3BAL.L vs. SMH3.L

Last updated Jun 5, 2026

3BAL.L (WisdomTree EURO STOXX Banks 3x Daily Leveraged) and SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) are both Leveraged Equities funds. 3BAL.L is passively managed, while SMH3.L is actively managed. Over the past 3 years, 3BAL.L returned 133.01%/yr vs 154.10%/yr for SMH3.L. At a 0.34 correlation, their price movements are largely independent. 3BAL.L charges 0.89%/yr vs 0.75%/yr for SMH3.L.

Performance

3BAL.L vs. SMH3.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree EURO STOXX Banks 3x Daily Leveraged (3BAL.L) and Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

3BAL.L is traded in GBp, while SMH3.L is traded in USD. To make them comparable, the SMH3.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, 3BAL.L achieves a -1.51% return, which is significantly lower than SMH3.L's 305.05% return.

3BAL.L

• 1D: -4.27%
• 1M: 14.54%
• YTD: -1.51%
• 6M: 16.46%
• 1Y: 116.19%
• 3Y*: 133.01%
• 5Y*: 59.71%
• 10Y*: —

SMH3.L

• 1D: -6.35%
• 1M: 62.47%
• YTD: 305.05%
• 6M: 295.43%
• 1Y: 890.07%
• 3Y*: 154.10%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

3BAL.L vs. SMH3.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
3BAL.L WisdomTree EURO STOXX Banks 3x Daily Leveraged	-1.51%	433.07%	68.07%	63.85%	-24.90%	7.73%
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities	305.05%	62.22%	69.91%	243.35%	-83.36%	2.48%

Correlation

The correlation between 3BAL.L and SMH3.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (All Time) Calculated using the full available price history since Dec 13, 2021	0.34

Return for Risk

3BAL.L vs. SMH3.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

3BAL.L

3BAL.L Risk / Return Rank: 45
3BAL.L Sharpe Ratio Rank: 47
3BAL.L Sortino Ratio Rank: 44
3BAL.L Omega Ratio Rank: 41
3BAL.L Calmar Ratio Rank: 50
3BAL.L Martin Ratio Rank: 42

SMH3.L

SMH3.L Risk / Return Rank: 96
SMH3.L Sharpe Ratio Rank: 99
SMH3.L Sortino Ratio Rank: 94
SMH3.L Omega Ratio Rank: 92
SMH3.L Calmar Ratio Rank: 99
SMH3.L Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

3BAL.L vs. SMH3.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree EURO STOXX Banks 3x Daily Leveraged (3BAL.L) and Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.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.

	3BAL.L	SMH3.L	Difference
Sharpe ratio: Return per unit of total volatility	1.61	9.62	-8.01
Sortino ratio: Return per unit of downside risk	2.18	4.88	-2.70
Omega ratio: Gain probability vs. loss probability	1.26	1.61	-0.35
Calmar ratio: Return relative to maximum drawdown	2.44	23.48	-21.04
Martin ratio: Return relative to average drawdown	6.62	75.37	-68.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

3BAL.L vs. SMH3.L - Sharpe Ratio Comparison

The current 3BAL.L Sharpe Ratio is 1.61, which is lower than the SMH3.L Sharpe Ratio of 9.62. The chart below compares the historical Sharpe Ratios of 3BAL.L and SMH3.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	3BAL.L	SMH3.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	9.62	-8.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.53	-0.44

Drawdowns

3BAL.L vs. SMH3.L - Drawdown Comparison

The maximum 3BAL.L drawdown since its inception was -97.78%, which is greater than SMH3.L's maximum drawdown of -87.38%. Use the drawdown chart below to compare losses from any high point for 3BAL.L and SMH3.L.

Drawdown Indicators

	3BAL.L	SMH3.L	Difference
Max Drawdown Largest peak-to-trough decline	-97.78%	-87.38%	-10.40%
Max Drawdown (1Y) Largest decline over 1 year	-45.44%	-37.52%	-7.92%
Max Drawdown (3Y) Largest decline over 3 years	-50.31%	-84.61%	+34.30%
Max Drawdown (5Y) Largest decline over 5 years	-77.94%	—	—
Current Drawdown Current decline from peak	-18.68%	-6.35%	-12.33%
Average Drawdown Average peak-to-trough decline	-66.25%	-47.65%	-18.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.77%	11.71%	+5.06%

Volatility

3BAL.L vs. SMH3.L - Volatility Comparison

The current volatility for WisdomTree EURO STOXX Banks 3x Daily Leveraged (3BAL.L) is 18.85%, while Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a volatility of 38.87%. This indicates that 3BAL.L experiences smaller price fluctuations and is considered to be less risky than SMH3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3BAL.L	SMH3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.85%	38.87%	-20.02%
Volatility (6M) Calculated over the trailing 6-month period	54.46%	70.05%	-15.59%
Volatility (1Y) Calculated over the trailing 1-year period	68.79%	91.61%	-22.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.94%	99.01%	-24.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.85%	99.01%	-16.16%

3BAL.L vs. SMH3.L - Expense Ratio Comparison

3BAL.L has a 0.89% expense ratio, which is higher than SMH3.L's 0.75% expense ratio.

Dividends

3BAL.L vs. SMH3.L - Dividend Comparison

Neither 3BAL.L nor SMH3.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 3BAL.L and SMH3.L in my portfolio?

3BAL.L and SMH3.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 3BAL.L or SMH3.L?

On fees, SMH3.L is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 3BAL.L or SMH3.L?

SMH3.L is cheaper with a 0.75% expense ratio, compared with 0.89% for 3BAL.L.

What is the main difference between 3BAL.L and SMH3.L?

They also come from different issuers: WisdomTree and Leverage Shares. Their fees differ too: 0.89% for 3BAL.L and 0.75% for SMH3.L.