QQQ3.L vs. XNAS.L
QQQ3.L (WisdomTree NASDAQ 100 3x Daily Leveraged) and XNAS.L (Xtrackers NASDAQ 100 UCITS ETF) are both Nasdaq-100 funds - QQQ3.L tracks the NASDAQ-100 Index (300%) while XNAS.L tracks the NASDAQ-100 Index. Both are passively managed. Over the past 3 years, QQQ3.L returned 64.10%/yr vs 28.10%/yr for XNAS.L. With a 0.99 correlation, they move nearly in lockstep. QQQ3.L charges 0.75%/yr vs 0.20%/yr for XNAS.L.
Performance
QQQ3.L vs. XNAS.L - Performance Comparison
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Returns By Period
In the year-to-date period, QQQ3.L achieves a 56.06% return, which is significantly higher than XNAS.L's 19.67% return.
QQQ3.L
- 1D
- -2.48%
- 1M
- 25.62%
- YTD
- 56.06%
- 6M
- 51.95%
- 1Y
- 124.35%
- 3Y*
- 64.10%
- 5Y*
- 26.81%
- 10Y*
- 43.93%
XNAS.L
- 1D
- -0.68%
- 1M
- 8.53%
- YTD
- 19.67%
- 6M
- 19.16%
- 1Y
- 40.41%
- 3Y*
- 28.10%
- 5Y*
- —
- 10Y*
- —
QQQ3.L vs. XNAS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
QQQ3.L WisdomTree NASDAQ 100 3x Daily Leveraged | 56.06% | 27.64% | 59.91% | 209.50% | -12.10% |
XNAS.L Xtrackers NASDAQ 100 UCITS ETF | 19.67% | 19.83% | 26.60% | 56.41% | -1.82% |
Correlation
The correlation between QQQ3.L and XNAS.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2022 | 0.99 |
The correlation between QQQ3.L and XNAS.L has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
QQQ3.L vs. XNAS.L — Risk / Return Rank
QQQ3.L
XNAS.L
QQQ3.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 (QQQ3.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.
| QQQ3.L | XNAS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.44 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 3.67 | -0.23 |
| Martin ratioReturn relative to average drawdown | 10.78 | 13.19 | -2.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QQQ3.L | XNAS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.63 | 2.54 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 1.69 | -0.87 |
Drawdowns
QQQ3.L vs. XNAS.L - Drawdown Comparison
The maximum QQQ3.L drawdown since its inception was -81.35%, which is greater than XNAS.L's maximum drawdown of -22.92%. Use the drawdown chart below to compare losses from any high point for QQQ3.L and XNAS.L.
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Drawdown Indicators
| QQQ3.L | XNAS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.35% | -22.92% | -58.43% |
Max Drawdown (1Y)Largest decline over 1 year | -35.92% | -10.91% | -25.01% |
Max Drawdown (3Y)Largest decline over 3 years | -58.20% | -22.92% | -35.28% |
Max Drawdown (5Y)Largest decline over 5 years | -81.35% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -81.35% | — | — |
Current DrawdownCurrent decline from peak | -2.48% | -0.76% | -1.72% |
Average DrawdownAverage peak-to-trough decline | -19.62% | -3.03% | -16.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.49% | 3.05% | +8.44% |
Volatility
QQQ3.L vs. XNAS.L - Volatility Comparison
WisdomTree NASDAQ 100 3x Daily Leveraged (QQQ3.L) has a higher volatility of 14.73% compared to Xtrackers NASDAQ 100 UCITS ETF (XNAS.L) at 4.96%. This indicates that QQQ3.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.
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Volatility by Period
| QQQ3.L | XNAS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.73% | 4.96% | +9.77% |
Volatility (6M)Calculated over the trailing 6-month period | 34.78% | 11.72% | +23.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.01% | 15.78% | +31.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.24% | 19.39% | +42.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.91% | 19.39% | +40.52% |
QQQ3.L vs. XNAS.L - Expense Ratio Comparison
QQQ3.L has a 0.75% expense ratio, which is higher than XNAS.L's 0.20% expense ratio.
Dividends
QQQ3.L vs. XNAS.L - Dividend Comparison
Neither QQQ3.L nor XNAS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, QQQ3.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.
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.
XNAS.L is cheaper with a 0.20% expense ratio, compared with 0.75% for QQQ3.L.
QQQ3.L tracks NASDAQ-100 Index (300%), while XNAS.L tracks NASDAQ-100 Index. They also come from different issuers: WisdomTree and Xtrackers. Their fees differ too: 0.75% for QQQ3.L and 0.20% for XNAS.L.
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