QQQ3.L vs. 3USL.L

Last updated Jun 5, 2026

QQQ3.L (WisdomTree NASDAQ 100 3x Daily Leveraged) and 3USL.L (WisdomTree S&P 500 3x Daily Leveraged GB) are both exchange-traded funds - QQQ3.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index (300%), while 3USL.L is a Leveraged Equities fund tracking the S&P 500 Net Total Returns Index. Both are passively managed. Over the past 10 years, QQQ3.L returned 43.93%/yr vs 28.49%/yr for 3USL.L. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.75% expense ratio.

Performance

QQQ3.L vs. 3USL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree NASDAQ 100 3x Daily Leveraged (QQQ3.L) and WisdomTree S&P 500 3x Daily Leveraged GB (3USL.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQ3.L achieves a 56.06% return, which is significantly higher than 3USL.L's 25.13% return. Over the past 10 years, QQQ3.L has outperformed 3USL.L with an annualized return of 43.93%, while 3USL.L has yielded a comparatively lower 28.49% annualized return.

QQQ3.L

• 1D: -2.48%
• 1M: 19.87%
• YTD: 56.06%
• 6M: 50.04%
• 1Y: 119.69%
• 3Y*: 64.10%
• 5Y*: 26.81%
• 10Y*: 43.93%

3USL.L

• 1D: -0.02%
• 1M: 8.78%
• YTD: 25.13%
• 6M: 25.16%
• 1Y: 76.37%
• 3Y*: 50.50%
• 5Y*: 22.25%
• 10Y*: 28.49%

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

QQQ3.L vs. 3USL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQ3.L WisdomTree NASDAQ 100 3x Daily Leveraged	56.06%	27.64%	59.91%	209.50%	-79.58%	87.37%	110.13%	128.92%	-21.29%	114.27%
3USL.L WisdomTree S&P 500 3x Daily Leveraged GB	25.13%	28.97%	64.00%	70.49%	-57.35%	101.77%	7.89%	97.98%	-27.34%	69.34%

Correlation

The correlation between QQQ3.L and 3USL.L is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 14, 2013	0.90

The correlation between QQQ3.L and 3USL.L has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

QQQ3.L vs. 3USL.L — Risk / Return Rank

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

QQQ3.L

QQQ3.L Risk / Return Rank: 69
QQQ3.L Sharpe Ratio Rank: 82
QQQ3.L Sortino Ratio Rank: 68
QQQ3.L Omega Ratio Rank: 64
QQQ3.L Calmar Ratio Rank: 70
QQQ3.L Martin Ratio Rank: 60

3USL.L

3USL.L Risk / Return Rank: 65
3USL.L Sharpe Ratio Rank: 70
3USL.L Sortino Ratio Rank: 64
3USL.L Omega Ratio Rank: 60
3USL.L Calmar Ratio Rank: 63
3USL.L Martin Ratio Rank: 67

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.

QQQ3.L vs. 3USL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree NASDAQ 100 3x Daily Leveraged (QQQ3.L) and WisdomTree S&P 500 3x Daily Leveraged GB (3USL.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.

	QQQ3.L	3USL.L	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.25	+0.38
Sortino ratio: Return per unit of downside risk	3.07	2.94	+0.13
Omega ratio: Gain probability vs. loss probability	1.38	1.36	+0.02
Calmar ratio: Return relative to maximum drawdown	3.44	3.06	+0.38
Martin ratio: Return relative to average drawdown	10.78	12.28	-1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQ3.L vs. 3USL.L - Sharpe Ratio Comparison

The current QQQ3.L Sharpe Ratio is 2.63, which is comparable to the 3USL.L Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of QQQ3.L and 3USL.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

	QQQ3.L	3USL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.25	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.47	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.59	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.60	+0.22

Drawdowns

QQQ3.L vs. 3USL.L - Drawdown Comparison

The maximum QQQ3.L drawdown since its inception was -81.35%, which is greater than 3USL.L's maximum drawdown of -76.72%. Use the drawdown chart below to compare losses from any high point for QQQ3.L and 3USL.L.

Drawdown Indicators

	QQQ3.L	3USL.L	Difference
Max Drawdown Largest peak-to-trough decline	-81.35%	-76.72%	-4.63%
Max Drawdown (1Y) Largest decline over 1 year	-35.92%	-25.29%	-10.63%
Max Drawdown (3Y) Largest decline over 3 years	-58.20%	-48.69%	-9.51%
Max Drawdown (5Y) Largest decline over 5 years	-81.35%	-63.47%	-17.88%
Max Drawdown (10Y) Largest decline over 10 years	-81.35%	-76.72%	-4.63%
Current Drawdown Current decline from peak	-2.48%	-1.82%	-0.66%
Average Drawdown Average peak-to-trough decline	-19.62%	-15.26%	-4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.49%	6.31%	+5.18%

Volatility

QQQ3.L vs. 3USL.L - Volatility Comparison

WisdomTree NASDAQ 100 3x Daily Leveraged (QQQ3.L) has a higher volatility of 14.73% compared to WisdomTree S&P 500 3x Daily Leveraged GB (3USL.L) at 9.42%. This indicates that QQQ3.L's price experiences larger fluctuations and is considered to be riskier than 3USL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQ3.L	3USL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.73%	9.42%	+5.31%
Volatility (6M) Calculated over the trailing 6-month period	34.78%	25.26%	+9.52%
Volatility (1Y) Calculated over the trailing 1-year period	47.01%	34.36%	+12.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.24%	47.39%	+14.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.91%	48.51%	+11.40%

QQQ3.L vs. 3USL.L - Expense Ratio Comparison

Both QQQ3.L and 3USL.L have an expense ratio of 0.75%.

Dividends

QQQ3.L vs. 3USL.L - Dividend Comparison

Neither QQQ3.L nor 3USL.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QQQ3.L and 3USL.L in my portfolio?

With a correlation of 0.92, QQQ3.L and 3USL.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, QQQ3.L or 3USL.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, QQQ3.L or 3USL.L?

QQQ3.L and 3USL.L have the same expense ratio: 0.75% per year.

What is the main difference between QQQ3.L and 3USL.L?

QQQ3.L is categorized as Nasdaq-100, while 3USL.L is Leveraged Equities. QQQ3.L tracks NASDAQ-100 Index (300%), while 3USL.L tracks S&P 500 Net Total Returns Index.