KWE3.L vs. XCNA.L
KWE3.L (Leverage Shares 3x Long China Tech ETC Securities) and XCNA.L (Xtrackers MSCI China A ESG Screened Swap UCITS ETF 1C) are both China Equities funds. KWE3.L is actively managed, while XCNA.L is passively managed. Over the past 3 years, KWE3.L returned -40.96%/yr vs 14.08%/yr for XCNA.L. A 0.62 correlation means they provide meaningful diversification when combined. KWE3.L charges 0.75%/yr vs 0.29%/yr for XCNA.L.
Performance
KWE3.L vs. XCNA.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 XCNA.L's 9.69% return.
KWE3.L
- 1D
- 10.62%
- 1M
- 2.18%
- 6M
- -67.46%
- YTD
- -60.11%
- 1Y
- -64.29%
- 3Y*
- -40.96%
- 5Y*
- —
- 10Y*
- —
XCNA.L
- 1D
- 0.00%
- 1M
- -2.02%
- 6M
- 7.23%
- YTD
- 9.69%
- 1Y
- 34.84%
- 3Y*
- 14.08%
- 5Y*
- —
- 10Y*
- —
KWE3.L vs. XCNA.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% | -56.91% |
XCNA.L Xtrackers MSCI China A ESG Screened Swap UCITS ETF 1C | 9.69% | 32.54% | 14.47% | -12.47% | 11.73% |
Correlation
The correlation between KWE3.L and XCNA.L is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | 0.62 |
The correlation between KWE3.L and XCNA.L has been stable across timeframes, ranging from 0.53 to 0.63 - a consistent structural relationship.
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Return for Risk
KWE3.L vs. XCNA.L — Risk / Return Rank
KWE3.L
XCNA.L
KWE3.L vs. XCNA.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 MSCI China A ESG Screened Swap UCITS ETF 1C (XCNA.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 | XCNA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.65 | ||
| Sortino ratioReturn per unit of downside risk | -3.78 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.33 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 4.74 | -5.49 |
| Martin ratioReturn relative to average drawdown | -1.23 | 13.37 | -14.59 |
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Drawdowns
KWE3.L vs. XCNA.L - Drawdown Comparison
The maximum KWE3.L drawdown since its inception was -99.29%, which is greater than XCNA.L's maximum drawdown of -32.05%. Use the drawdown chart below to compare losses from any high point for KWE3.L and XCNA.L.
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Drawdown Indicators
| KWE3.L | XCNA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.29% | -32.05% | -67.24% |
Max Drawdown (1Y)Largest decline over 1 year | -85.64% | -7.34% | -78.30% |
Max Drawdown (3Y)Largest decline over 3 years | -88.36% | -27.66% | -60.70% |
Current DrawdownCurrent decline from peak | -98.95% | -5.15% | -93.80% |
Average DrawdownAverage peak-to-trough decline | -92.04% | -13.98% | -78.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 52.38% | 2.61% | +49.77% |
Volatility
KWE3.L vs. XCNA.L - Volatility Comparison
Leverage Shares 3x Long China Tech ETC Securities (KWE3.L) has a higher volatility of 24.10% compared to Xtrackers MSCI China A ESG Screened Swap UCITS ETF 1C (XCNA.L) at 8.24%. This indicates that KWE3.L's price experiences larger fluctuations and is considered to be riskier than XCNA.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 | XCNA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.10% | 8.24% | +15.86% |
Volatility (6M)Calculated over the trailing 6-month period | 63.99% | 14.15% | +49.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.22% | 18.67% | +63.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 134.82% | 24.53% | +110.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 134.82% | 24.53% | +110.29% |
KWE3.L vs. XCNA.L - Expense Ratio Comparison
KWE3.L has a 0.75% expense ratio, which is higher than XCNA.L's 0.29% expense ratio.
Dividends
KWE3.L vs. XCNA.L - Dividend Comparison
Neither KWE3.L nor XCNA.L has paid dividends to shareholders.
Frequently Asked Questions
KWE3.L and XCNA.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCNA.L is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCNA.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 DWS. Their fees differ too: 0.75% for KWE3.L and 0.29% for XCNA.L.
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