2MU.L vs. 3NFL.L
2MU.L (Leverage Shares 2x Micron Technology ETC GBP) and 3NFL.L (Leverage Shares 3x Netflix ETP Securities GBP) are both Leveraged Equities funds from Leverage Shares - 2MU.L tracks the iSTOXX Leveraged 2X MU Index while 3NFL.L tracks the iSTOXX Leveraged 3X NFLX Index. Both are passively managed. Over the past 5 years, 2MU.L returned 99.54%/yr vs 24.85%/yr for 3NFL.L. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
2MU.L vs. 3NFL.L - Performance Comparison
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Returns By Period
In the year-to-date period, 2MU.L achieves a 890.70% return, which is significantly higher than 3NFL.L's -47.64% return.
2MU.L
- 1D
- 3.90%
- 1M
- 267.24%
- YTD
- 890.70%
- 6M
- 1,363.92%
- 1Y
- 6,514.91%
- 3Y*
- 298.47%
- 5Y*
- 99.54%
- 10Y*
- —
3NFL.L
- 1D
- -7.73%
- 1M
- -35.93%
- YTD
- -47.64%
- 6M
- -62.83%
- 1Y
- -81.84%
- 3Y*
- 406.90%
- 5Y*
- 24.85%
- 10Y*
- —
2MU.L vs. 3NFL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
2MU.L Leverage Shares 2x Micron Technology ETC GBP | 890.70% | 550.25% | -30.59% | 142.95% | -76.42% | 45.29% | 65.67% |
3NFL.L Leverage Shares 3x Netflix ETP Securities GBP | -47.64% | -39.94% | 323.42% | 22,926.07% | -99.45% | 15.85% | 30.94% |
Correlation
The correlation between 2MU.L and 3NFL.L is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2020 | 0.20 |
The correlation between 2MU.L and 3NFL.L shifts across timeframes, from -0.13 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
2MU.L vs. 3NFL.L — Risk / Return Rank
2MU.L
3NFL.L
2MU.L vs. 3NFL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Micron Technology ETC GBP (2MU.L) and Leverage Shares 3x Netflix ETP Securities GBP (3NFL.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.
| 2MU.L | 3NFL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +51.19 | ||
| Sortino ratioReturn per unit of downside risk | +9.20 | ||
| Omega ratioGain probability vs. loss probability | 1.95 | 0.79 | +1.16 |
| Calmar ratioReturn relative to maximum drawdown | 120.42 | -0.95 | +121.37 |
| Martin ratioReturn relative to average drawdown | 429.29 | -1.39 | +430.68 |
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
| 2MU.L | 3NFL.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 50.34 | -0.85 | +51.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.95 | 0.01 | +0.94 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.01 | +0.99 |
Drawdowns
2MU.L vs. 3NFL.L - Drawdown Comparison
The maximum 2MU.L drawdown since its inception was -89.16%, smaller than the maximum 3NFL.L drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for 2MU.L and 3NFL.L.
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Drawdown Indicators
| 2MU.L | 3NFL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.16% | -99.86% | +10.70% |
Max Drawdown (1Y)Largest decline over 1 year | -53.20% | -86.21% | +33.01% |
Max Drawdown (3Y)Largest decline over 3 years | -89.16% | -86.21% | -2.95% |
Max Drawdown (5Y)Largest decline over 5 years | -89.16% | -99.85% | +10.69% |
Current DrawdownCurrent decline from peak | 0.00% | -85.51% | +85.51% |
Average DrawdownAverage peak-to-trough decline | -44.86% | -52.07% | +7.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.95% | 58.93% | -43.98% |
Volatility
2MU.L vs. 3NFL.L - Volatility Comparison
Leverage Shares 2x Micron Technology ETC GBP (2MU.L) has a higher volatility of 53.51% compared to Leverage Shares 3x Netflix ETP Securities GBP (3NFL.L) at 28.61%. This indicates that 2MU.L's price experiences larger fluctuations and is considered to be riskier than 3NFL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 2MU.L | 3NFL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 53.51% | 28.61% | +24.90% |
Volatility (6M)Calculated over the trailing 6-month period | 96.13% | 78.64% | +17.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 127.53% | 96.02% | +31.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 104.70% | 3,347.19% | -3,242.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 100.80% | 3,065.00% | -2,964.20% |
2MU.L vs. 3NFL.L - Expense Ratio Comparison
Both 2MU.L and 3NFL.L have an expense ratio of 0.75%.
Dividends
2MU.L vs. 3NFL.L - Dividend Comparison
Neither 2MU.L nor 3NFL.L has paid dividends to shareholders.
Frequently Asked Questions
2MU.L and 3NFL.L have a correlation of -0.13, 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.
2MU.L and 3NFL.L have the same expense ratio: 0.75% per year.
2MU.L tracks iSTOXX Leveraged 2X MU Index, while 3NFL.L tracks iSTOXX Leveraged 3X NFLX Index.
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