3MSE.L vs. 2NFL.L
3MSE.L (Leverage Shares 3x Microsoft ETP EUR) and 2NFL.L (Leverage Shares 2x Netflix ETC A GBP) are both Leveraged Equities funds from Leverage Shares - 3MSE.L tracks the iSTOXX Leveraged 3X MSFT Index while 2NFL.L tracks the NYSE Leveraged 2x NFLX Index. Both are passively managed. Over the past 5 years, 3MSE.L returned -10.30%/yr vs -13.74%/yr for 2NFL.L. At a 0.41 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
3MSE.L vs. 2NFL.L - Performance Comparison
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Different Trading Currencies
3MSE.L is traded in EUR, while 2NFL.L is traded in GBp. To make them comparable, the 2NFL.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, 3MSE.L achieves a -62.40% return, which is significantly lower than 2NFL.L's -44.61% return.
3MSE.L
- 1D
- 0.00%
- 1M
- -28.26%
- YTD
- -62.40%
- 6M
- -62.31%
- 1Y
- -68.46%
- 3Y*
- -18.77%
- 5Y*
- -10.30%
- 10Y*
- —
2NFL.L
- 1D
- -0.80%
- 1M
- -31.51%
- YTD
- -44.61%
- 6M
- -44.36%
- 1Y
- -73.88%
- 3Y*
- 17.27%
- 5Y*
- -13.74%
- 10Y*
- —
3MSE.L vs. 2NFL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
3MSE.L Leverage Shares 3x Microsoft ETP EUR | -62.40% | -6.09% | 20.99% | 175.47% | -76.35% | 237.47% | 36.89% |
2NFL.L Leverage Shares 2x Netflix ETC A GBP | -44.61% | -24.20% | 207.11% | 119.80% | -87.77% | 31.08% | 27.71% |
Correlation
The correlation between 3MSE.L and 2NFL.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.41 |
The correlation between 3MSE.L and 2NFL.L shifts across timeframes, from 0.26 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
3MSE.L vs. 2NFL.L — Risk / Return Rank
3MSE.L
2NFL.L
3MSE.L vs. 2NFL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Microsoft ETP EUR (3MSE.L) and Leverage Shares 2x Netflix ETC A GBP (2NFL.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| 3MSE.L | 2NFL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.72 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.98 | +0.08 |
| Martin ratioReturn relative to average drawdown | -1.45 | -1.53 | +0.08 |
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Drawdowns
3MSE.L vs. 2NFL.L - Drawdown Comparison
The maximum 3MSE.L drawdown since its inception was -82.27%, smaller than the maximum 2NFL.L drawdown of -96.05%. Use the drawdown chart below to compare losses from any high point for 3MSE.L and 2NFL.L.
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Drawdown Indicators
| 3MSE.L | 2NFL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.27% | -96.05% | +13.78% |
Max Drawdown (1Y)Largest decline over 1 year | -76.33% | -75.19% | -1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -76.33% | -75.19% | -1.14% |
Max Drawdown (5Y)Largest decline over 5 years | -82.27% | -96.05% | +13.78% |
Current DrawdownCurrent decline from peak | -75.51% | -75.19% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -36.08% | -51.83% | +15.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.14% | 48.23% | -1.09% |
Volatility
3MSE.L vs. 2NFL.L - Volatility Comparison
Leverage Shares 3x Microsoft ETP EUR (3MSE.L) has a higher volatility of 32.61% compared to Leverage Shares 2x Netflix ETC A GBP (2NFL.L) at 15.06%. This indicates that 3MSE.L's price experiences larger fluctuations and is considered to be riskier than 2NFL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 3MSE.L | 2NFL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.61% | 15.06% | +17.55% |
Volatility (6M)Calculated over the trailing 6-month period | 76.21% | 51.52% | +24.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 83.19% | 64.31% | +18.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.97% | 92.46% | -15.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 76.51% | 87.98% | -11.47% |
3MSE.L vs. 2NFL.L - Expense Ratio Comparison
Both 3MSE.L and 2NFL.L have an expense ratio of 0.75%.
Dividends
3MSE.L vs. 2NFL.L - Dividend Comparison
Neither 3MSE.L nor 2NFL.L has paid dividends to shareholders.
Frequently Asked Questions
3MSE.L and 2NFL.L have a correlation of 0.26, 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.
3MSE.L and 2NFL.L have the same expense ratio: 0.75% per year.
3MSE.L tracks iSTOXX Leveraged 3X MSFT Index, while 2NFL.L tracks NYSE Leveraged 2x NFLX Index.
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