ratio Rank: 66
XCHA.L Calmar Ratio Rank: 92
XCHA.L Martin Ratio Rank: 84

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. XCHA.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 Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.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	XCHA.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	1.80	-2.58
Sortino ratio: Return per unit of downside risk	-1.18	2.51	-3.69
Omega ratio: Gain probability vs. loss probability	0.87	1.32	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.75	4.82	-5.57
Martin ratio: Return relative to average drawdown	-1.23	13.29	-14.52

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

The current KWE3.L Sharpe Ratio is -0.78, which is lower than the XCHA.L Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of KWE3.L and XCHA.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. XCHA.L - Drawdown Comparison

The maximum KWE3.L drawdown since its inception was -99.29%, which is greater than XCHA.L's maximum drawdown of -50.90%. Use the drawdown chart below to compare losses from any high point for KWE3.L and XCHA.L.

Drawdown Indicators

	KWE3.L	XCHA.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.29%	-50.90%	-48.39%
Max Drawdown (1Y) Largest decline over 1 year	-85.64%	-7.02%	-78.62%
Max Drawdown (3Y) Largest decline over 3 years	-88.36%	-26.85%	-61.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-39.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.89%	—
Current Drawdown Current decline from peak	-98.95%	-4.94%	-94.01%
Average Drawdown Average peak-to-trough decline	-92.04%	-24.00%	-68.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.38%	2.55%	+49.83%

Volatility

KWE3.L vs. XCHA.L - Volatility Comparison

Leverage Shares 3x Long China Tech ETC Securities (KWE3.L) has a higher volatility of 24.10% compared to Xtrackers CSI 300 Swap UCITS ETF 1C (XCHA.L) at 8.65%. This indicates that KWE3.L's price experiences larger fluctuations and is considered to be riskier than XCHA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KWE3.L	XCHA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.10%	8.65%	+15.45%
Volatility (6M) Calculated over the trailing 6-month period	63.99%	14.40%	+49.59%
Volatility (1Y) Calculated over the trailing 1-year period	82.22%	18.83%	+63.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	134.82%	22.62%	+112.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	134.82%	22.77%	+112.05%

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

KWE3.L has a 0.75% expense ratio, which is higher than XCHA.L's 0.50% expense ratio.

Dividends

KWE3.L vs. XCHA.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

KWE3.L and XCHA.L have a correlation of 0.54, 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 XCHA.L?

On fees, XCHA.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KWE3.L or XCHA.L?

XCHA.L is cheaper with a 0.50% expense ratio, compared with 0.75% for KWE3.L.

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

They also come from different issuers: Leverage Shares and Xtrackers. Their fees differ too: 0.75% for KWE3.L and 0.50% for XCHA.L.