3MSE.L vs. SPYY.L
3MSE.L (Leverage Shares 3x Microsoft ETP EUR) and SPYY.L (IncomeShares S&P500 Options (0DTE) ETP) are both exchange-traded funds - 3MSE.L is a Leveraged Equities fund tracking the iSTOXX Leveraged 3X MSFT Index, while SPYY.L is a Derivative Income fund actively managed by Leverage Shares. 3MSE.L is passively managed, while SPYY.L is actively managed. Over the past year, 3MSE.L returned -44.84% vs 8.84% for SPYY.L. At a 0.37 correlation, their price movements are largely independent. 3MSE.L charges 0.75%/yr vs 0.45%/yr for SPYY.L.
Performance
3MSE.L vs. SPYY.L - Performance Comparison
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Different Trading Currencies
3MSE.L is traded in EUR, while SPYY.L is traded in USD. To make them comparable, the SPYY.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 -43.10% return, which is significantly lower than SPYY.L's -2.26% return.
3MSE.L
- 1D
- 1.70%
- 1M
- 11.46%
- YTD
- -43.10%
- 6M
- -41.34%
- 1Y
- -44.84%
- 3Y*
- -9.58%
- 5Y*
- 2.59%
- 10Y*
- —
SPYY.L
- 1D
- -0.24%
- 1M
- 3.57%
- YTD
- -2.26%
- 6M
- -2.26%
- 1Y
- 8.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
3MSE.L vs. SPYY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
3MSE.L Leverage Shares 3x Microsoft ETP EUR | -43.10% | -6.09% | 10.75% |
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | -2.26% | 2.24% | 2.37% |
Correlation
The correlation between 3MSE.L and SPYY.L is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024 | 0.37 |
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Return for Risk
3MSE.L vs. SPYY.L — Risk / Return Rank
3MSE.L
SPYY.L
3MSE.L vs. SPYY.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 IncomeShares S&P500 Options (0DTE) ETP (SPYY.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.
| 3MSE.L | SPYY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.14 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 0.60 | -1.19 |
| Martin ratioReturn relative to average drawdown | -1.02 | 1.68 | -2.70 |
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
| 3MSE.L | SPYY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.56 | 0.62 | -1.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.03 | 0.08 | -0.05 |
Drawdowns
3MSE.L vs. SPYY.L - Drawdown Comparison
The maximum 3MSE.L drawdown since its inception was -82.27%, which is greater than SPYY.L's maximum drawdown of -20.45%. Use the drawdown chart below to compare losses from any high point for 3MSE.L and SPYY.L.
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Drawdown Indicators
| 3MSE.L | SPYY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.27% | -20.45% | -61.82% |
Max Drawdown (1Y)Largest decline over 1 year | -76.12% | -14.57% | -61.55% |
Max Drawdown (3Y)Largest decline over 3 years | -76.12% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -82.27% | — | — |
Current DrawdownCurrent decline from peak | -62.77% | -4.24% | -58.53% |
Average DrawdownAverage peak-to-trough decline | -37.79% | -5.71% | -32.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.75% | 5.26% | +38.49% |
Volatility
3MSE.L vs. SPYY.L - Volatility Comparison
Leverage Shares 3x Microsoft ETP EUR (3MSE.L) has a higher volatility of 30.73% compared to IncomeShares S&P500 Options (0DTE) ETP (SPYY.L) at 2.87%. This indicates that 3MSE.L's price experiences larger fluctuations and is considered to be riskier than SPYY.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 | SPYY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.73% | 2.87% | +27.86% |
Volatility (6M)Calculated over the trailing 6-month period | 75.06% | 9.76% | +65.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 79.14% | 14.23% | +64.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.61% | 16.67% | +61.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.17% | 16.67% | +63.50% |
3MSE.L vs. SPYY.L - Expense Ratio Comparison
3MSE.L has a 0.75% expense ratio, which is higher than SPYY.L's 0.45% expense ratio.
Dividends
3MSE.L vs. SPYY.L - Dividend Comparison
3MSE.L has not paid dividends to shareholders, while SPYY.L's dividend yield for the trailing twelve months is around 34.35%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
3MSE.L Leverage Shares 3x Microsoft ETP EUR | 0.00% | 0.00% | 0.00% |
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | 34.35% | 82.07% | 2.84% |
Frequently Asked Questions
3MSE.L and SPYY.L have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYY.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYY.L is cheaper with a 0.45% expense ratio, compared with 0.75% for 3MSE.L.
3MSE.L is categorized as Leveraged Equities, while SPYY.L is Derivative Income. Their fees differ too: 0.75% for 3MSE.L and 0.45% for SPYY.L.
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