LQQ3.L vs. XNAS.L

Last updated Jun 5, 2026

LQQ3.L (WisdomTree NASDAQ 100 3x Daily Leveraged) and XNAS.L (Xtrackers NASDAQ 100 UCITS ETF) are both Nasdaq-100 funds - LQQ3.L tracks the NASDAQ-100 Notional Net Total Return Index while XNAS.L tracks the NASDAQ-100 Index. Both are passively managed. Over the past 3 years, LQQ3.L returned 59.92%/yr vs 25.15%/yr for XNAS.L. Their correlation of 0.93 suggests significant overlap in exposure. LQQ3.L charges 0.75%/yr vs 0.20%/yr for XNAS.L.

Performance

LQQ3.L vs. XNAS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree NASDAQ 100 3x Daily Leveraged (LQQ3.L) and Xtrackers NASDAQ 100 UCITS ETF (XNAS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

LQQ3.L is traded in GBp, while XNAS.L is traded in USD. To make them comparable, the XNAS.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, LQQ3.L achieves a 56.49% return, which is significantly higher than XNAS.L's 20.93% return.

LQQ3.L

• 1D: -1.92%
• 1M: 27.07%
• YTD: 56.49%
• 6M: 51.01%
• 1Y: 126.98%
• 3Y*: 59.92%
• 5Y*: 28.14%
• 10Y*: —

XNAS.L

• 1D: 0.00%
• 1M: 10.24%
• YTD: 20.93%
• 6M: 19.10%
• 1Y: 42.68%
• 3Y*: 25.15%
• 5Y*: —
• 10Y*: —

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

LQQ3.L vs. XNAS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
LQQ3.L WisdomTree NASDAQ 100 3x Daily Leveraged	56.49%	18.96%	62.50%	192.06%	-18.18%
XNAS.L Xtrackers NASDAQ 100 UCITS ETF	20.16%	11.29%	28.81%	48.59%	-8.32%

Correlation

The correlation between LQQ3.L and XNAS.L is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022	0.93

The correlation between LQQ3.L and XNAS.L has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

LQQ3.L vs. XNAS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LQQ3.L

LQQ3.L Risk / Return Rank: 72
LQQ3.L Sharpe Ratio Rank: 86
LQQ3.L Sortino Ratio Rank: 71
LQQ3.L Omega Ratio Rank: 69
LQQ3.L Calmar Ratio Rank: 72
LQQ3.L Martin Ratio Rank: 60

XNAS.L

XNAS.L Risk / Return Rank: 76
XNAS.L Sharpe Ratio Rank: 80
XNAS.L Sortino Ratio Rank: 79
XNAS.L Omega Ratio Rank: 75
XNAS.L Calmar Ratio Rank: 74
XNAS.L Martin Ratio Rank: 71

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.

LQQ3.L vs. XNAS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree NASDAQ 100 3x Daily Leveraged (LQQ3.L) and Xtrackers NASDAQ 100 UCITS ETF (XNAS.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.

	LQQ3.L	XNAS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.80	2.68	+0.12
Sortino ratio: Return per unit of downside risk	3.18	3.56	-0.38
Omega ratio: Gain probability vs. loss probability	1.40	1.48	-0.07
Calmar ratio: Return relative to maximum drawdown	3.54	3.82	-0.28
Martin ratio: Return relative to average drawdown	10.50	10.85	-0.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LQQ3.L vs. XNAS.L - Sharpe Ratio Comparison

The current LQQ3.L Sharpe Ratio is 2.80, which is comparable to the XNAS.L Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of LQQ3.L and XNAS.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

	LQQ3.L	XNAS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	2.68	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	1.41	-0.75

Drawdowns

LQQ3.L vs. XNAS.L - Drawdown Comparison

The maximum LQQ3.L drawdown since its inception was -79.16%, which is greater than XNAS.L's maximum drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for LQQ3.L and XNAS.L.

Drawdown Indicators

	LQQ3.L	XNAS.L	Difference
Max Drawdown Largest peak-to-trough decline	-79.16%	-24.49%	-54.67%
Max Drawdown (1Y) Largest decline over 1 year	-35.64%	-11.08%	-24.56%
Max Drawdown (3Y) Largest decline over 3 years	-58.39%	-24.49%	-33.90%
Max Drawdown (5Y) Largest decline over 5 years	-79.16%	—	—
Current Drawdown Current decline from peak	-1.98%	0.00%	-1.98%
Average Drawdown Average peak-to-trough decline	-23.34%	-3.85%	-19.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.04%	3.91%	+8.13%

Volatility

LQQ3.L vs. XNAS.L - Volatility Comparison

WisdomTree NASDAQ 100 3x Daily Leveraged (LQQ3.L) has a higher volatility of 13.74% compared to Xtrackers NASDAQ 100 UCITS ETF (XNAS.L) at 4.93%. This indicates that LQQ3.L's price experiences larger fluctuations and is considered to be riskier than XNAS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LQQ3.L	XNAS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.74%	4.93%	+8.81%
Volatility (6M) Calculated over the trailing 6-month period	32.87%	11.49%	+21.38%
Volatility (1Y) Calculated over the trailing 1-year period	45.12%	15.78%	+29.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.25%	18.98%	+40.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.45%	18.98%	+40.47%

LQQ3.L vs. XNAS.L - Expense Ratio Comparison

LQQ3.L has a 0.75% expense ratio, which is higher than XNAS.L's 0.20% expense ratio.

Dividends

LQQ3.L vs. XNAS.L - Dividend Comparison

Neither LQQ3.L nor XNAS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both LQQ3.L and XNAS.L in my portfolio?

With a correlation of 0.91, LQQ3.L and XNAS.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.

Which ETF is better, LQQ3.L or XNAS.L?

On fees, XNAS.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LQQ3.L or XNAS.L?

XNAS.L is cheaper with a 0.20% expense ratio, compared with 0.75% for LQQ3.L.

What is the main difference between LQQ3.L and XNAS.L?

LQQ3.L tracks NASDAQ-100 Notional Net Total Return Index, while XNAS.L tracks NASDAQ-100 Index. They also come from different issuers: WisdomTree and Xtrackers. Their fees differ too: 0.75% for LQQ3.L and 0.20% for XNAS.L.