2MSF.L vs. 3PYE.L

Last updated Jul 18, 2026

2MSF.L (Leverage Shares 2x Microsoft ETC A GBP) and 3PYE.L (Leverage Shares 3x PayPal ETP Securities EUR) are both Leveraged Equities funds from Leverage Shares - 2MSF.L tracks the NYSE Leveraged 2x MSFT Index while 3PYE.L tracks the iSTOXX Leveraged 3x PYPL Index. Both are passively managed. Over the past 5 years, 2MSF.L returned 0.80%/yr vs -83.14%/yr for 3PYE.L. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

2MSF.L vs. 3PYE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Leverage Shares 2x Microsoft ETC A GBP (2MSF.L) and Leverage Shares 3x PayPal ETP Securities EUR (3PYE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

2MSF.L is traded in GBp, while 3PYE.L is traded in EUR. To make them comparable, the 3PYE.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, 2MSF.L achieves a -41.74% return, which is significantly higher than 3PYE.L's -44.39% return.

2MSF.L

• 1D: -3.95%
• 1M: 0.72%
• 6M: -34.51%
• YTD: -41.74%
• 1Y: -50.26%
• 3Y*: -5.82%
• 5Y*: 0.80%
• 10Y*: —

3PYE.L

• 1D: 9.70%
• 1M: 98.74%
• 6M: -36.07%
• YTD: -44.39%
• 1Y: -77.40%
• 3Y*: -59.22%
• 5Y*: -83.14%
• 10Y*: —

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

2MSF.L vs. 3PYE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
2MSF.L Leverage Shares 2x Microsoft ETC A GBP	-41.74%	4.50%	17.75%	106.56%	-51.52%	106.17%
3PYE.L Leverage Shares 3x PayPal ETP Securities EUR	-44.39%	-84.27%	52.50%	-61.45%	-98.84%	-71.06%

Correlation

The correlation between 2MSF.L and 3PYE.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Mar 15, 2021	0.38

2MSF.L vs. 3PYE.L - Sectors Allocation Comparison

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

Return for Risk

2MSF.L vs. 3PYE.L — Risk / Return Rank

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

2MSF.L

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

3PYE.L

3PYE.L Risk / Return Rank: 5
3PYE.L Sharpe Ratio Rank: 5
3PYE.L Sortino Ratio Rank: 6
3PYE.L Omega Ratio Rank: 5
3PYE.L Calmar Ratio Rank: 3
3PYE.L Martin Ratio Rank: 4

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.

2MSF.L vs. 3PYE.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 PayPal ETP Securities EUR (3PYE.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	2MSF.L	3PYE.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-0.59	-0.29
Sortino ratio: Return per unit of downside risk	-1.21	-0.53	-0.67
Omega ratio: Gain probability vs. loss probability	0.85	0.93	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.82	+0.01
Martin ratio: Return relative to average drawdown	-1.35	-1.07	-0.27

2MSF.L vs. 3PYE.L - Sharpe Ratio Comparison

The current 2MSF.L Sharpe Ratio is -0.88, which is lower than the 3PYE.L Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of 2MSF.L and 3PYE.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.

Drawdowns

2MSF.L vs. 3PYE.L - Drawdown Comparison

The maximum 2MSF.L drawdown since its inception was -61.61%, smaller than the maximum 3PYE.L drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for 2MSF.L and 3PYE.L.

Drawdown Indicators

	2MSF.L	3PYE.L	Difference
Max Drawdown Largest peak-to-trough decline	-61.61%	-100.00%	+38.39%
Max Drawdown (1Y) Largest decline over 1 year	-61.61%	-92.58%	+30.97%
Max Drawdown (3Y) Largest decline over 3 years	-61.61%	-97.62%	+36.01%
Max Drawdown (5Y) Largest decline over 5 years	-61.61%	-100.00%	+38.39%
Current Drawdown Current decline from peak	-55.13%	-99.99%	+44.86%
Average Drawdown Average peak-to-trough decline	-19.16%	-89.48%	+70.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.31%	70.80%	-33.49%

Volatility

2MSF.L vs. 3PYE.L - Volatility Comparison

The current volatility for Leverage Shares 2x Microsoft ETC A GBP (2MSF.L) is 19.68%, while Leverage Shares 3x PayPal ETP Securities EUR (3PYE.L) has a volatility of 54.24%. This indicates that 2MSF.L experiences smaller price fluctuations and is considered to be less risky than 3PYE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	2MSF.L	3PYE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.68%	54.24%	-34.56%
Volatility (6M) Calculated over the trailing 6-month period	51.89%	121.75%	-69.86%
Volatility (1Y) Calculated over the trailing 1-year period	57.05%	129.93%	-72.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.18%	124.15%	-72.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.73%	122.12%	-70.39%

2MSF.L vs. 3PYE.L - Expense Ratio Comparison

Both 2MSF.L and 3PYE.L have an expense ratio of 0.75%.

Dividends

2MSF.L vs. 3PYE.L - Dividend Comparison

Neither 2MSF.L nor 3PYE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 2MSF.L and 3PYE.L in my portfolio?

2MSF.L and 3PYE.L have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 2MSF.L or 3PYE.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, 2MSF.L or 3PYE.L?

2MSF.L and 3PYE.L have the same expense ratio: 0.75% per year.

What is the main difference between 2MSF.L and 3PYE.L?

2MSF.L tracks NYSE Leveraged 2x MSFT Index, while 3PYE.L tracks iSTOXX Leveraged 3x PYPL Index.