3GDX.L vs. 2MU.L

Last updated Apr 1, 2026

Compare and contrast key facts about Leverage Shares 3x Long Gold Miners ETC (3GDX.L) and Leverage Shares 2x Micron Technology ETC GBP (2MU.L).

3GDX.L and 2MU.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 3GDX.L is an actively managed fund by Leverage Shares. It was launched on Dec 10, 2021. 2MU.L is a passively managed fund by Leverage Shares that tracks the performance of the iSTOXX Leveraged 2X MU Index. It was launched on Jun 4, 2020.

Performance

3GDX.L vs. 2MU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 3x Long Gold Miners ETC (3GDX.L) and Leverage Shares 2x Micron Technology ETC GBP (2MU.L). The values are adjusted to include any dividend payments, if applicable.

3GDX.L vs. 2MU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
3GDX.L Leverage Shares 3x Long Gold Miners ETC	-16.91%	723.93%	-17.15%	-19.21%	-52.89%	16.47%
2MU.L Leverage Shares 2x Micron Technology ETC GBP	7.04%	599.32%	-31.75%	155.76%	-78.89%	27.15%

Different Trading Currencies

3GDX.L is traded in USD, while 2MU.L is traded in GBp. To make them comparable, the 2MU.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, 3GDX.L achieves a -16.91% return, which is significantly lower than 2MU.L's 7.04% return.

3GDX.L

• 1D: 8.89%
• 1M: -56.99%
• YTD: -16.91%
• 6M: -1.15%
• 1Y: 219.83%
• 3Y*: 54.76%
• 5Y*: —
• 10Y*: —

2MU.L

• 1D: -8.63%
• 1M: -41.85%
• YTD: 7.04%
• 6M: 187.89%
• 1Y: 760.91%
• 3Y*: 108.35%
• 5Y*: 20.84%
• 10Y*: —

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

3GDX.L vs. 2MU.L - Expense Ratio Comparison

Both 3GDX.L and 2MU.L have an expense ratio of 0.75%.

3GDX.L

Leverage Shares 3x Long Gold Miners ETC

2MU.L

Leverage Shares 2x Micron Technology ETC GBP

Return for Risk

3GDX.L vs. 2MU.L — Risk / Return Rank

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

3GDX.L

3GDX.L Risk / Return Rank: 83
3GDX.L Sharpe Ratio Rank: 84
3GDX.L Sortino Ratio Rank: 84
3GDX.L Omega Ratio Rank: 78
3GDX.L Calmar Ratio Rank: 89
3GDX.L Martin Ratio Rank: 78

2MU.L

2MU.L Risk / Return Rank: 98
2MU.L Sharpe Ratio Rank: 99
2MU.L Sortino Ratio Rank: 97
2MU.L Omega Ratio Rank: 95
2MU.L Calmar Ratio Rank: 99
2MU.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.

3GDX.L vs. 2MU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long Gold Miners ETC (3GDX.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.

	3GDX.L	2MU.L	Difference
Sharpe ratio Return per unit of total volatility	1.67	6.35	-4.68
Sortino ratio Return per unit of downside risk	2.23	3.79	-1.57
Omega ratio Gain probability vs. loss probability	1.30	1.49	-0.19
Calmar ratio Return relative to maximum drawdown	3.00	13.02	-10.02
Martin ratio Return relative to average drawdown	8.43	38.55	-30.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

3GDX.L vs. 2MU.L - Sharpe Ratio Comparison

The current 3GDX.L Sharpe Ratio is 1.67, which is lower than the 2MU.L Sharpe Ratio of 6.35. The chart below compares the historical Sharpe Ratios of 3GDX.L and 2MU.L, 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

	3GDX.L	2MU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	6.35	-4.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.41	-0.18

Correlation

The correlation between 3GDX.L and 2MU.L is 0.16, 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

3GDX.L vs. 2MU.L - Dividend Comparison

Neither 3GDX.L nor 2MU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

3GDX.L vs. 2MU.L - Drawdown Comparison

The maximum 3GDX.L drawdown since its inception was -89.13%, roughly equal to the maximum 2MU.L drawdown of -89.07%. Use the drawdown chart below to compare losses from any high point for 3GDX.L and 2MU.L.

Drawdown Indicators

	3GDX.L	2MU.L	Difference
Max Drawdown Largest peak-to-trough decline	-89.13%	-89.16%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-69.66%	-53.20%	-16.46%
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	-59.62%	-53.20%	-6.42%
Average Drawdown Average peak-to-trough decline	-60.70%	-45.85%	-14.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.80%	17.92%	+6.88%

Volatility

3GDX.L vs. 2MU.L - Volatility Comparison

Leverage Shares 3x Long Gold Miners ETC (3GDX.L) has a higher volatility of 53.47% compared to Leverage Shares 2x Micron Technology ETC GBP (2MU.L) at 39.46%. This indicates that 3GDX.L's price experiences larger fluctuations and is considered to be riskier than 2MU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3GDX.L	2MU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.47%	39.46%	+14.01%
Volatility (6M) Calculated over the trailing 6-month period	110.92%	88.88%	+22.04%
Volatility (1Y) Calculated over the trailing 1-year period	130.53%	118.91%	+11.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	104.26%	100.52%	+3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	104.26%	97.93%	+6.33%