2BAB.L vs. 3BP.L

Last updated Jun 5, 2026

2BAB.L (Leverage Shares 2x Alibaba ETC GBP) and 3BP.L (Leverage Shares 3x BP ETP GBX) are both Leveraged Equities funds from Leverage Shares - 2BAB.L tracks the iSTOXX Leveraged 2X BABA Index while 3BP.L tracks the iSTOXX Leveraged 3x BP Index. Both are passively managed. Over the past 5 years, 2BAB.L returned -39.58%/yr vs 4.91%/yr for 3BP.L. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

2BAB.L vs. 3BP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Leverage Shares 2x Alibaba ETC GBP (2BAB.L) and Leverage Shares 3x BP ETP GBX (3BP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 2BAB.L achieves a -33.20% return, which is significantly lower than 3BP.L's 75.30% return.

2BAB.L

• 1D: -1.14%
• 1M: -11.39%
• YTD: -33.20%
• 6M: -43.27%
• 1Y: -10.52%
• 3Y*: 2.53%
• 5Y*: -39.58%
• 10Y*: —

3BP.L

• 1D: -1.59%
• 1M: -16.33%
• YTD: 75.30%
• 6M: 37.46%
• 1Y: 168.94%
• 3Y*: -2.25%
• 5Y*: 4.91%
• 10Y*: —

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

2BAB.L vs. 3BP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
2BAB.L Leverage Shares 2x Alibaba ETC GBP	-33.20%	106.46%	2.72%	-40.64%	-65.71%	-77.51%
3BP.L Leverage Shares 3x BP ETP GBX	75.30%	16.83%	-49.99%	-15.24%	58.02%	-4.62%

Correlation

The correlation between 2BAB.L and 3BP.L is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Mar 19, 2021	0.13

The correlation between 2BAB.L and 3BP.L shifts across timeframes, from -0.06 (1 year) to 0.13 (3 years), reflecting how their relationship changes across market environments.

2BAB.L vs. 3BP.L - Sectors Allocation Comparison

Sectors	2BAB.L	3BP.L
Consumer Cyclical	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

2BAB.L vs. 3BP.L — Risk / Return Rank

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

2BAB.L

2BAB.L Risk / Return Rank: 9
2BAB.L Sharpe Ratio Rank: 8
2BAB.L Sortino Ratio Rank: 12
2BAB.L Omega Ratio Rank: 12
2BAB.L Calmar Ratio Rank: 8
2BAB.L Martin Ratio Rank: 8

3BP.L

3BP.L Risk / Return Rank: 61
3BP.L Sharpe Ratio Rank: 60
3BP.L Sortino Ratio Rank: 47
3BP.L Omega Ratio Rank: 50
3BP.L Calmar Ratio Rank: 82
3BP.L Martin Ratio Rank: 65

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.

2BAB.L vs. 3BP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Alibaba ETC GBP (2BAB.L) and Leverage Shares 3x BP ETP GBX (3BP.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.

	2BAB.L	3BP.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	1.98	-2.11
Sortino ratio: Return per unit of downside risk	0.44	2.28	-1.84
Omega ratio: Gain probability vs. loss probability	1.05	1.31	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.16	4.23	-4.39
Martin ratio: Return relative to average drawdown	-0.29	11.67	-11.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

2BAB.L vs. 3BP.L - Sharpe Ratio Comparison

The current 2BAB.L Sharpe Ratio is -0.13, which is lower than the 3BP.L Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of 2BAB.L and 3BP.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

	2BAB.L	3BP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.13	1.98	-2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.41	0.06	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	-0.43	0.06	-0.50

Drawdowns

2BAB.L vs. 3BP.L - Drawdown Comparison

The maximum 2BAB.L drawdown since its inception was -98.36%, which is greater than 3BP.L's maximum drawdown of -85.47%. Use the drawdown chart below to compare losses from any high point for 2BAB.L and 3BP.L.

Drawdown Indicators

	2BAB.L	3BP.L	Difference
Max Drawdown Largest peak-to-trough decline	-98.36%	-85.47%	-12.89%
Max Drawdown (1Y) Largest decline over 1 year	-65.13%	-39.67%	-25.46%
Max Drawdown (3Y) Largest decline over 3 years	-65.13%	-82.48%	+17.35%
Max Drawdown (5Y) Largest decline over 5 years	-96.07%	-85.47%	-10.60%
Current Drawdown Current decline from peak	-96.97%	-46.91%	-50.06%
Average Drawdown Average peak-to-trough decline	-85.98%	-43.64%	-42.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.42%	14.42%	+22.00%

Volatility

2BAB.L vs. 3BP.L - Volatility Comparison

Leverage Shares 2x Alibaba ETC GBP (2BAB.L) has a higher volatility of 32.07% compared to Leverage Shares 3x BP ETP GBX (3BP.L) at 29.33%. This indicates that 2BAB.L's price experiences larger fluctuations and is considered to be riskier than 3BP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	2BAB.L	3BP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.07%	29.33%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	59.22%	74.08%	-14.86%
Volatility (1Y) Calculated over the trailing 1-year period	83.63%	84.97%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.98%	89.78%	+9.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.47%	90.19%	+6.28%

2BAB.L vs. 3BP.L - Expense Ratio Comparison

Both 2BAB.L and 3BP.L have an expense ratio of 0.75%.

Dividends

2BAB.L vs. 3BP.L - Dividend Comparison

Neither 2BAB.L nor 3BP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 2BAB.L and 3BP.L in my portfolio?

2BAB.L and 3BP.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 2BAB.L or 3BP.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, 2BAB.L or 3BP.L?

2BAB.L and 3BP.L have the same expense ratio: 0.75% per year.

What is the main difference between 2BAB.L and 3BP.L?

2BAB.L tracks iSTOXX Leveraged 2X BABA Index, while 3BP.L tracks iSTOXX Leveraged 3x BP Index.