3AAP.L vs. 3MSF.L
3AAP.L (Leverage Shares 3x Apple ETP Securities GBP) and 3MSF.L (Leverage Shares 3x Microsoft ETP GBP) are both Leveraged Equities funds from Leverage Shares - 3AAP.L tracks the iSTOXX Leveraged 3X AAPL Index while 3MSF.L tracks the iSTOXX Leveraged 3X MSFT Index. Both are passively managed. Over the past 5 years, 3AAP.L returned 24.14%/yr vs 1.23%/yr for 3MSF.L. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.75% expense ratio.
Performance
3AAP.L vs. 3MSF.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 3MSF.L's -43.87% 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*
- —
3MSF.L
- 1D
- 2.31%
- 1M
- 11.27%
- YTD
- -43.87%
- 6M
- -42.12%
- 1Y
- -43.56%
- 3Y*
- -9.61%
- 5Y*
- 1.23%
- 10Y*
- —
3AAP.L vs. 3MSF.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% |
3MSF.L Leverage Shares 3x Microsoft ETP GBP | -43.87% | -1.14% | 15.47% | 170.19% | -74.05% | 203.49% | 36.73% |
Correlation
The correlation between 3AAP.L and 3MSF.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
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 | 0.54 |
Over the past year, the correlation between 3AAP.L and 3MSF.L has dropped to 0.11 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.
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Return for Risk
3AAP.L vs. 3MSF.L — Risk / Return Rank
3AAP.L
3MSF.L
3AAP.L vs. 3MSF.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 3x Microsoft ETP GBP (3MSF.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 | 3MSF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.13 | ||
| Sortino ratioReturn per unit of downside risk | +2.97 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 0.96 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | -0.55 | +4.19 |
| Martin ratioReturn relative to average drawdown | 7.15 | -0.91 | +8.06 |
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 | 3MSF.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.64 | -0.49 | +2.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.02 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.14 | +0.28 |
Drawdowns
3AAP.L vs. 3MSF.L - Drawdown Comparison
The maximum 3AAP.L drawdown since its inception was -75.66%, smaller than the maximum 3MSF.L drawdown of -81.42%. Use the drawdown chart below to compare losses from any high point for 3AAP.L and 3MSF.L.
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Drawdown Indicators
| 3AAP.L | 3MSF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.66% | -81.42% | +5.76% |
Max Drawdown (1Y)Largest decline over 1 year | -44.36% | -79.39% | +35.03% |
Max Drawdown (3Y)Largest decline over 3 years | -73.42% | -79.39% | +5.97% |
Max Drawdown (5Y)Largest decline over 5 years | -75.66% | -81.42% | +5.76% |
Current DrawdownCurrent decline from peak | -9.32% | -68.07% | +58.75% |
Average DrawdownAverage peak-to-trough decline | -34.84% | -36.12% | +1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.63% | 47.82% | -25.19% |
Volatility
3AAP.L vs. 3MSF.L - Volatility Comparison
The current volatility for Leverage Shares 3x Apple ETP Securities GBP (3AAP.L) is 15.65%, while Leverage Shares 3x Microsoft ETP GBP (3MSF.L) has a volatility of 31.04%. This indicates that 3AAP.L experiences smaller price fluctuations and is considered to be less risky than 3MSF.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 | 3MSF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.65% | 31.04% | -15.39% |
Volatility (6M)Calculated over the trailing 6-month period | 49.09% | 75.10% | -26.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 98.77% | 88.44% | +10.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 86.95% | 80.48% | +6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 88.95% | 80.21% | +8.74% |
3AAP.L vs. 3MSF.L - Expense Ratio Comparison
Both 3AAP.L and 3MSF.L have an expense ratio of 0.75%.
Dividends
3AAP.L vs. 3MSF.L - Dividend Comparison
Neither 3AAP.L nor 3MSF.L has paid dividends to shareholders.
Frequently Asked Questions
3AAP.L and 3MSF.L have a correlation of 0.11, 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 3MSF.L have the same expense ratio: 0.75% per year.
3AAP.L tracks iSTOXX Leveraged 3X AAPL Index, while 3MSF.L tracks iSTOXX Leveraged 3X MSFT Index.
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