3BA.L vs. 2MU.L
3BA.L (Leverage Shares 3x Boeing ETP GBX) and 2MU.L (Leverage Shares 2x Micron Technology ETC GBP) are both Leveraged Equities funds from Leverage Shares - 3BA.L tracks the iSTOXX Leveraged 3x BA Index while 2MU.L tracks the iSTOXX Leveraged 2X MU Index. Both are passively managed. Over the past 5 years, 3BA.L returned -46.04%/yr vs 99.54%/yr for 2MU.L. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
3BA.L vs. 2MU.L - Performance Comparison
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Returns By Period
In the year-to-date period, 3BA.L achieves a -23.18% return, which is significantly lower than 2MU.L's 890.70% return.
3BA.L
- 1D
- -6.08%
- 1M
- -22.73%
- YTD
- -23.18%
- 6M
- -6.30%
- 1Y
- -35.91%
- 3Y*
- -40.36%
- 5Y*
- -46.04%
- 10Y*
- —
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*
- —
3BA.L vs. 2MU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
3BA.L Leverage Shares 3x Boeing ETP GBX | -23.18% | -4.22% | -81.46% | 73.71% | -57.75% | -63.54% |
2MU.L Leverage Shares 2x Micron Technology ETC GBP | 890.70% | 550.25% | -30.59% | 142.95% | -76.42% | -3.98% |
Correlation
The correlation between 3BA.L and 2MU.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2021 | 0.24 |
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Return for Risk
3BA.L vs. 2MU.L — Risk / Return Rank
3BA.L
2MU.L
3BA.L vs. 2MU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Boeing ETP GBX (3BA.L) and Leverage Shares 2x Micron Technology ETC GBP (2MU.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.
| 3BA.L | 2MU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -50.74 | ||
| Sortino ratioReturn per unit of downside risk | -7.67 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.95 | -0.95 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 120.42 | -121.01 |
| Martin ratioReturn relative to average drawdown | -1.12 | 429.29 | -430.42 |
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
| 3BA.L | 2MU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.40 | 50.34 | -50.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | 0.95 | -1.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.45 | 0.99 | -1.44 |
Drawdowns
3BA.L vs. 2MU.L - Drawdown Comparison
The maximum 3BA.L drawdown since its inception was -98.35%, which is greater than 2MU.L's maximum drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for 3BA.L and 2MU.L.
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Drawdown Indicators
| 3BA.L | 2MU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.35% | -89.16% | -9.19% |
Max Drawdown (1Y)Largest decline over 1 year | -60.76% | -53.20% | -7.56% |
Max Drawdown (3Y)Largest decline over 3 years | -94.04% | -89.16% | -4.88% |
Max Drawdown (5Y)Largest decline over 5 years | -97.96% | -89.16% | -8.80% |
Current DrawdownCurrent decline from peak | -96.35% | 0.00% | -96.35% |
Average DrawdownAverage peak-to-trough decline | -81.98% | -44.86% | -37.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.92% | 14.95% | +16.97% |
Volatility
3BA.L vs. 2MU.L - Volatility Comparison
The current volatility for Leverage Shares 3x Boeing ETP GBX (3BA.L) is 34.65%, while Leverage Shares 2x Micron Technology ETC GBP (2MU.L) has a volatility of 53.51%. This indicates that 3BA.L experiences smaller price fluctuations and is considered to be less risky than 2MU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 3BA.L | 2MU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.65% | 53.51% | -18.86% |
Volatility (6M)Calculated over the trailing 6-month period | 67.78% | 96.13% | -28.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 89.27% | 127.53% | -38.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 122.44% | 104.70% | +17.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 122.72% | 100.80% | +21.92% |
3BA.L vs. 2MU.L - Expense Ratio Comparison
Both 3BA.L and 2MU.L have an expense ratio of 0.75%.
Dividends
3BA.L vs. 2MU.L - Dividend Comparison
Neither 3BA.L nor 2MU.L has paid dividends to shareholders.
Frequently Asked Questions
3BA.L and 2MU.L have a correlation of 0.28, 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.
3BA.L and 2MU.L have the same expense ratio: 0.75% per year.
3BA.L tracks iSTOXX Leveraged 3x BA Index, while 2MU.L tracks iSTOXX Leveraged 2X MU Index.
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