3USL.L vs. 3SPY.L
3USL.L (WisdomTree S&P 500 3x Daily Leveraged GB) and 3SPY.L (Leverage Shares 3x Long US 500 ETP Securities) are both Leveraged Equities funds. 3USL.L is passively managed, while 3SPY.L is actively managed. Over the past 3 years, 3USL.L returned 50.50%/yr vs 41.45%/yr for 3SPY.L. With a 0.96 correlation, they move nearly in lockstep. 3USL.L charges 0.75%/yr vs 0.01%/yr for 3SPY.L.
Performance
3USL.L vs. 3SPY.L - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with 3USL.L having a 25.13% return and 3SPY.L slightly lower at 24.05%.
3USL.L
- 1D
- -0.02%
- 1M
- 12.76%
- YTD
- 25.13%
- 6M
- 26.49%
- 1Y
- 77.77%
- 3Y*
- 50.50%
- 5Y*
- 22.25%
- 10Y*
- 28.49%
3SPY.L
- 1D
- -0.24%
- 1M
- 13.51%
- YTD
- 24.05%
- 6M
- 23.76%
- 1Y
- 71.75%
- 3Y*
- 41.45%
- 5Y*
- —
- 10Y*
- —
3USL.L vs. 3SPY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
3USL.L WisdomTree S&P 500 3x Daily Leveraged GB | 25.13% | 28.97% | 64.00% | 70.49% | -29.80% |
3SPY.L Leverage Shares 3x Long US 500 ETP Securities | 24.05% | 12.38% | 63.74% | 58.23% | -41.50% |
Correlation
The correlation between 3USL.L and 3SPY.L is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 2022 | 0.96 |
The correlation between 3USL.L and 3SPY.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
3USL.L vs. 3SPY.L — Risk / Return Rank
3USL.L
3SPY.L
3USL.L vs. 3SPY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree S&P 500 3x Daily Leveraged GB (3USL.L) and Leverage Shares 3x Long US 500 ETP Securities (3SPY.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.
| 3USL.L | 3SPY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.36 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.06 | 1.72 | +1.34 |
| Martin ratioReturn relative to average drawdown | 12.28 | 3.54 | +8.74 |
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
| 3USL.L | 3SPY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.25 | 1.31 | +0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.40 | +0.20 |
Drawdowns
3USL.L vs. 3SPY.L - Drawdown Comparison
The maximum 3USL.L drawdown since its inception was -76.72%, which is greater than 3SPY.L's maximum drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for 3USL.L and 3SPY.L.
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Drawdown Indicators
| 3USL.L | 3SPY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.72% | -56.70% | -20.02% |
Max Drawdown (1Y)Largest decline over 1 year | -25.29% | -41.60% | +16.31% |
Max Drawdown (3Y)Largest decline over 3 years | -48.69% | -56.70% | +8.01% |
Max Drawdown (5Y)Largest decline over 5 years | -63.47% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -76.72% | — | — |
Current DrawdownCurrent decline from peak | -1.82% | -7.32% | +5.50% |
Average DrawdownAverage peak-to-trough decline | -15.26% | -20.29% | +5.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 20.20% | -13.89% |
Volatility
3USL.L vs. 3SPY.L - Volatility Comparison
WisdomTree S&P 500 3x Daily Leveraged GB (3USL.L) has a higher volatility of 9.42% compared to Leverage Shares 3x Long US 500 ETP Securities (3SPY.L) at 8.54%. This indicates that 3USL.L's price experiences larger fluctuations and is considered to be riskier than 3SPY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 3USL.L | 3SPY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.42% | 8.54% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 25.26% | 23.30% | +1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.36% | 54.40% | -20.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.39% | 51.91% | -4.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.51% | 51.91% | -3.40% |
3USL.L vs. 3SPY.L - Expense Ratio Comparison
3USL.L has a 0.75% expense ratio, which is higher than 3SPY.L's 0.01% expense ratio.
Dividends
3USL.L vs. 3SPY.L - Dividend Comparison
Neither 3USL.L nor 3SPY.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, 3USL.L and 3SPY.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, 3SPY.L is cheaper at 0.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.
3SPY.L is cheaper with a 0.01% expense ratio, compared with 0.75% for 3USL.L.
They also come from different issuers: WisdomTree and Leverage Shares. Their fees differ too: 0.75% for 3USL.L and 0.01% for 3SPY.L.
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