3BP.L vs. 2MU.L
3BP.L (Leverage Shares 3x BP ETP GBX) and 2MU.L (Leverage Shares 2x Micron Technology ETC GBP) are both Leveraged Equities funds from Leverage Shares - 3BP.L tracks the iSTOXX Leveraged 3x BP Index while 2MU.L tracks the iSTOXX Leveraged 2X MU Index. Both are passively managed. Over the past 5 years, 3BP.L returned 4.91%/yr vs 95.03%/yr for 2MU.L. At a 0.12 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
3BP.L vs. 2MU.L - Performance Comparison
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Returns By Period
In the year-to-date period, 3BP.L achieves a 75.30% return, which is significantly lower than 2MU.L's 783.72% return.
3BP.L
- 1D
- -1.59%
- 1M
- -16.33%
- YTD
- 75.30%
- 6M
- 37.46%
- 1Y
- 168.94%
- 3Y*
- -2.25%
- 5Y*
- 4.91%
- 10Y*
- —
2MU.L
- 1D
- -10.80%
- 1M
- 128.37%
- YTD
- 783.72%
- 6M
- 1,297.06%
- 1Y
- 5,521.30%
- 3Y*
- 288.49%
- 5Y*
- 95.03%
- 10Y*
- —
3BP.L vs. 2MU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
3BP.L Leverage Shares 3x BP ETP GBX | 75.30% | 16.83% | -49.99% | -15.24% | 58.02% | -4.62% |
2MU.L Leverage Shares 2x Micron Technology ETC GBP | 783.72% | 550.25% | -30.59% | 142.95% | -76.42% | -3.98% |
Correlation
The correlation between 3BP.L and 2MU.L is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2021 | 0.12 |
The correlation between 3BP.L and 2MU.L shifts across timeframes, from -0.07 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
3BP.L vs. 2MU.L — Risk / Return Rank
3BP.L
2MU.L
3BP.L vs. 2MU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x BP ETP GBX (3BP.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.
| 3BP.L | 2MU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -40.51 | ||
| Sortino ratioReturn per unit of downside risk | -4.97 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.90 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | 4.23 | 102.11 | -97.88 |
| Martin ratioReturn relative to average drawdown | 11.67 | 363.67 | -352.00 |
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
| 3BP.L | 2MU.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 42.49 | -40.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.06 | 0.91 | -0.85 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.95 | -0.89 |
Drawdowns
3BP.L vs. 2MU.L - Drawdown Comparison
The maximum 3BP.L drawdown since its inception was -85.47%, roughly equal to the maximum 2MU.L drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for 3BP.L and 2MU.L.
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Drawdown Indicators
| 3BP.L | 2MU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.47% | -89.16% | +3.69% |
Max Drawdown (1Y)Largest decline over 1 year | -39.67% | -53.20% | +13.53% |
Max Drawdown (3Y)Largest decline over 3 years | -82.48% | -89.16% | +6.68% |
Max Drawdown (5Y)Largest decline over 5 years | -85.47% | -89.16% | +3.69% |
Current DrawdownCurrent decline from peak | -46.91% | -10.80% | -36.11% |
Average DrawdownAverage peak-to-trough decline | -43.64% | -44.84% | +1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.42% | 14.97% | -0.55% |
Volatility
3BP.L vs. 2MU.L - Volatility Comparison
The current volatility for Leverage Shares 3x BP ETP GBX (3BP.L) is 29.33%, while Leverage Shares 2x Micron Technology ETC GBP (2MU.L) has a volatility of 46.25%. This indicates that 3BP.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
| 3BP.L | 2MU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.33% | 46.25% | -16.92% |
Volatility (6M)Calculated over the trailing 6-month period | 74.08% | 97.07% | -22.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.97% | 127.89% | -42.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.78% | 104.82% | -15.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 90.19% | 100.87% | -10.68% |
3BP.L vs. 2MU.L - Expense Ratio Comparison
Both 3BP.L and 2MU.L have an expense ratio of 0.75%.
Dividends
3BP.L vs. 2MU.L - Dividend Comparison
Neither 3BP.L nor 2MU.L has paid dividends to shareholders.
Frequently Asked Questions
3BP.L and 2MU.L have a correlation of -0.07, 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.
3BP.L and 2MU.L have the same expense ratio: 0.75% per year.
3BP.L tracks iSTOXX Leveraged 3x BP Index, while 2MU.L tracks iSTOXX Leveraged 2X MU Index.
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