5QQQ.L vs. SMH3.L

Last updated Jun 5, 2026

5QQQ.L (Leverage Shares 5x Long Nasdaq 100 ETP Securities) and SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) are both exchange-traded funds - 5QQQ.L is a Nasdaq-100 fund actively managed by Leverage Shares, while SMH3.L is a Leveraged Equities fund actively managed by Leverage Shares. Both are actively managed. Over the past 3 years, 5QQQ.L returned 69.87%/yr vs 154.10%/yr for SMH3.L. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.75% expense ratio.

Performance

5QQQ.L vs. SMH3.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Leverage Shares 5x Long Nasdaq 100 ETP Securities (5QQQ.L) and Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

5QQQ.L is traded in GBp, while SMH3.L is traded in USD. To make them comparable, the SMH3.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, 5QQQ.L achieves a 92.08% return, which is significantly lower than SMH3.L's 305.05% return.

5QQQ.L

• 1D: -3.36%
• 1M: 46.02%
• YTD: 92.08%
• 6M: 79.80%
• 1Y: 213.52%
• 3Y*: 69.87%
• 5Y*: —
• 10Y*: —

SMH3.L

• 1D: -6.35%
• 1M: 62.47%
• YTD: 305.05%
• 6M: 295.43%
• 1Y: 890.07%
• 3Y*: 154.10%
• 5Y*: —
• 10Y*: —

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

5QQQ.L vs. SMH3.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
5QQQ.L Leverage Shares 5x Long Nasdaq 100 ETP Securities	92.08%	-4.78%	76.82%	401.38%	-95.59%	15.05%
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities	305.05%	62.22%	69.91%	243.35%	-83.36%	15.68%

Correlation

The correlation between 5QQQ.L and SMH3.L is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Dec 15, 2021	0.78

The correlation between 5QQQ.L and SMH3.L has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

5QQQ.L vs. SMH3.L - Sectors Allocation Comparison

Sectors	5QQQ.L	SMH3.L
Technology	54.2%	100.0%
Communication Services	15.5%	-
Consumer Cyclical	12.2%	-
Consumer Defensive	7.6%	-
Healthcare	4.2%	-
Industrials	2.8%	-
Utilities	1.4%	-
Basic Materials	1.2%	-
Energy	0.6%	-
Financial Services	0.2%	-
Real Estate	0.1%	-

Return for Risk

5QQQ.L vs. SMH3.L — Risk / Return Rank

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

5QQQ.L

5QQQ.L Risk / Return Rank: 63
5QQQ.L Sharpe Ratio Rank: 74
5QQQ.L Sortino Ratio Rank: 63
5QQQ.L Omega Ratio Rank: 60
5QQQ.L Calmar Ratio Rank: 69
5QQQ.L Martin Ratio Rank: 47

SMH3.L

SMH3.L Risk / Return Rank: 96
SMH3.L Sharpe Ratio Rank: 99
SMH3.L Sortino Ratio Rank: 94
SMH3.L Omega Ratio Rank: 92
SMH3.L Calmar Ratio Rank: 99
SMH3.L Martin Ratio Rank: 98

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.

5QQQ.L vs. SMH3.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 5x Long Nasdaq 100 ETP Securities (5QQQ.L) and Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.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.

	5QQQ.L	SMH3.L	Difference
Sharpe ratio: Return per unit of total volatility	2.38	9.62	-7.24
Sortino ratio: Return per unit of downside risk	2.89	4.88	-1.99
Omega ratio: Gain probability vs. loss probability	1.37	1.61	-0.25
Calmar ratio: Return relative to maximum drawdown	3.39	23.48	-20.09
Martin ratio: Return relative to average drawdown	7.76	75.37	-67.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

5QQQ.L vs. SMH3.L - Sharpe Ratio Comparison

The current 5QQQ.L Sharpe Ratio is 2.38, which is lower than the SMH3.L Sharpe Ratio of 9.62. The chart below compares the historical Sharpe Ratios of 5QQQ.L and SMH3.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

	5QQQ.L	SMH3.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	9.62	-7.24
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.53	-0.57

Drawdowns

5QQQ.L vs. SMH3.L - Drawdown Comparison

The maximum 5QQQ.L drawdown since its inception was -95.97%, which is greater than SMH3.L's maximum drawdown of -87.38%. Use the drawdown chart below to compare losses from any high point for 5QQQ.L and SMH3.L.

Drawdown Indicators

	5QQQ.L	SMH3.L	Difference
Max Drawdown Largest peak-to-trough decline	-95.97%	-87.38%	-8.59%
Max Drawdown (1Y) Largest decline over 1 year	-62.48%	-37.52%	-24.96%
Max Drawdown (3Y) Largest decline over 3 years	-80.23%	-84.61%	+4.38%
Current Drawdown Current decline from peak	-31.50%	-6.35%	-25.15%
Average Drawdown Average peak-to-trough decline	-74.65%	-47.65%	-27.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.40%	11.71%	+15.69%

Volatility

5QQQ.L vs. SMH3.L - Volatility Comparison

The current volatility for Leverage Shares 5x Long Nasdaq 100 ETP Securities (5QQQ.L) is 23.67%, while Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a volatility of 38.87%. This indicates that 5QQQ.L experiences smaller price fluctuations and is considered to be less risky than SMH3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	5QQQ.L	SMH3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.67%	38.87%	-15.20%
Volatility (6M) Calculated over the trailing 6-month period	56.95%	70.05%	-13.10%
Volatility (1Y) Calculated over the trailing 1-year period	88.96%	91.61%	-2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.45%	99.01%	+6.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	105.45%	99.01%	+6.44%

5QQQ.L vs. SMH3.L - Expense Ratio Comparison

Both 5QQQ.L and SMH3.L have an expense ratio of 0.75%.

Dividends

5QQQ.L vs. SMH3.L - Dividend Comparison

Neither 5QQQ.L nor SMH3.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 5QQQ.L and SMH3.L in my portfolio?

5QQQ.L and SMH3.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 5QQQ.L or SMH3.L?

Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 5QQQ.L or SMH3.L?

5QQQ.L and SMH3.L have the same expense ratio: 0.75% per year.

What is the main difference between 5QQQ.L and SMH3.L?

5QQQ.L is categorized as Nasdaq-100, while SMH3.L is Leveraged Equities.