CHI3.L vs. SPYY.L
CHI3.L (Leverage Shares 3x Long China ETP Securities) and SPYY.L (IncomeShares S&P500 Options (0DTE) ETP) are both exchange-traded funds - CHI3.L is a Leveraged Equities fund actively managed by Leverage Shares, while SPYY.L is a Derivative Income fund actively managed by Leverage Shares. Both are actively managed. Over the past year, CHI3.L returned -15.99% vs 10.70% for SPYY.L. At a 0.28 correlation, their price movements are largely independent. CHI3.L charges 0.75%/yr vs 0.45%/yr for SPYY.L.
Performance
CHI3.L vs. SPYY.L - Performance Comparison
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Returns By Period
In the year-to-date period, CHI3.L achieves a -29.68% return, which is significantly lower than SPYY.L's -3.36% return.
CHI3.L
- 1D
- -1.37%
- 1M
- -9.83%
- YTD
- -29.68%
- 6M
- -34.17%
- 1Y
- -15.99%
- 3Y*
- -10.54%
- 5Y*
- —
- 10Y*
- —
SPYY.L
- 1D
- -0.10%
- 1M
- 2.88%
- YTD
- -3.36%
- 6M
- -2.52%
- 1Y
- 10.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CHI3.L vs. SPYY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CHI3.L Leverage Shares 3x Long China ETP Securities | -29.68% | 49.93% | 21.55% |
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | -3.36% | 16.00% | -4.69% |
Correlation
The correlation between CHI3.L and SPYY.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024 | 0.28 |
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Return for Risk
CHI3.L vs. SPYY.L — Risk / Return Rank
CHI3.L
SPYY.L
CHI3.L vs. SPYY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long China ETP Securities (CHI3.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.
| CHI3.L | SPYY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.19 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 0.71 | -1.01 |
| Martin ratioReturn relative to average drawdown | -0.57 | 2.23 | -2.80 |
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
| CHI3.L | SPYY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.27 | 0.83 | -1.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.32 | 0.26 | -0.58 |
Drawdowns
CHI3.L vs. SPYY.L - Drawdown Comparison
The maximum CHI3.L drawdown since its inception was -84.78%, 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 CHI3.L and SPYY.L.
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Drawdown Indicators
| CHI3.L | SPYY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.78% | -17.71% | -67.07% |
Max Drawdown (1Y)Largest decline over 1 year | -53.06% | -14.91% | -38.15% |
Max Drawdown (3Y)Largest decline over 3 years | -65.90% | — | — |
Current DrawdownCurrent decline from peak | -75.11% | -4.42% | -70.69% |
Average DrawdownAverage peak-to-trough decline | -64.47% | -4.76% | -59.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.04% | 4.79% | +23.25% |
Volatility
CHI3.L vs. SPYY.L - Volatility Comparison
Leverage Shares 3x Long China ETP Securities (CHI3.L) has a higher volatility of 24.11% compared to IncomeShares S&P500 Options (0DTE) ETP (SPYY.L) at 2.78%. This indicates that CHI3.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
| CHI3.L | SPYY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.11% | 2.78% | +21.33% |
Volatility (6M)Calculated over the trailing 6-month period | 43.67% | 9.59% | +34.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.52% | 12.77% | +46.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.76% | 14.47% | +69.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.76% | 14.47% | +69.29% |
CHI3.L vs. SPYY.L - Expense Ratio Comparison
CHI3.L has a 0.75% expense ratio, which is higher than SPYY.L's 0.45% expense ratio.
Dividends
CHI3.L vs. SPYY.L - Dividend Comparison
CHI3.L has not paid dividends to shareholders, while SPYY.L's dividend yield for the trailing twelve months is around 34.35%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CHI3.L Leverage Shares 3x Long China ETP Securities | 0.00% | 0.00% | 0.00% |
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | 34.35% | 82.07% | 2.84% |
Frequently Asked Questions
CHI3.L and SPYY.L have a correlation of 0.34, 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 CHI3.L.
CHI3.L is categorized as Leveraged Equities, while SPYY.L is Derivative Income. Their fees differ too: 0.75% for CHI3.L and 0.45% for SPYY.L.
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