3TSM.L vs. SPYY.L
3TSM.L (Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities) and SPYY.L (IncomeShares S&P500 Options (0DTE) ETP) are both exchange-traded funds - 3TSM.L is a Leveraged Equities fund tracking the iSTOXX Leveraged 3x TSM Index, while SPYY.L is a Derivative Income fund actively managed by Leverage Shares. 3TSM.L is passively managed, while SPYY.L is actively managed. Over the past year, 3TSM.L returned 581.86% vs 11.14% for SPYY.L. A 0.50 correlation means they provide meaningful diversification when combined. 3TSM.L charges 0.75%/yr vs 0.45%/yr for SPYY.L.
Performance
3TSM.L vs. SPYY.L - Performance Comparison
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Returns By Period
In the year-to-date period, 3TSM.L achieves a 142.39% return, which is significantly higher than SPYY.L's -3.26% return.
3TSM.L
- 1D
- -1.75%
- 1M
- 30.63%
- YTD
- 142.39%
- 6M
- 154.11%
- 1Y
- 581.86%
- 3Y*
- 146.20%
- 5Y*
- —
- 10Y*
- —
SPYY.L
- 1D
- -0.24%
- 1M
- 1.89%
- YTD
- -3.26%
- 6M
- -2.42%
- 1Y
- 11.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
3TSM.L vs. SPYY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
3TSM.L Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities | 142.39% | 60.55% | 37.30% |
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | -3.26% | 16.00% | -5.19% |
Correlation
The correlation between 3TSM.L and SPYY.L is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2024 | 0.50 |
The correlation between 3TSM.L and SPYY.L has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.
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Return for Risk
3TSM.L vs. SPYY.L — Risk / Return Rank
3TSM.L
SPYY.L
3TSM.L vs. SPYY.L - 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 IncomeShares S&P500 Options (0DTE) ETP (SPYY.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.
| 3TSM.L | SPYY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.60 | ||
| Sortino ratioReturn per unit of downside risk | +2.82 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.19 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 12.39 | 0.74 | +11.64 |
| Martin ratioReturn relative to average drawdown | 35.93 | 2.33 | +33.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| 3TSM.L | SPYY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.47 | 0.87 | +4.60 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.25 | +0.11 |
Drawdowns
3TSM.L vs. SPYY.L - Drawdown Comparison
The maximum 3TSM.L drawdown since its inception was -93.59%, which is greater than SPYY.L's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for 3TSM.L and SPYY.L.
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Drawdown Indicators
| 3TSM.L | SPYY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.59% | -17.71% | -75.88% |
Max Drawdown (1Y)Largest decline over 1 year | -46.56% | -14.91% | -31.65% |
Max Drawdown (3Y)Largest decline over 3 years | -81.95% | — | — |
Current DrawdownCurrent decline from peak | -1.75% | -4.32% | +2.57% |
Average DrawdownAverage peak-to-trough decline | -55.71% | -4.78% | -50.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.08% | 4.78% | +11.30% |
Volatility
3TSM.L vs. SPYY.L - Volatility Comparison
Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.L) has a higher volatility of 37.57% compared to IncomeShares S&P500 Options (0DTE) ETP (SPYY.L) at 3.02%. This indicates that 3TSM.L's price experiences larger fluctuations and is considered to be riskier than SPYY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 3TSM.L | SPYY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.57% | 3.02% | +34.55% |
Volatility (6M)Calculated over the trailing 6-month period | 77.75% | 9.59% | +68.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 105.63% | 12.80% | +92.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 114.40% | 14.52% | +99.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 114.40% | 14.52% | +99.88% |
3TSM.L vs. SPYY.L - Expense Ratio Comparison
3TSM.L has a 0.75% expense ratio, which is higher than SPYY.L's 0.45% expense ratio.
Dividends
3TSM.L vs. SPYY.L - Dividend Comparison
3TSM.L has not paid dividends to shareholders, while SPYY.L's dividend yield for the trailing twelve months is around 34.31%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
3TSM.L Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities | 0.00% | 0.00% | 0.00% |
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | 34.31% | 82.07% | 2.84% |
Frequently Asked Questions
3TSM.L and SPYY.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYY.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYY.L is cheaper with a 0.45% expense ratio, compared with 0.75% for 3TSM.L.
3TSM.L is categorized as Leveraged Equities, while SPYY.L is Derivative Income. Their fees differ too: 0.75% for 3TSM.L and 0.45% for SPYY.L.
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