3DAX.DE vs. DSPY.DE

Last updated Apr 2, 2026

Compare and contrast key facts about Leverage Shares 3x Long Germany 40 ETP Securities (3DAX.DE) and IncomeShares S&P500 Options (0DTE) ETP EUR (DSPY.DE).

3DAX.DE and DSPY.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 3DAX.DE is an actively managed fund by Leverage Shares. It was launched on Sep 13, 2022. DSPY.DE is an actively managed fund by Leverage Shares. It was launched on Aug 27, 2024.

Performance

3DAX.DE vs. DSPY.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Leverage Shares 3x Long Germany 40 ETP Securities (3DAX.DE) and IncomeShares S&P500 Options (0DTE) ETP EUR (DSPY.DE). The values are adjusted to include any dividend payments, if applicable.

3DAX.DE vs. DSPY.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
3DAX.DE Leverage Shares 3x Long Germany 40 ETP Securities	-19.02%	42.11%	8.92%
DSPY.DE IncomeShares S&P500 Options (0DTE) ETP EUR	-13.14%	2.89%	-0.22%

Returns By Period

In the year-to-date period, 3DAX.DE achieves a -19.02% return, which is significantly lower than DSPY.DE's -13.14% return.

3DAX.DE

• 1D: 8.10%
• 1M: -17.91%
• YTD: -19.02%
• 6M: -19.46%
• 1Y: -14.61%
• 3Y*: 18.45%
• 5Y*: —
• 10Y*: —

DSPY.DE

• 1D: -4.68%
• 1M: -6.40%
• YTD: -13.14%
• 6M: -9.63%
• 1Y: -5.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

3DAX.DE vs. DSPY.DE - Expense Ratio Comparison

3DAX.DE has a 0.75% expense ratio, which is higher than DSPY.DE's 0.45% expense ratio.

3DAX.DE

Leverage Shares 3x Long Germany 40 ETP Securities

DSPY.DE

IncomeShares S&P500 Options (0DTE) ETP EUR

Return for Risk

3DAX.DE vs. DSPY.DE — Risk / Return Rank

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

3DAX.DE

3DAX.DE Risk / Return Rank: 7
3DAX.DE Sharpe Ratio Rank: 7
3DAX.DE Sortino Ratio Rank: 9
3DAX.DE Omega Ratio Rank: 9
3DAX.DE Calmar Ratio Rank: 6
3DAX.DE Martin Ratio Rank: 4

DSPY.DE

DSPY.DE Risk / Return Rank: 9
DSPY.DE Sharpe Ratio Rank: 8
DSPY.DE Sortino Ratio Rank: 8
DSPY.DE Omega Ratio Rank: 8
DSPY.DE Calmar Ratio Rank: 12
DSPY.DE Martin Ratio Rank: 12

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.

3DAX.DE vs. DSPY.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long Germany 40 ETP Securities (3DAX.DE) and IncomeShares S&P500 Options (0DTE) ETP EUR (DSPY.DE). 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.

	3DAX.DE	DSPY.DE	Difference
Sharpe ratio Return per unit of total volatility	-0.27	-0.20	-0.06
Sortino ratio Return per unit of downside risk	-0.02	-0.11	+0.09
Omega ratio Gain probability vs. loss probability	1.00	0.98	+0.02
Calmar ratio Return relative to maximum drawdown	-0.37	-0.00	-0.37
Martin ratio Return relative to average drawdown	-1.03	-0.00	-1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

3DAX.DE vs. DSPY.DE - Sharpe Ratio Comparison

The current 3DAX.DE Sharpe Ratio is -0.27, which is lower than the DSPY.DE Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of 3DAX.DE and DSPY.DE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	3DAX.DE	DSPY.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.27	-0.20	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	-0.33	+0.97

Correlation

The correlation between 3DAX.DE and DSPY.DE is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

3DAX.DE vs. DSPY.DE - Dividend Comparison

3DAX.DE has not paid dividends to shareholders, while DSPY.DE's dividend yield for the trailing twelve months is around 62.20%.

	TTM	2025
3DAX.DE Leverage Shares 3x Long Germany 40 ETP Securities	0.00%	0.00%
DSPY.DE IncomeShares S&P500 Options (0DTE) ETP EUR	62.20%	87.09%

Drawdowns

3DAX.DE vs. DSPY.DE - Drawdown Comparison

The maximum 3DAX.DE drawdown since its inception was -42.58%, which is greater than DSPY.DE's maximum drawdown of -24.16%. Use the drawdown chart below to compare losses from any high point for 3DAX.DE and DSPY.DE.

Drawdown Indicators

	3DAX.DE	DSPY.DE	Difference
Max Drawdown Largest peak-to-trough decline	-42.58%	-24.16%	-18.42%
Max Drawdown (1Y) Largest decline over 1 year	-35.67%	-24.16%	-11.51%
Current Drawdown Current decline from peak	-27.26%	-24.16%	-3.10%
Average Drawdown Average peak-to-trough decline	-8.86%	-9.56%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.66%	10.16%	+2.50%

Volatility

3DAX.DE vs. DSPY.DE - Volatility Comparison

Leverage Shares 3x Long Germany 40 ETP Securities (3DAX.DE) has a higher volatility of 20.49% compared to IncomeShares S&P500 Options (0DTE) ETP EUR (DSPY.DE) at 5.85%. This indicates that 3DAX.DE's price experiences larger fluctuations and is considered to be riskier than DSPY.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3DAX.DE	DSPY.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.49%	5.85%	+14.64%
Volatility (6M) Calculated over the trailing 6-month period	33.90%	22.89%	+11.01%
Volatility (1Y) Calculated over the trailing 1-year period	54.78%	26.87%	+27.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.02%	24.16%	+21.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.02%	24.16%	+21.86%