3MST.L vs. SPYY.L
3MST.L (Leverage Shares 3x Long MicroStrategy ETP) and SPYY.L (IncomeShares S&P500 Options (0DTE) ETP) are both exchange-traded funds - 3MST.L is a Leveraged Equities fund tracking the Euronext 3x Long MicroStrategy Index, while SPYY.L is a Derivative Income fund actively managed by Leverage Shares. 3MST.L is passively managed, while SPYY.L is actively managed. Over the past year, 3MST.L returned -99.29% vs 10.70% for SPYY.L. At a 0.36 correlation, their price movements are largely independent. 3MST.L charges 0.75%/yr vs 0.45%/yr for SPYY.L.
Performance
3MST.L vs. SPYY.L - Performance Comparison
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Returns By Period
In the year-to-date period, 3MST.L achieves a -78.63% return, which is significantly lower than SPYY.L's -3.36% return.
3MST.L
- 1D
- -8.62%
- 1M
- -71.71%
- YTD
- -78.63%
- 6M
- -88.77%
- 1Y
- -99.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPYY.L
- 1D
- -0.10%
- 1M
- 2.88%
- YTD
- -3.36%
- 6M
- -2.52%
- 1Y
- 10.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
3MST.L vs. SPYY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
3MST.L Leverage Shares 3x Long MicroStrategy ETP | -78.63% | -98.41% | 164.28% |
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | -3.36% | 16.00% | -7.06% |
Correlation
The correlation between 3MST.L and SPYY.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024 | 0.36 |
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Return for Risk
3MST.L vs. SPYY.L — Risk / Return Rank
3MST.L
SPYY.L
3MST.L vs. SPYY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long MicroStrategy ETP (3MST.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.
| 3MST.L | SPYY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.19 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 0.71 | -1.71 |
| Martin ratioReturn relative to average drawdown | -1.21 | 2.23 | -3.44 |
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
| 3MST.L | SPYY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.50 | 0.83 | -1.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | 0.26 | -0.66 |
Drawdowns
3MST.L vs. SPYY.L - Drawdown Comparison
The maximum 3MST.L drawdown since its inception was -99.94%, which is greater than SPYY.L's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for 3MST.L and SPYY.L.
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Drawdown Indicators
| 3MST.L | SPYY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -17.71% | -82.23% |
Max Drawdown (1Y)Largest decline over 1 year | -99.53% | -14.91% | -84.62% |
Current DrawdownCurrent decline from peak | -99.94% | -4.42% | -95.52% |
Average DrawdownAverage peak-to-trough decline | -85.39% | -4.76% | -80.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 82.32% | 4.79% | +77.53% |
Volatility
3MST.L vs. SPYY.L - Volatility Comparison
Leverage Shares 3x Long MicroStrategy ETP (3MST.L) has a higher volatility of 61.01% compared to IncomeShares S&P500 Options (0DTE) ETP (SPYY.L) at 2.78%. This indicates that 3MST.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
| 3MST.L | SPYY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 61.01% | 2.78% | +58.23% |
Volatility (6M)Calculated over the trailing 6-month period | 160.17% | 9.59% | +150.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 198.97% | 12.77% | +186.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 236.29% | 14.47% | +221.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 236.29% | 14.47% | +221.82% |
3MST.L vs. SPYY.L - Expense Ratio Comparison
3MST.L has a 0.75% expense ratio, which is higher than SPYY.L's 0.45% expense ratio.
Dividends
3MST.L vs. SPYY.L - Dividend Comparison
3MST.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 |
|---|---|---|---|
3MST.L Leverage Shares 3x Long MicroStrategy ETP | 0.00% | 0.00% | 0.00% |
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | 34.35% | 82.07% | 2.84% |
Frequently Asked Questions
3MST.L and SPYY.L have a correlation of 0.31, 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 3MST.L.
3MST.L is categorized as Leveraged Equities, while SPYY.L is Derivative Income. Their fees differ too: 0.75% for 3MST.L and 0.45% for SPYY.L.
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