2MSF.L vs. 3AAP.L
2MSF.L (Leverage Shares 2x Microsoft ETC A GBP) and 3AAP.L (Leverage Shares 3x Apple ETP Securities GBP) are both Leveraged Equities funds from Leverage Shares - 2MSF.L tracks the NYSE Leveraged 2x MSFT Index while 3AAP.L tracks the iSTOXX Leveraged 3X AAPL Index. Both are passively managed. Over the past 5 years, 2MSF.L returned 10.56%/yr vs 24.14%/yr for 3AAP.L. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.75% expense ratio.
Performance
2MSF.L vs. 3AAP.L - Performance Comparison
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Returns By Period
In the year-to-date period, 2MSF.L achieves a -27.61% return, which is significantly lower than 3AAP.L's 29.86% return.
2MSF.L
- 1D
- 2.03%
- 1M
- 9.24%
- YTD
- -27.61%
- 6M
- -26.03%
- 1Y
- -25.08%
- 3Y*
- 0.32%
- 5Y*
- 10.56%
- 10Y*
- —
3AAP.L
- 1D
- -0.98%
- 1M
- 34.96%
- YTD
- 29.86%
- 6M
- 16.84%
- 1Y
- 162.50%
- 3Y*
- 16.18%
- 5Y*
- 24.14%
- 10Y*
- —
2MSF.L vs. 3AAP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
2MSF.L Leverage Shares 2x Microsoft ETC A GBP | -27.61% | 4.50% | 17.75% | 106.56% | -51.52% | 121.86% | 27.54% |
3AAP.L Leverage Shares 3x Apple ETP Securities GBP | 29.86% | -28.23% | 70.02% | 151.70% | -73.70% | 95.43% | 218.42% |
Correlation
The correlation between 2MSF.L and 3AAP.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2020 | 0.53 |
Over the past year, the correlation between 2MSF.L and 3AAP.L has dropped to 0.12 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
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Return for Risk
2MSF.L vs. 3AAP.L — Risk / Return Rank
2MSF.L
3AAP.L
2MSF.L vs. 3AAP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Microsoft ETC A GBP (2MSF.L) and Leverage Shares 3x Apple ETP Securities GBP (3AAP.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.
| 2MSF.L | 3AAP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.86 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.36 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 3.64 | -4.01 |
| Martin ratioReturn relative to average drawdown | -0.63 | 7.15 | -7.78 |
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
| 2MSF.L | 3AAP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.38 | 1.64 | -2.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.28 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.41 | +0.14 |
Drawdowns
2MSF.L vs. 3AAP.L - Drawdown Comparison
The maximum 2MSF.L drawdown since its inception was -66.77%, smaller than the maximum 3AAP.L drawdown of -75.66%. Use the drawdown chart below to compare losses from any high point for 2MSF.L and 3AAP.L.
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Drawdown Indicators
| 2MSF.L | 3AAP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.77% | -75.66% | +8.89% |
Max Drawdown (1Y)Largest decline over 1 year | -66.77% | -44.36% | -22.41% |
Max Drawdown (3Y)Largest decline over 3 years | -66.77% | -73.42% | +6.65% |
Max Drawdown (5Y)Largest decline over 5 years | -66.77% | -75.66% | +8.89% |
Current DrawdownCurrent decline from peak | -54.46% | -9.32% | -45.14% |
Average DrawdownAverage peak-to-trough decline | -18.72% | -34.84% | +16.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.60% | 22.63% | +16.97% |
Volatility
2MSF.L vs. 3AAP.L - Volatility Comparison
Leverage Shares 2x Microsoft ETC A GBP (2MSF.L) has a higher volatility of 20.94% compared to Leverage Shares 3x Apple ETP Securities GBP (3AAP.L) at 15.65%. This indicates that 2MSF.L's price experiences larger fluctuations and is considered to be riskier than 3AAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 2MSF.L | 3AAP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.94% | 15.65% | +5.29% |
Volatility (6M)Calculated over the trailing 6-month period | 48.79% | 49.09% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.44% | 98.77% | -32.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.38% | 86.95% | -33.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.69% | 88.95% | -36.26% |
2MSF.L vs. 3AAP.L - Expense Ratio Comparison
Both 2MSF.L and 3AAP.L have an expense ratio of 0.75%.
Dividends
2MSF.L vs. 3AAP.L - Dividend Comparison
Neither 2MSF.L nor 3AAP.L has paid dividends to shareholders.
Frequently Asked Questions
2MSF.L and 3AAP.L have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
2MSF.L and 3AAP.L have the same expense ratio: 0.75% per year.
2MSF.L tracks NYSE Leveraged 2x MSFT Index, while 3AAP.L tracks iSTOXX Leveraged 3X AAPL Index.
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