3AAP.L vs. 3SPY.L
3AAP.L (Leverage Shares 3x Apple ETP Securities GBP) and 3SPY.L (Leverage Shares 3x Long US 500 ETP Securities) are both Leveraged Equities funds from Leverage Shares. 3AAP.L is passively managed, while 3SPY.L is actively managed. Over the past 3 years, 3AAP.L returned 16.18%/yr vs 37.89%/yr for 3SPY.L. A 0.56 correlation means they provide meaningful diversification when combined. 3AAP.L charges 0.75%/yr vs 0.01%/yr for 3SPY.L.
Performance
3AAP.L vs. 3SPY.L - Performance Comparison
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Different Trading Currencies
3AAP.L is traded in GBp, while 3SPY.L is traded in USD. To make them comparable, the 3SPY.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, 3AAP.L achieves a 29.86% return, which is significantly higher than 3SPY.L's 24.55% 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*
- —
3SPY.L
- 1D
- -0.24%
- 1M
- 14.55%
- YTD
- 24.55%
- 6M
- 22.90%
- 1Y
- 73.41%
- 3Y*
- 37.89%
- 5Y*
- —
- 10Y*
- —
3AAP.L vs. 3SPY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
3AAP.L Leverage Shares 3x Apple ETP Securities GBP | 29.86% | -28.23% | 70.02% | 151.70% | -46.13% |
3SPY.L Leverage Shares 3x Long US 500 ETP Securities | 24.55% | 4.37% | 66.60% | 50.33% | -39.40% |
Correlation
The correlation between 3AAP.L and 3SPY.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 2022 | 0.56 |
The correlation between 3AAP.L and 3SPY.L shifts across timeframes, from 0.42 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
3AAP.L vs. 3SPY.L — Risk / Return Rank
3AAP.L
3SPY.L
3AAP.L vs. 3SPY.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 Long US 500 ETP Securities (3SPY.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 | 3SPY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.37 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 1.78 | +1.86 |
| Martin ratioReturn relative to average drawdown | 7.15 | 3.55 | +3.60 |
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 | 3SPY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.64 | 1.34 | +0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.36 | +0.05 |
Drawdowns
3AAP.L vs. 3SPY.L - Drawdown Comparison
The maximum 3AAP.L drawdown since its inception was -75.66%, which is greater than 3SPY.L's maximum drawdown of -58.02%. Use the drawdown chart below to compare losses from any high point for 3AAP.L and 3SPY.L.
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Drawdown Indicators
| 3AAP.L | 3SPY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.66% | -58.02% | -17.64% |
Max Drawdown (1Y)Largest decline over 1 year | -44.36% | -41.04% | -3.32% |
Max Drawdown (3Y)Largest decline over 3 years | -73.42% | -58.02% | -15.40% |
Max Drawdown (5Y)Largest decline over 5 years | -75.66% | — | — |
Current DrawdownCurrent decline from peak | -9.32% | -8.07% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -34.84% | -20.56% | -14.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.63% | 20.61% | +2.02% |
Volatility
3AAP.L vs. 3SPY.L - Volatility Comparison
Leverage Shares 3x Apple ETP Securities GBP (3AAP.L) has a higher volatility of 15.65% compared to Leverage Shares 3x Long US 500 ETP Securities (3SPY.L) at 8.78%. This indicates that 3AAP.L's price experiences larger fluctuations and is considered to be riskier than 3SPY.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 | 3SPY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.65% | 8.78% | +6.87% |
Volatility (6M)Calculated over the trailing 6-month period | 49.09% | 23.24% | +25.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 98.77% | 54.61% | +44.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 86.95% | 51.38% | +35.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 88.95% | 51.38% | +37.57% |
3AAP.L vs. 3SPY.L - Expense Ratio Comparison
3AAP.L has a 0.75% expense ratio, which is higher than 3SPY.L's 0.01% expense ratio.
Dividends
3AAP.L vs. 3SPY.L - Dividend Comparison
Neither 3AAP.L nor 3SPY.L has paid dividends to shareholders.
Frequently Asked Questions
3AAP.L and 3SPY.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 3SPY.L is cheaper at 0.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.
3SPY.L is cheaper with a 0.01% expense ratio, compared with 0.75% for 3AAP.L.
Their fees differ too: 0.75% for 3AAP.L and 0.01% for 3SPY.L.
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