QQQ5.L vs. KWE3.L

Last updated Jun 5, 2026

QQQ5.L (Leverage Shares 5x Long Nasdaq 100 ETP Securities) and KWE3.L (Leverage Shares 3x Long China Tech ETC Securities) are both exchange-traded funds - QQQ5.L is a Nasdaq-100 fund tracking the Invesco QQQ Trust, while KWE3.L is a Leveraged Equities fund actively managed by Leverage Shares. QQQ5.L is passively managed, while KWE3.L is actively managed. Over the past 3 years, QQQ5.L returned 74.62%/yr vs -34.38%/yr for KWE3.L. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

QQQ5.L vs. KWE3.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 5x Long Nasdaq 100 ETP Securities (QQQ5.L) and Leverage Shares 3x Long China Tech ETC Securities (KWE3.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQ5.L achieves a 91.93% return, which is significantly higher than KWE3.L's -57.87% return.

QQQ5.L

• 1D: -3.75%
• 1M: 44.54%
• YTD: 91.93%
• 6M: 81.30%
• 1Y: 210.48%
• 3Y*: 74.62%
• 5Y*: —
• 10Y*: —

KWE3.L

• 1D: -1.12%
• 1M: -18.01%
• YTD: -57.87%
• 6M: -62.55%
• 1Y: -59.44%
• 3Y*: -34.38%
• 5Y*: —
• 10Y*: —

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

QQQ5.L vs. KWE3.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QQQ5.L Leverage Shares 5x Long Nasdaq 100 ETP Securities	91.93%	2.29%	74.04%	430.61%	-96.07%	10.43%
KWE3.L Leverage Shares 3x Long China Tech ETC Securities	-57.87%	11.50%	-22.89%	-61.89%	-87.79%	-17.62%

Correlation

The correlation between QQQ5.L and KWE3.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	0.39

QQQ5.L vs. KWE3.L - Sectors Allocation Comparison

Sectors	QQQ5.L	KWE3.L
Technology	54.2%	3.6%
Communication Services	15.5%	40.1%
Consumer Cyclical	12.2%	38.4%
Consumer Defensive	7.6%	4.3%
Healthcare	4.2%	6.9%
Industrials	2.8%	-
Utilities	1.4%	-
Basic Materials	1.2%	-
Energy	0.6%	-
Financial Services	0.2%	2.0%
Real Estate	0.1%	4.8%

Return for Risk

QQQ5.L vs. KWE3.L — Risk / Return Rank

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

QQQ5.L

QQQ5.L Risk / Return Rank: 67
QQQ5.L Sharpe Ratio Rank: 82
QQQ5.L Sortino Ratio Rank: 62
QQQ5.L Omega Ratio Rank: 58
QQQ5.L Calmar Ratio Rank: 74
QQQ5.L Martin Ratio Rank: 58

KWE3.L

KWE3.L Risk / Return Rank: 3
KWE3.L Sharpe Ratio Rank: 3
KWE3.L Sortino Ratio Rank: 3
KWE3.L Omega Ratio Rank: 3
KWE3.L Calmar Ratio Rank: 3
KWE3.L Martin Ratio Rank: 2

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.

QQQ5.L vs. KWE3.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 5x Long Nasdaq 100 ETP Securities (QQQ5.L) and Leverage Shares 3x Long China Tech ETC Securities (KWE3.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.

	QQQ5.L	KWE3.L	Difference
Sharpe ratio: Return per unit of total volatility	2.62	-0.74	+3.36
Sortino ratio: Return per unit of downside risk	2.86	-1.01	+3.87
Omega ratio: Gain probability vs. loss probability	1.35	0.89	+0.46
Calmar ratio: Return relative to maximum drawdown	3.68	-0.75	+4.43
Martin ratio: Return relative to average drawdown	10.11	-1.33	+11.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQ5.L vs. KWE3.L - Sharpe Ratio Comparison

The current QQQ5.L Sharpe Ratio is 2.62, which is higher than the KWE3.L Sharpe Ratio of -0.74. The chart below compares the historical Sharpe Ratios of QQQ5.L and KWE3.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

	QQQ5.L	KWE3.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	-0.74	+3.36
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	-0.45	+0.42

Drawdowns

QQQ5.L vs. KWE3.L - Drawdown Comparison

The maximum QQQ5.L drawdown since its inception was -96.40%, roughly equal to the maximum KWE3.L drawdown of -98.72%. Use the drawdown chart below to compare losses from any high point for QQQ5.L and KWE3.L.

Drawdown Indicators

	QQQ5.L	KWE3.L	Difference
Max Drawdown Largest peak-to-trough decline	-96.40%	-98.72%	+2.32%
Max Drawdown (1Y) Largest decline over 1 year	-56.84%	-79.09%	+22.25%
Max Drawdown (3Y) Largest decline over 3 years	-80.09%	-83.05%	+2.96%
Current Drawdown Current decline from peak	-31.58%	-98.63%	+67.05%
Average Drawdown Average peak-to-trough decline	-75.53%	-90.36%	+14.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.72%	44.53%	-23.81%

Volatility

QQQ5.L vs. KWE3.L - Volatility Comparison

The current volatility for Leverage Shares 5x Long Nasdaq 100 ETP Securities (QQQ5.L) is 24.82%, while Leverage Shares 3x Long China Tech ETC Securities (KWE3.L) has a volatility of 36.15%. This indicates that QQQ5.L experiences smaller price fluctuations and is considered to be less risky than KWE3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQ5.L	KWE3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.82%	36.15%	-11.33%
Volatility (6M) Calculated over the trailing 6-month period	58.83%	61.19%	-2.36%
Volatility (1Y) Calculated over the trailing 1-year period	79.70%	80.73%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.00%	136.42%	-30.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.00%	136.42%	-30.42%

QQQ5.L vs. KWE3.L - Expense Ratio Comparison

Both QQQ5.L and KWE3.L have an expense ratio of 0.75%.

Dividends

QQQ5.L vs. KWE3.L - Dividend Comparison

Neither QQQ5.L nor KWE3.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QQQ5.L and KWE3.L in my portfolio?

QQQ5.L and KWE3.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QQQ5.L or KWE3.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, QQQ5.L or KWE3.L?

QQQ5.L and KWE3.L have the same expense ratio: 0.75% per year.

What is the main difference between QQQ5.L and KWE3.L?

QQQ5.L is categorized as Nasdaq-100, while KWE3.L is Leveraged Equities.