3PYE.L vs. 3TSM.L

Last updated Jun 4, 2026

3PYE.L (Leverage Shares 3x PayPal ETP Securities EUR) and 3TSM.L (Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities) are both Leveraged Equities funds from Leverage Shares - 3PYE.L tracks the iSTOXX Leveraged 3x PYPL Index while 3TSM.L tracks the iSTOXX Leveraged 3x TSM Index. Both are passively managed. Over the past 3 years, 3PYE.L returned -65.15%/yr vs 139.67%/yr for 3TSM.L. At a 0.28 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

3PYE.L vs. 3TSM.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 Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

3PYE.L is traded in EUR, while 3TSM.L is traded in USD. To make them comparable, the 3TSM.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 -73.82% return, which is significantly lower than 3TSM.L's 145.30% return.

3PYE.L

• 1D: -12.46%
• 1M: -41.94%
• YTD: -73.82%
• 6M: -77.23%
• 1Y: -89.21%
• 3Y*: -65.15%
• 5Y*: -84.45%
• 10Y*: —

3TSM.L

• 1D: -1.54%
• 1M: 31.90%
• YTD: 145.30%
• 6M: 155.50%
• 1Y: 568.29%
• 3Y*: 139.67%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
3PYE.L Leverage Shares 3x PayPal ETP Securities EUR	-73.82%	-85.07%	59.76%	-60.67%	-98.90%	0.07%
3TSM.L Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities	145.30%	41.49%	314.61%	84.80%	-84.30%	5.70%

Correlation

The correlation between 3PYE.L and 3TSM.L is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	0.28

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

Sectors	3PYE.L	3TSM.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. 3TSM.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: 1
3PYE.L Sharpe Ratio Rank: 3
3PYE.L Sortino Ratio Rank: 1
3PYE.L Omega Ratio Rank: 1
3PYE.L Calmar Ratio Rank: 1
3PYE.L Martin Ratio Rank: 2

3TSM.L

3TSM.L Risk / Return Rank: 91
3TSM.L Sharpe Ratio Rank: 98
3TSM.L Sortino Ratio Rank: 87
3TSM.L Omega Ratio Rank: 76
3TSM.L Calmar Ratio Rank: 97
3TSM.L Martin Ratio Rank: 96

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. 3TSM.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 Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.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.

	3PYE.L	3TSM.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.77	5.34	-6.12
Sortino ratio: Return per unit of downside risk	-1.51	3.93	-5.44
Omega ratio: Gain probability vs. loss probability	0.79	1.45	-0.66
Calmar ratio: Return relative to maximum drawdown	-0.96	12.49	-13.45
Martin ratio: Return relative to average drawdown	-1.41	35.35	-36.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current 3PYE.L Sharpe Ratio is -0.77, which is lower than the 3TSM.L Sharpe Ratio of 5.34. The chart below compares the historical Sharpe Ratios of 3PYE.L and 3TSM.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

	3PYE.L	3TSM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.77	5.34	-6.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.69	0.35	-1.04

Drawdowns

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

The maximum 3PYE.L drawdown since its inception was -100.00%, which is greater than 3TSM.L's maximum drawdown of -92.67%. Use the drawdown chart below to compare losses from any high point for 3PYE.L and 3TSM.L.

Drawdown Indicators

	3PYE.L	3TSM.L	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-92.67%	-7.33%
Max Drawdown (1Y) Largest decline over 1 year	-92.47%	-45.11%	-47.36%
Max Drawdown (3Y) Largest decline over 3 years	-97.62%	-82.84%	-14.78%
Max Drawdown (5Y) Largest decline over 5 years	-100.00%	—	—
Current Drawdown Current decline from peak	-99.99%	-1.54%	-98.45%
Average Drawdown Average peak-to-trough decline	-89.28%	-54.87%	-34.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	63.51%	15.97%	+47.54%

Volatility

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

Leverage Shares 3x PayPal ETP Securities EUR (3PYE.L) and Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.L) have volatilities of 35.97% and 37.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3PYE.L	3TSM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.97%	37.35%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	108.43%	77.19%	+31.24%
Volatility (1Y) Calculated over the trailing 1-year period	115.23%	105.61%	+9.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	121.20%	113.61%	+7.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	119.98%	113.61%	+6.37%

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

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

Dividends

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

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

3PYE.L and 3TSM.L have a correlation of 0.20, 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 3TSM.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 3TSM.L?

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

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

3PYE.L tracks iSTOXX Leveraged 3x PYPL Index, while 3TSM.L tracks iSTOXX Leveraged 3x TSM Index.