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