3PYE.L vs. 3MSF.L

Last updated Jun 26, 2026

3PYE.L (Leverage Shares 3x PayPal ETP Securities EUR) and 3MSF.L (Leverage Shares 3x Microsoft ETP GBP) are both Leveraged Equities funds from Leverage Shares - 3PYE.L tracks the iSTOXX Leveraged 3x PYPL Index while 3MSF.L tracks the iSTOXX Leveraged 3X MSFT Index. Both are passively managed. Over the past 5 years, 3PYE.L returned -85.34%/yr vs -13.20%/yr for 3MSF.L. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

3PYE.L vs. 3MSF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Leverage Shares 3x PayPal ETP Securities EUR (3PYE.L) and Leverage Shares 3x Microsoft ETP GBP (3MSF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

3PYE.L is traded in EUR, while 3MSF.L is traded in GBp. To make them comparable, the 3MSF.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, 3PYE.L achieves a -73.45% return, which is significantly lower than 3MSF.L's -68.17% return.

3PYE.L

• 1D: -2.67%
• 1M: -9.32%
• YTD: -73.45%
• 6M: -73.84%
• 1Y: -89.68%
• 3Y*: -66.10%
• 5Y*: -85.34%
• 10Y*: —

3MSF.L

• 1D: -15.29%
• 1M: -39.47%
• YTD: -68.17%
• 6M: -68.10%
• 1Y: -73.30%
• 3Y*: -23.18%
• 5Y*: -13.20%
• 10Y*: —

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

3PYE.L vs. 3MSF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
3PYE.L Leverage Shares 3x PayPal ETP Securities EUR	-73.45%	-85.07%	59.76%	-60.67%	-98.90%	-70.48%
3MSF.L Leverage Shares 3x Microsoft ETP GBP	-68.17%	-6.29%	21.04%	175.92%	-75.39%	181.34%

Correlation

The correlation between 3PYE.L and 3MSF.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Mar 15, 2021	0.39

3PYE.L vs. 3MSF.L - Sectors Allocation Comparison

Sectors	3PYE.L	3MSF.L
Financial Services	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

3PYE.L vs. 3MSF.L — Risk / Return Rank

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

3PYE.L

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

3MSF.L

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

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.

3PYE.L vs. 3MSF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x PayPal ETP Securities EUR (3PYE.L) and Leverage Shares 3x Microsoft ETP GBP (3MSF.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.

	3PYE.L	3MSF.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	-0.89	+0.10
Sortino ratio: Return per unit of downside risk	-1.58	-1.47	-0.12
Omega ratio: Gain probability vs. loss probability	0.78	0.81	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.97	-0.92	-0.04
Martin ratio: Return relative to average drawdown	-1.33	-1.55	+0.22

3PYE.L vs. 3MSF.L - Sharpe Ratio Comparison

The current 3PYE.L Sharpe Ratio is -0.78, which is comparable to the 3MSF.L Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of 3PYE.L and 3MSF.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.

Drawdowns

3PYE.L vs. 3MSF.L - Drawdown Comparison

The maximum 3PYE.L drawdown since its inception was -100.00%, which is greater than 3MSF.L's maximum drawdown of -82.31%. Use the drawdown chart below to compare losses from any high point for 3PYE.L and 3MSF.L.

Drawdown Indicators

	3PYE.L	3MSF.L	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-82.31%	-17.69%
Max Drawdown (1Y) Largest decline over 1 year	-92.53%	-79.18%	-13.35%
Max Drawdown (3Y) Largest decline over 3 years	-97.64%	-79.18%	-18.46%
Max Drawdown (5Y) Largest decline over 5 years	-100.00%	-82.31%	-17.69%
Current Drawdown Current decline from peak	-99.99%	-79.18%	-20.81%
Average Drawdown Average peak-to-trough decline	-89.32%	-36.12%	-53.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.47%	47.24%	+20.23%

Volatility

3PYE.L vs. 3MSF.L - Volatility Comparison

The current volatility for Leverage Shares 3x PayPal ETP Securities EUR (3PYE.L) is 29.25%, while Leverage Shares 3x Microsoft ETP GBP (3MSF.L) has a volatility of 36.49%. This indicates that 3PYE.L experiences smaller price fluctuations and is considered to be less risky than 3MSF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3PYE.L	3MSF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.25%	36.49%	-7.24%
Volatility (6M) Calculated over the trailing 6-month period	109.59%	78.11%	+31.48%
Volatility (1Y) Calculated over the trailing 1-year period	114.40%	82.57%	+31.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	121.32%	78.80%	+42.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	119.89%	77.97%	+41.92%

3PYE.L vs. 3MSF.L - Expense Ratio Comparison

Both 3PYE.L and 3MSF.L have an expense ratio of 0.75%.

Dividends

3PYE.L vs. 3MSF.L - Dividend Comparison

Neither 3PYE.L nor 3MSF.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 3PYE.L and 3MSF.L in my portfolio?

3PYE.L and 3MSF.L have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 3PYE.L or 3MSF.L?

Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 3PYE.L or 3MSF.L?

3PYE.L and 3MSF.L have the same expense ratio: 0.75% per year.

What is the main difference between 3PYE.L and 3MSF.L?

3PYE.L tracks iSTOXX Leveraged 3x PYPL Index, while 3MSF.L tracks iSTOXX Leveraged 3X MSFT Index.