DXS3.DE vs. SMST.L
DXS3.DE (Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc)) and SMST.L (Leverage Shares -3x Short MicroStrategy ETP) are both Inverse Equities funds. Over the past year, DXS3.DE returned -9.65% vs 340.82% for SMST.L. At a 0.43 correlation, their price movements are largely independent. DXS3.DE charges 0.50%/yr vs 0.75%/yr for SMST.L.
Performance
DXS3.DE vs. SMST.L - Performance Comparison
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Different Trading Currencies
DXS3.DE is traded in EUR, while SMST.L is traded in GBP. To make them comparable, the SMST.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, DXS3.DE achieves a -2.36% return, which is significantly higher than SMST.L's -52.37% return.
DXS3.DE
- 1D
- 1.43%
- 1M
- 2.48%
- 6M
- -3.31%
- YTD
- -2.36%
- 1Y
- -9.65%
- 3Y*
- -10.46%
- 5Y*
- -6.60%
- 10Y*
- -12.00%
SMST.L
- 1D
- 0.00%
- 1M
- 46.30%
- 6M
- -30.09%
- YTD
- -52.37%
- 1Y
- 340.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DXS3.DE vs. SMST.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DXS3.DE Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc) | -2.36% | -20.25% | 4.43% |
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -52.37% | 8,677.32% | -94.96% |
Correlation
The correlation between DXS3.DE and SMST.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2024 | 0.43 |
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Return for Risk
DXS3.DE vs. SMST.L — Risk / Return Rank
DXS3.DE
SMST.L
DXS3.DE vs. SMST.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc) (DXS3.DE) and Leverage Shares -3x Short MicroStrategy ETP (SMST.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DXS3.DE | SMST.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.35 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.58 | 3.66 | -4.23 |
| Martin ratioReturn relative to average drawdown | -1.06 | 6.48 | -7.54 |
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Drawdowns
DXS3.DE vs. SMST.L - Drawdown Comparison
The maximum DXS3.DE drawdown since its inception was -93.76%, roughly equal to the maximum SMST.L drawdown of -97.97%. Use the drawdown chart below to compare losses from any high point for DXS3.DE and SMST.L.
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Drawdown Indicators
| DXS3.DE | SMST.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.76% | -97.97% | +4.21% |
Max Drawdown (1Y)Largest decline over 1 year | -16.67% | -93.20% | +76.53% |
Max Drawdown (3Y)Largest decline over 3 years | -42.14% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -51.28% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -73.80% | — | — |
Current DrawdownCurrent decline from peak | -93.48% | -88.67% | -4.81% |
Average DrawdownAverage peak-to-trough decline | -73.70% | -81.63% | +7.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.10% | 52.62% | -43.52% |
Volatility
DXS3.DE vs. SMST.L - Volatility Comparison
The current volatility for Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc) (DXS3.DE) is 3.38%, while Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has a volatility of 76.61%. This indicates that DXS3.DE experiences smaller price fluctuations and is considered to be less risky than SMST.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DXS3.DE | SMST.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.38% | 76.61% | -73.23% |
Volatility (6M)Calculated over the trailing 6-month period | 12.29% | 188.45% | -176.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.31% | 224.67% | -209.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.00% | 27,719.06% | -27,699.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.20% | 27,719.06% | -27,699.86% |
DXS3.DE vs. SMST.L - Expense Ratio Comparison
DXS3.DE has a 0.50% expense ratio, which is lower than SMST.L's 0.75% expense ratio.
Dividends
DXS3.DE vs. SMST.L - Dividend Comparison
Neither DXS3.DE nor SMST.L has paid dividends to shareholders.
Frequently Asked Questions
DXS3.DE and SMST.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DXS3.DE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DXS3.DE is cheaper with a 0.50% expense ratio, compared with 0.75% for SMST.L.
They also come from different issuers: Xtrackers and Leverage Shares. Their fees differ too: 0.50% for DXS3.DE and 0.75% for SMST.L.
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