3MSF.L vs. 3AAP.L
3MSF.L (Leverage Shares 3x Microsoft ETP GBP) and 3AAP.L (Leverage Shares 3x Apple ETP Securities GBP) are both Leveraged Equities funds from Leverage Shares - 3MSF.L tracks the iSTOXX Leveraged 3X MSFT Index while 3AAP.L tracks the iSTOXX Leveraged 3X AAPL Index. Both are passively managed. Over the past 5 years, 3MSF.L returned 0.77%/yr vs 24.38%/yr for 3AAP.L. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.75% expense ratio.
Performance
3MSF.L vs. 3AAP.L - Performance Comparison
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Returns By Period
In the year-to-date period, 3MSF.L achieves a -45.14% return, which is significantly lower than 3AAP.L's 31.14% return.
3MSF.L
- 1D
- -11.81%
- 1M
- 6.51%
- YTD
- -45.14%
- 6M
- -44.62%
- 1Y
- -44.21%
- 3Y*
- -9.44%
- 5Y*
- 0.77%
- 10Y*
- —
3AAP.L
- 1D
- -0.91%
- 1M
- 31.94%
- YTD
- 31.14%
- 6M
- 10.42%
- 1Y
- 170.24%
- 3Y*
- 19.08%
- 5Y*
- 24.38%
- 10Y*
- —
3MSF.L vs. 3AAP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
3MSF.L Leverage Shares 3x Microsoft ETP GBP | -45.14% | -1.14% | 15.47% | 170.19% | -74.05% | 203.49% | 36.73% |
3AAP.L Leverage Shares 3x Apple ETP Securities GBP | 31.14% | -28.23% | 70.02% | 151.70% | -73.70% | 95.43% | 218.42% |
Correlation
The correlation between 3MSF.L and 3AAP.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2020 | 0.54 |
Over the past year, the correlation between 3MSF.L and 3AAP.L has dropped to 0.12 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.
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Return for Risk
3MSF.L vs. 3AAP.L — Risk / Return Rank
3MSF.L
3AAP.L
3MSF.L vs. 3AAP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Microsoft ETP GBP (3MSF.L) and Leverage Shares 3x Apple ETP Securities GBP (3AAP.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.
| 3MSF.L | 3AAP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -3.04 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.37 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 3.81 | -4.37 |
| Martin ratioReturn relative to average drawdown | -0.93 | 7.49 | -8.42 |
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
| 3MSF.L | 3AAP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.50 | 1.71 | -2.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.28 | -0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 0.42 | -0.28 |
Drawdowns
3MSF.L vs. 3AAP.L - Drawdown Comparison
The maximum 3MSF.L drawdown since its inception was -81.42%, which is greater than 3AAP.L's maximum drawdown of -75.66%. Use the drawdown chart below to compare losses from any high point for 3MSF.L and 3AAP.L.
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Drawdown Indicators
| 3MSF.L | 3AAP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.42% | -75.66% | -5.76% |
Max Drawdown (1Y)Largest decline over 1 year | -79.39% | -44.36% | -35.03% |
Max Drawdown (3Y)Largest decline over 3 years | -79.39% | -73.42% | -5.97% |
Max Drawdown (5Y)Largest decline over 5 years | -81.42% | -75.66% | -5.76% |
Current DrawdownCurrent decline from peak | -68.80% | -8.43% | -60.37% |
Average DrawdownAverage peak-to-trough decline | -36.10% | -34.86% | -1.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.63% | 22.63% | +25.00% |
Volatility
3MSF.L vs. 3AAP.L - Volatility Comparison
Leverage Shares 3x Microsoft ETP GBP (3MSF.L) has a higher volatility of 31.08% compared to Leverage Shares 3x Apple ETP Securities GBP (3AAP.L) at 16.17%. This indicates that 3MSF.L's price experiences larger fluctuations and is considered to be riskier than 3AAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 3MSF.L | 3AAP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.08% | 16.17% | +14.91% |
Volatility (6M)Calculated over the trailing 6-month period | 75.06% | 49.10% | +25.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 88.42% | 98.79% | -10.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.52% | 86.96% | -6.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.24% | 88.98% | -8.74% |
3MSF.L vs. 3AAP.L - Expense Ratio Comparison
Both 3MSF.L and 3AAP.L have an expense ratio of 0.75%.
Dividends
3MSF.L vs. 3AAP.L - Dividend Comparison
Neither 3MSF.L nor 3AAP.L has paid dividends to shareholders.
Frequently Asked Questions
3MSF.L and 3AAP.L have a correlation of 0.12, 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.
3MSF.L and 3AAP.L have the same expense ratio: 0.75% per year.
3MSF.L tracks iSTOXX Leveraged 3X MSFT Index, while 3AAP.L tracks iSTOXX Leveraged 3X AAPL Index.
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