3XLE.L vs. 2MSF.L

Last updated Apr 1, 2026

Compare and contrast key facts about Leverage Shares 3x Long Oil & Gas ETP Securities GBP (3XLE.L) and Leverage Shares 2x Microsoft ETC A GBP (2MSF.L).

3XLE.L and 2MSF.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 3XLE.L is an actively managed fund by Leverage Shares. It was launched on Dec 10, 2021. 2MSF.L is a passively managed fund by Leverage Shares that tracks the performance of the NYSE Leveraged 2x MSFT Index. It was launched on Dec 5, 2017.

Performance

3XLE.L vs. 2MSF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Leverage Shares 3x Long Oil & Gas ETP Securities GBP (3XLE.L) and Leverage Shares 2x Microsoft ETC A GBP (2MSF.L). The values are adjusted to include any dividend payments, if applicable.

3XLE.L vs. 2MSF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
3XLE.L Leverage Shares 3x Long Oil & Gas ETP Securities GBP	157.28%	-17.73%	-12.65%	-29.34%	191.33%	-3.39%
2MSF.L Leverage Shares 2x Microsoft ETC A GBP	-45.63%	4.50%	17.75%	106.56%	-51.52%	3.74%

Returns By Period

In the year-to-date period, 3XLE.L achieves a 157.28% return, which is significantly higher than 2MSF.L's -45.63% return.

3XLE.L

• 1D: -1.85%
• 1M: 46.81%
• YTD: 157.28%
• 6M: 154.81%
• 1Y: 71.85%
• 3Y*: 18.13%
• 5Y*: —
• 10Y*: —

2MSF.L

• 1D: 0.52%
• 1M: -13.92%
• YTD: -45.63%
• 6M: -52.81%
• 1Y: -18.49%
• 3Y*: 1.44%
• 5Y*: 5.35%
• 10Y*: —

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

3XLE.L vs. 2MSF.L - Expense Ratio Comparison

Both 3XLE.L and 2MSF.L have an expense ratio of 0.75%.

3XLE.L

Leverage Shares 3x Long Oil & Gas ETP Securities GBP

2MSF.L

Leverage Shares 2x Microsoft ETC A GBP

Return for Risk

3XLE.L vs. 2MSF.L — Risk / Return Rank

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

3XLE.L

3XLE.L Risk / Return Rank: 51
3XLE.L Sharpe Ratio Rank: 58
3XLE.L Sortino Ratio Rank: 60
3XLE.L Omega Ratio Rank: 57
3XLE.L Calmar Ratio Rank: 53
3XLE.L Martin Ratio Rank: 27

2MSF.L

2MSF.L Risk / Return Rank: 8
2MSF.L Sharpe Ratio Rank: 7
2MSF.L Sortino Ratio Rank: 10
2MSF.L Omega Ratio Rank: 10
2MSF.L Calmar Ratio Rank: 6
2MSF.L Martin Ratio Rank: 6

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.

3XLE.L vs. 2MSF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long Oil & Gas ETP Securities GBP (3XLE.L) and Leverage Shares 2x Microsoft ETC A GBP (2MSF.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.

	3XLE.L	2MSF.L	Difference
Sharpe ratio Return per unit of total volatility	1.05	-0.28	+1.33
Sortino ratio Return per unit of downside risk	1.57	0.04	+1.53
Omega ratio Gain probability vs. loss probability	1.22	1.01	+0.21
Calmar ratio Return relative to maximum drawdown	1.41	-0.35	+1.76
Martin ratio Return relative to average drawdown	2.25	-0.74	+2.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

3XLE.L vs. 2MSF.L - Sharpe Ratio Comparison

The current 3XLE.L Sharpe Ratio is 1.05, which is higher than the 2MSF.L Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of 3XLE.L and 2MSF.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

	3XLE.L	2MSF.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	-0.28	+1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.48	-0.02

Correlation

The correlation between 3XLE.L and 2MSF.L is 0.05, 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

3XLE.L vs. 2MSF.L - Dividend Comparison

Neither 3XLE.L nor 2MSF.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

3XLE.L vs. 2MSF.L - Drawdown Comparison

The maximum 3XLE.L drawdown since its inception was -74.89%, which is greater than 2MSF.L's maximum drawdown of -66.77%. Use the drawdown chart below to compare losses from any high point for 3XLE.L and 2MSF.L.

Drawdown Indicators

	3XLE.L	2MSF.L	Difference
Max Drawdown Largest peak-to-trough decline	-74.89%	-66.77%	-8.12%
Max Drawdown (1Y) Largest decline over 1 year	-51.60%	-66.77%	+15.17%
Max Drawdown (5Y) Largest decline over 5 years	—	-66.77%	—
Current Drawdown Current decline from peak	-11.27%	-65.80%	+54.53%
Average Drawdown Average peak-to-trough decline	-45.52%	-17.91%	-27.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.36%	31.66%	+0.70%

Volatility

3XLE.L vs. 2MSF.L - Volatility Comparison

Leverage Shares 3x Long Oil & Gas ETP Securities GBP (3XLE.L) has a higher volatility of 19.25% compared to Leverage Shares 2x Microsoft ETC A GBP (2MSF.L) at 9.74%. This indicates that 3XLE.L's price experiences larger fluctuations and is considered to be riskier than 2MSF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3XLE.L	2MSF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.25%	9.74%	+9.51%
Volatility (6M) Calculated over the trailing 6-month period	41.75%	56.67%	-14.92%
Volatility (1Y) Calculated over the trailing 1-year period	68.08%	67.06%	+1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.29%	52.29%	+29.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.29%	52.22%	+29.07%