3TSM.L vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.L) and State Street SPDR S&P 500 ETF (SPY).

3TSM.L and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 3TSM.L is a passively managed fund by Leverage Shares that tracks the performance of the iSTOXX Leveraged 3x TSM Index. It was launched on Dec 10, 2021. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both 3TSM.L and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

3TSM.L vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.L) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

3TSM.L vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
3TSM.L Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities	10.57%	60.55%	288.94%	90.51%	-85.22%	6.05%
SPY State Street SPDR S&P 500 ETF	-3.65%	17.72%	24.89%	26.18%	-18.18%	2.18%

Returns By Period

In the year-to-date period, 3TSM.L achieves a 10.57% return, which is significantly higher than SPY's -3.65% return.

3TSM.L

• 1D: 7.87%
• 1M: -37.09%
• YTD: 10.57%
• 6M: 26.08%
• 1Y: 337.57%
• 3Y*: 96.02%
• 5Y*: —
• 10Y*: —

SPY

• 1D: 0.75%
• 1M: -4.28%
• YTD: -3.65%
• 6M: -1.42%
• 1Y: 18.14%
• 3Y*: 18.48%
• 5Y*: 11.86%
• 10Y*: 14.06%

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

3TSM.L vs. SPY - Expense Ratio Comparison

3TSM.L has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.

3TSM.L

Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities

SPY

State Street SPDR S&P 500 ETF

Return for Risk

3TSM.L vs. SPY — Risk / Return Rank

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

3TSM.L

3TSM.L Risk / Return Rank: 95
3TSM.L Sharpe Ratio Rank: 98
3TSM.L Sortino Ratio Rank: 94
3TSM.L Omega Ratio Rank: 87
3TSM.L Calmar Ratio Rank: 98
3TSM.L Martin Ratio Rank: 96

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 51
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 60
SPY Calmar Ratio Rank: 58
SPY Martin Ratio Rank: 69

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.

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

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.L) and State Street SPDR S&P 500 ETF (SPY). 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.

	3TSM.L	SPY	Difference
Sharpe ratio Return per unit of total volatility	3.14	0.96	+2.18
Sortino ratio Return per unit of downside risk	3.01	1.49	+1.52
Omega ratio Gain probability vs. loss probability	1.36	1.23	+0.13
Calmar ratio Return relative to maximum drawdown	6.49	1.53	+4.96
Martin ratio Return relative to average drawdown	17.75	7.27	+10.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

3TSM.L vs. SPY - Sharpe Ratio Comparison

The current 3TSM.L Sharpe Ratio is 3.14, which is higher than the SPY Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of 3TSM.L and SPY, 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

	3TSM.L	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	0.96	+2.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.56	-0.40

Correlation

The correlation between 3TSM.L and SPY is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

3TSM.L vs. SPY - Dividend Comparison

3TSM.L has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.13%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
3TSM.L Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.13%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

3TSM.L vs. SPY - Drawdown Comparison

The maximum 3TSM.L drawdown since its inception was -93.59%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for 3TSM.L and SPY.

Drawdown Indicators

	3TSM.L	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-93.59%	-55.19%	-38.40%
Max Drawdown (1Y) Largest decline over 1 year	-46.56%	-12.05%	-34.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-42.36%	-5.53%	-36.83%
Average Drawdown Average peak-to-trough decline	-57.40%	-9.09%	-48.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.03%	2.54%	+14.49%

Volatility

3TSM.L vs. SPY - Volatility Comparison

Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.L) has a higher volatility of 31.90% compared to State Street SPDR S&P 500 ETF (SPY) at 5.35%. This indicates that 3TSM.L's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3TSM.L	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.90%	5.35%	+26.55%
Volatility (6M) Calculated over the trailing 6-month period	74.07%	9.50%	+64.57%
Volatility (1Y) Calculated over the trailing 1-year period	106.72%	19.06%	+87.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	113.58%	17.06%	+96.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	113.58%	17.92%	+95.66%