3TSM.L vs. XS2D.L

Last updated Jun 4, 2026

3TSM.L (Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities) and XS2D.L (Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C) are both Leveraged Equities funds - 3TSM.L tracks the iSTOXX Leveraged 3x TSM Index while XS2D.L tracks the S&P 500 2x Leveraged Daily Index. Both are passively managed. Over the past 3 years, 3TSM.L returned 146.20%/yr vs 38.63%/yr for XS2D.L. A 0.59 correlation means they provide meaningful diversification when combined. 3TSM.L charges 0.75%/yr vs 0.60%/yr for XS2D.L.

Performance

3TSM.L vs. XS2D.L - 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 Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 3TSM.L achieves a 142.39% return, which is significantly higher than XS2D.L's 18.64% return.

3TSM.L

• 1D: -1.75%
• 1M: 30.63%
• YTD: 142.39%
• 6M: 154.11%
• 1Y: 581.86%
• 3Y*: 146.20%
• 5Y*: —
• 10Y*: —

XS2D.L

• 1D: -1.12%
• 1M: 8.67%
• YTD: 18.64%
• 6M: 19.90%
• 1Y: 54.75%
• 3Y*: 38.63%
• 5Y*: 20.41%
• 10Y*: 24.52%

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

3TSM.L vs. XS2D.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
3TSM.L Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities	142.39%	60.55%	288.94%	90.51%	-85.22%	6.05%
XS2D.L Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C	18.64%	26.58%	45.65%	48.87%	-39.09%	2.63%

Correlation

The correlation between 3TSM.L and XS2D.L is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	0.59

The correlation between 3TSM.L and XS2D.L has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.

3TSM.L vs. XS2D.L - Sectors Allocation Comparison

Sectors	3TSM.L	XS2D.L
Technology	100.0%	46.5%
Basic Materials	-	-
Communication Services	-	14.0%
Consumer Cyclical	-	0.7%
Consumer Defensive	-	0.6%
Energy	-	-
Financial Services	-	4.1%
Healthcare	-	11.8%
Industrials	-	9.3%
Real Estate	-	12.9%
Utilities	-	-

Return for Risk

3TSM.L vs. XS2D.L — 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: 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

XS2D.L

XS2D.L Risk / Return Rank: 69
XS2D.L Sharpe Ratio Rank: 72
XS2D.L Sortino Ratio Rank: 70
XS2D.L Omega Ratio Rank: 65
XS2D.L Calmar Ratio Rank: 66
XS2D.L Martin Ratio Rank: 73

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. XS2D.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 Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.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	XS2D.L	Difference
Sharpe ratio: Return per unit of total volatility	5.47	2.33	+3.14
Sortino ratio: Return per unit of downside risk	3.98	3.16	+0.82
Omega ratio: Gain probability vs. loss probability	1.45	1.39	+0.06
Calmar ratio: Return relative to maximum drawdown	12.39	3.22	+9.16
Martin ratio: Return relative to average drawdown	35.93	13.56	+22.38
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. XS2D.L - Sharpe Ratio Comparison

The current 3TSM.L Sharpe Ratio is 5.47, which is higher than the XS2D.L Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of 3TSM.L and XS2D.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

	3TSM.L	XS2D.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.47	2.33	+3.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.81	-0.46

Drawdowns

3TSM.L vs. XS2D.L - Drawdown Comparison

The maximum 3TSM.L drawdown since its inception was -93.59%, which is greater than XS2D.L's maximum drawdown of -59.31%. Use the drawdown chart below to compare losses from any high point for 3TSM.L and XS2D.L.

Drawdown Indicators

	3TSM.L	XS2D.L	Difference
Max Drawdown Largest peak-to-trough decline	-93.59%	-59.31%	-34.28%
Max Drawdown (1Y) Largest decline over 1 year	-46.56%	-16.91%	-29.65%
Max Drawdown (3Y) Largest decline over 3 years	-81.95%	-34.83%	-47.12%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.01%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.31%	—
Current Drawdown Current decline from peak	-1.75%	-1.12%	-0.63%
Average Drawdown Average peak-to-trough decline	-55.71%	-9.00%	-46.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.08%	4.03%	+12.05%

Volatility

3TSM.L vs. XS2D.L - Volatility Comparison

Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.L) has a higher volatility of 37.57% compared to Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) at 6.30%. This indicates that 3TSM.L's price experiences larger fluctuations and is considered to be riskier than XS2D.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3TSM.L	XS2D.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.57%	6.30%	+31.27%
Volatility (6M) Calculated over the trailing 6-month period	77.75%	17.02%	+60.73%
Volatility (1Y) Calculated over the trailing 1-year period	105.63%	23.49%	+82.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	114.40%	31.75%	+82.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	114.40%	32.42%	+81.98%

3TSM.L vs. XS2D.L - Expense Ratio Comparison

3TSM.L has a 0.75% expense ratio, which is higher than XS2D.L's 0.60% expense ratio.

Dividends

3TSM.L vs. XS2D.L - Dividend Comparison

Neither 3TSM.L nor XS2D.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 3TSM.L and XS2D.L in my portfolio?

3TSM.L and XS2D.L have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 3TSM.L or XS2D.L?

On fees, XS2D.L is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 3TSM.L or XS2D.L?

XS2D.L is cheaper with a 0.60% expense ratio, compared with 0.75% for 3TSM.L.

What is the main difference between 3TSM.L and XS2D.L?

3TSM.L tracks iSTOXX Leveraged 3x TSM Index, while XS2D.L tracks S&P 500 2x Leveraged Daily Index. They also come from different issuers: Leverage Shares and Xtrackers. Their fees differ too: 0.75% for 3TSM.L and 0.60% for XS2D.L.