3SPY.L vs. 3USL.L

Last updated Apr 2, 2026

Compare and contrast key facts about Leverage Shares 3x Long US 500 ETP Securities (3SPY.L) and WisdomTree S&P 500 3x Daily Leveraged GB (3USL.L).

3SPY.L and 3USL.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 3SPY.L is an actively managed fund by Leverage Shares. It was launched on Jun 6, 2022. 3USL.L is a passively managed fund by WisdomTree that tracks the performance of the S&P 500 Net Total Returns Index. It was launched on Dec 13, 2012.

Performance

3SPY.L vs. 3USL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 3x Long US 500 ETP Securities (3SPY.L) and WisdomTree S&P 500 3x Daily Leveraged GB (3USL.L). The values are adjusted to include any dividend payments, if applicable.

3SPY.L vs. 3USL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
3SPY.L Leverage Shares 3x Long US 500 ETP Securities	-15.38%	12.38%	63.74%	58.23%	-41.50%
3USL.L WisdomTree S&P 500 3x Daily Leveraged GB	-15.66%	28.97%	64.00%	70.49%	-29.80%

Returns By Period

The year-to-date returns for both stocks are quite close, with 3SPY.L having a -15.38% return and 3USL.L slightly lower at -15.66%.

3SPY.L

• 1D: 5.65%
• 1M: -12.19%
• YTD: -15.38%
• 6M: -11.70%
• 1Y: 21.42%
• 3Y*: 29.62%
• 5Y*: —
• 10Y*: —

3USL.L

• 1D: 7.30%
• 1M: -12.24%
• YTD: -15.66%
• 6M: -10.89%
• 1Y: 32.90%
• 3Y*: 37.69%
• 5Y*: 16.51%
• 10Y*: 24.35%

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

3SPY.L vs. 3USL.L - Expense Ratio Comparison

3SPY.L has a 0.01% expense ratio, which is lower than 3USL.L's 0.75% expense ratio.

3USL.L

WisdomTree S&P 500 3x Daily Leveraged GB

3SPY.L

Leverage Shares 3x Long US 500 ETP Securities

Return for Risk

3SPY.L vs. 3USL.L — Risk / Return Rank

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

3SPY.L

3SPY.L Risk / Return Rank: 25
3SPY.L Sharpe Ratio Rank: 19
3SPY.L Sortino Ratio Rank: 30
3SPY.L Omega Ratio Rank: 39
3SPY.L Calmar Ratio Rank: 20
3SPY.L Martin Ratio Rank: 18

3USL.L

3USL.L Risk / Return Rank: 42
3USL.L Sharpe Ratio Rank: 35
3USL.L Sortino Ratio Rank: 42
3USL.L Omega Ratio Rank: 42
3USL.L Calmar Ratio Rank: 44
3USL.L Martin Ratio Rank: 46

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.

3SPY.L vs. 3USL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long US 500 ETP Securities (3SPY.L) and WisdomTree S&P 500 3x Daily Leveraged GB (3USL.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.

	3SPY.L	3USL.L	Difference
Sharpe ratio Return per unit of total volatility	0.30	0.70	-0.40
Sortino ratio Return per unit of downside risk	0.98	1.22	-0.24
Omega ratio Gain probability vs. loss probability	1.17	1.17	0.00
Calmar ratio Return relative to maximum drawdown	0.49	1.23	-0.74
Martin ratio Return relative to average drawdown	1.09	4.62	-3.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

3SPY.L vs. 3USL.L - Sharpe Ratio Comparison

The current 3SPY.L Sharpe Ratio is 0.30, which is lower than the 3USL.L Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of 3SPY.L and 3USL.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	3SPY.L	3USL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	0.70	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.52	-0.33

Correlation

The correlation between 3SPY.L and 3USL.L is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

3SPY.L vs. 3USL.L - Dividend Comparison

Neither 3SPY.L nor 3USL.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

3SPY.L vs. 3USL.L - Drawdown Comparison

The maximum 3SPY.L drawdown since its inception was -56.70%, smaller than the maximum 3USL.L drawdown of -76.72%. Use the drawdown chart below to compare losses from any high point for 3SPY.L and 3USL.L.

Drawdown Indicators

	3SPY.L	3USL.L	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-76.72%	+20.02%
Max Drawdown (1Y) Largest decline over 1 year	-41.60%	-32.44%	-9.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.72%	—
Current Drawdown Current decline from peak	-36.78%	-18.28%	-18.50%
Average Drawdown Average peak-to-trough decline	-20.38%	-15.41%	-4.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.78%	6.71%	+12.07%

Volatility

3SPY.L vs. 3USL.L - Volatility Comparison

The current volatility for Leverage Shares 3x Long US 500 ETP Securities (3SPY.L) is 12.87%, while WisdomTree S&P 500 3x Daily Leveraged GB (3USL.L) has a volatility of 14.11%. This indicates that 3SPY.L experiences smaller price fluctuations and is considered to be less risky than 3USL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3SPY.L	3USL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.87%	14.11%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	48.20%	25.68%	+22.52%
Volatility (1Y) Calculated over the trailing 1-year period	70.54%	46.72%	+23.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.52%	47.31%	+5.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.52%	48.37%	+4.15%