QBTX vs. MRN3.L
QBTX (Tradr 2X Long QBTS Daily ETF) and MRN3.L (Leverage Shares 3x Long Moderna (MRNA) ETP Securities) are both Leveraged Equities funds. Over the past year, QBTX returned -72.96% vs 91.51% for MRN3.L. At a 0.23 correlation, their price movements are largely independent. QBTX charges 1.30%/yr vs 0.75%/yr for MRN3.L.
Performance
QBTX vs. MRN3.L - Performance Comparison
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Returns By Period
In the year-to-date period, QBTX achieves a -78.05% return, which is significantly lower than MRN3.L's 293.70% return.
QBTX
- 1D
- -14.89%
- 1M
- -53.04%
- 6M
- -81.47%
- YTD
- -78.05%
- 1Y
- -72.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MRN3.L
- 1D
- -9.08%
- 1M
- 43.20%
- 6M
- 97.28%
- YTD
- 293.70%
- 1Y
- 91.51%
- 3Y*
- -89.27%
- 5Y*
- —
- 10Y*
- —
QBTX vs. MRN3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QBTX Tradr 2X Long QBTS Daily ETF | -78.05% | 339.28% |
MRN3.L Leverage Shares 3x Long Moderna (MRNA) ETP Securities | 293.70% | -39.54% |
Correlation
The correlation between QBTX and MRN3.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Apr 25, 2025 | 0.23 |
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Return for Risk
QBTX vs. MRN3.L — Risk / Return Rank
QBTX
MRN3.L
QBTX vs. MRN3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long QBTS Daily ETF (QBTX) and Leverage Shares 3x Long Moderna (MRNA) ETP Securities (MRN3.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.
| QBTX | MRN3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.26 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 1.12 | -1.89 |
| Martin ratioReturn relative to average drawdown | -1.00 | 1.73 | -2.73 |
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Drawdowns
QBTX vs. MRN3.L - Drawdown Comparison
The maximum QBTX drawdown since its inception was -95.48%, roughly equal to the maximum MRN3.L drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QBTX and MRN3.L.
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Drawdown Indicators
| QBTX | MRN3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.48% | -100.00% | +4.52% |
Max Drawdown (1Y)Largest decline over 1 year | -95.48% | -81.26% | -14.22% |
Max Drawdown (3Y)Largest decline over 3 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -94.93% | -100.00% | +5.07% |
Average DrawdownAverage peak-to-trough decline | -59.11% | -97.00% | +37.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.94% | 52.84% | +20.10% |
Volatility
QBTX vs. MRN3.L - Volatility Comparison
The current volatility for Tradr 2X Long QBTS Daily ETF (QBTX) is 44.01%, while Leverage Shares 3x Long Moderna (MRNA) ETP Securities (MRN3.L) has a volatility of 75.26%. This indicates that QBTX experiences smaller price fluctuations and is considered to be less risky than MRN3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QBTX | MRN3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.01% | 75.26% | -31.25% |
Volatility (6M)Calculated over the trailing 6-month period | 145.15% | 169.99% | -24.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 218.35% | 220.20% | -1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 237.52% | 23,110.24% | -22,872.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 237.52% | 23,110.24% | -22,872.72% |
QBTX vs. MRN3.L - Expense Ratio Comparison
QBTX has a 1.30% expense ratio, which is higher than MRN3.L's 0.75% expense ratio.
Dividends
QBTX vs. MRN3.L - Dividend Comparison
QBTX's dividend yield for the trailing twelve months is around 60.12%, while MRN3.L has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
MRN3.L Leverage Shares 3x Long Moderna (MRNA) ETP Securities | 0.00% | 0.00% |
QBTX Tradr 2X Long QBTS Daily ETF | 60.12% | 13.20% |
Frequently Asked Questions
QBTX and MRN3.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MRN3.L is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MRN3.L is cheaper with a 0.75% expense ratio, compared with 1.30% for QBTX.
They also come from different issuers: Tradr and Leverage Shares. Their fees differ too: 1.30% for QBTX and 0.75% for MRN3.L.
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