HNSC.L vs. SMH3.L

Last updated Apr 2, 2026

Compare and contrast key facts about HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.L) and Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L).

HNSC.L and SMH3.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HNSC.L is a passively managed fund by HSBC that tracks the performance of the Nasdaq Global Semiconductor. It was launched on Jan 25, 2022. SMH3.L is an actively managed fund by Leverage Shares. It was launched on Dec 10, 2021.

Performance

HNSC.L vs. SMH3.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.L) and Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L). The values are adjusted to include any dividend payments, if applicable.

HNSC.L vs. SMH3.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HNSC.L HSBC Nasdaq Global Semiconductor UCITS ETF USD	14.72%	55.83%	17.71%	50.92%	-18.53%
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities	12.49%	74.67%	66.99%	261.41%	-76.51%

Returns By Period

In the year-to-date period, HNSC.L achieves a 14.72% return, which is significantly higher than SMH3.L's 12.49% return.

HNSC.L

• 1D: 6.92%
• 1M: -4.15%
• YTD: 14.72%
• 6M: 33.08%
• 1Y: 102.53%
• 3Y*: 40.75%
• 5Y*: —
• 10Y*: —

SMH3.L

• 1D: 18.04%
• 1M: -10.93%
• YTD: 12.49%
• 6M: 34.61%
• 1Y: 269.12%
• 3Y*: 82.15%
• 5Y*: —
• 10Y*: —

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

HNSC.L vs. SMH3.L - Expense Ratio Comparison

HNSC.L has a 0.35% expense ratio, which is lower than SMH3.L's 0.75% expense ratio.

SMH3.L

Leverage Shares 3x Long Semiconductors ETP Securities

HNSC.L

HSBC Nasdaq Global Semiconductor UCITS ETF USD

Return for Risk

HNSC.L vs. SMH3.L — Risk / Return Rank

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

HNSC.L

HNSC.L Risk / Return Rank: 97
HNSC.L Sharpe Ratio Rank: 97
HNSC.L Sortino Ratio Rank: 97
HNSC.L Omega Ratio Rank: 94
HNSC.L Calmar Ratio Rank: 98
HNSC.L Martin Ratio Rank: 98

SMH3.L

SMH3.L Risk / Return Rank: 94
SMH3.L Sharpe Ratio Rank: 96
SMH3.L Sortino Ratio Rank: 92
SMH3.L Omega Ratio Rank: 86
SMH3.L Calmar Ratio Rank: 98
SMH3.L Martin Ratio Rank: 97

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.

HNSC.L vs. SMH3.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.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.

	HNSC.L	SMH3.L	Difference
Sharpe ratio Return per unit of total volatility	3.04	2.75	+0.29
Sortino ratio Return per unit of downside risk	3.56	2.78	+0.78
Omega ratio Gain probability vs. loss probability	1.46	1.36	+0.10
Calmar ratio Return relative to maximum drawdown	6.74	6.66	+0.08
Martin ratio Return relative to average drawdown	24.37	21.41	+2.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HNSC.L vs. SMH3.L - Sharpe Ratio Comparison

The current HNSC.L Sharpe Ratio is 3.04, which is comparable to the SMH3.L Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of HNSC.L and SMH3.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

	HNSC.L	SMH3.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	2.75	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.15	+0.88

Correlation

The correlation between HNSC.L and SMH3.L is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HNSC.L vs. SMH3.L - Dividend Comparison

Neither HNSC.L nor SMH3.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

HNSC.L vs. SMH3.L - Drawdown Comparison

The maximum HNSC.L drawdown since its inception was -39.32%, smaller than the maximum SMH3.L drawdown of -89.37%. Use the drawdown chart below to compare losses from any high point for HNSC.L and SMH3.L.

Drawdown Indicators

	HNSC.L	SMH3.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.32%	-89.37%	+50.05%
Max Drawdown (1Y) Largest decline over 1 year	-15.57%	-43.09%	+27.52%
Current Drawdown Current decline from peak	-9.02%	-24.85%	+15.83%
Average Drawdown Average peak-to-trough decline	-9.96%	-50.06%	+40.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	12.21%	-8.06%

Volatility

HNSC.L vs. SMH3.L - Volatility Comparison

The current volatility for HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.L) is 11.66%, while Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a volatility of 30.75%. This indicates that HNSC.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

	HNSC.L	SMH3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.66%	30.75%	-19.09%
Volatility (6M) Calculated over the trailing 6-month period	24.16%	67.92%	-43.76%
Volatility (1Y) Calculated over the trailing 1-year period	33.53%	97.22%	-63.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.14%	99.97%	-62.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.14%	99.97%	-62.83%