3MST.L vs. XS2D.L

Last updated Jun 5, 2026

3MST.L (Leverage Shares 3x Long MicroStrategy ETP) and XS2D.L (Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C) are both Leveraged Equities funds - 3MST.L tracks the Euronext 3x Long MicroStrategy Index while XS2D.L tracks the S&P 500 2x Leveraged Daily Index. Both are passively managed. Over the past year, 3MST.L returned -99.29% vs 53.75% for XS2D.L. At a 0.44 correlation, their price movements are largely independent. 3MST.L charges 0.75%/yr vs 0.60%/yr for XS2D.L.

Performance

3MST.L vs. XS2D.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 3x Long MicroStrategy ETP (3MST.L) and Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 3MST.L achieves a -78.63% return, which is significantly lower than XS2D.L's 18.65% return.

3MST.L

• 1D: -8.62%
• 1M: -71.71%
• YTD: -78.63%
• 6M: -88.77%
• 1Y: -99.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XS2D.L

• 1D: 0.01%
• 1M: 8.78%
• YTD: 18.65%
• 6M: 19.83%
• 1Y: 53.75%
• 3Y*: 38.35%
• 5Y*: 20.41%
• 10Y*: 24.30%

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

3MST.L vs. XS2D.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
3MST.L Leverage Shares 3x Long MicroStrategy ETP	-78.63%	-98.41%	164.28%
XS2D.L Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C	18.65%	26.58%	5.57%

Correlation

The correlation between 3MST.L and XS2D.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024	0.44

Return for Risk

3MST.L vs. XS2D.L — Risk / Return Rank

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

3MST.L

3MST.L Risk / Return Rank: 2
3MST.L Sharpe Ratio Rank: 5
3MST.L Sortino Ratio Rank: 1
3MST.L Omega Ratio Rank: 1
3MST.L Calmar Ratio Rank: 0
3MST.L Martin Ratio Rank: 3

XS2D.L

XS2D.L Risk / Return Rank: 68
XS2D.L Sharpe Ratio Rank: 71
XS2D.L Sortino Ratio Rank: 69
XS2D.L Omega Ratio Rank: 65
XS2D.L Calmar Ratio Rank: 65
XS2D.L Martin Ratio Rank: 72

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.

3MST.L vs. XS2D.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 Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.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	XS2D.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	2.29	-2.79
Sortino ratio: Return per unit of downside risk	-2.06	3.11	-5.17
Omega ratio: Gain probability vs. loss probability	0.78	1.38	-0.60
Calmar ratio: Return relative to maximum drawdown	-1.00	3.16	-4.16
Martin ratio: Return relative to average drawdown	-1.21	13.31	-14.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

3MST.L vs. XS2D.L - Sharpe Ratio Comparison

The current 3MST.L Sharpe Ratio is -0.50, which is lower than the XS2D.L Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of 3MST.L and XS2D.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	3MST.L	XS2D.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.50	2.29	-2.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.40	0.81	-1.21

Drawdowns

3MST.L vs. XS2D.L - Drawdown Comparison

The maximum 3MST.L drawdown since its inception was -99.94%, which is greater than XS2D.L's maximum drawdown of -59.31%. Use the drawdown chart below to compare losses from any high point for 3MST.L and XS2D.L.

Drawdown Indicators

	3MST.L	XS2D.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.94%	-59.31%	-40.63%
Max Drawdown (1Y) Largest decline over 1 year	-99.53%	-16.91%	-82.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.01%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.31%	—
Current Drawdown Current decline from peak	-99.94%	-1.11%	-98.83%
Average Drawdown Average peak-to-trough decline	-85.39%	-9.00%	-76.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	82.32%	4.03%	+78.29%

Volatility

3MST.L vs. XS2D.L - Volatility Comparison

Leverage Shares 3x Long MicroStrategy ETP (3MST.L) has a higher volatility of 61.01% compared to Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) at 6.29%. This indicates that 3MST.L's price experiences larger fluctuations and is considered to be riskier than XS2D.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3MST.L	XS2D.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	61.01%	6.29%	+54.72%
Volatility (6M) Calculated over the trailing 6-month period	160.17%	17.01%	+143.16%
Volatility (1Y) Calculated over the trailing 1-year period	198.97%	23.39%	+175.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	236.29%	31.74%	+204.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	236.29%	32.41%	+203.88%

3MST.L vs. XS2D.L - Expense Ratio Comparison

3MST.L has a 0.75% expense ratio, which is higher than XS2D.L's 0.60% expense ratio.

Dividends

3MST.L vs. XS2D.L - Dividend Comparison

Neither 3MST.L nor XS2D.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 3MST.L and XS2D.L in my portfolio?

3MST.L and XS2D.L have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 3MST.L or XS2D.L?

On fees, XS2D.L is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 3MST.L or XS2D.L?

XS2D.L is cheaper with a 0.60% expense ratio, compared with 0.75% for 3MST.L.

What is the main difference between 3MST.L and XS2D.L?

3MST.L tracks Euronext 3x Long MicroStrategy Index, while XS2D.L tracks S&P 500 2x Leveraged Daily Index. They also come from different issuers: Leverage Shares and Xtrackers. Their fees differ too: 0.75% for 3MST.L and 0.60% for XS2D.L.