HNSS.L vs. SMH3.L

Last updated Jun 4, 2026

HNSS.L (HSBC Nasdaq Global Semiconductor UCITS ETF) and SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) are both exchange-traded funds - HNSS.L is a Semiconductors fund tracking the Nasdaq Global Semiconductor Index, while SMH3.L is a Leveraged Equities fund actively managed by Leverage Shares. HNSS.L is passively managed, while SMH3.L is actively managed. Over the past 3 years, HNSS.L returned 59.57%/yr vs 156.42%/yr for SMH3.L. Their correlation of 0.89 suggests significant overlap in exposure. HNSS.L charges 0.35%/yr vs 0.75%/yr for SMH3.L.

Performance

HNSS.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 (HNSS.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

HNSS.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, HNSS.L achieves a 97.02% return, which is significantly lower than SMH3.L's 332.35% return.

HNSS.L

• 1D: 1.61%
• 1M: 31.57%
• YTD: 97.02%
• 6M: 99.27%
• 1Y: 206.01%
• 3Y*: 59.57%
• 5Y*: —
• 10Y*: —

SMH3.L

• 1D: 4.11%
• 1M: 88.51%
• YTD: 332.35%
• 6M: 329.59%
• 1Y: 994.08%
• 3Y*: 156.42%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
HNSS.L HSBC Nasdaq Global Semiconductor UCITS ETF	97.02%	45.50%	19.96%	60.90%	-19.12%
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities	332.35%	62.22%	69.91%	243.35%	-74.00%

Correlation

The correlation between HNSS.L and SMH3.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 27, 2022	0.89

The correlation between HNSS.L and SMH3.L has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

Return for Risk

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

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

HNSS.L

HNSS.L Risk / Return Rank: 97
HNSS.L Sharpe Ratio Rank: 98
HNSS.L Sortino Ratio Rank: 97
HNSS.L Omega Ratio Rank: 96
HNSS.L Calmar Ratio Rank: 98
HNSS.L Martin Ratio Rank: 98

SMH3.L

SMH3.L Risk / Return Rank: 97
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.

HNSS.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 (HNSS.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.

	HNSS.L	SMH3.L	Difference
Sharpe ratio: Return per unit of total volatility	6.48	10.77	-4.29
Sortino ratio: Return per unit of downside risk	6.28	5.09	+1.19
Omega ratio: Gain probability vs. loss probability	1.83	1.64	+0.18
Calmar ratio: Return relative to maximum drawdown	15.56	26.22	-10.66
Martin ratio: Return relative to average drawdown	53.42	84.20	-30.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HNSS.L Sharpe Ratio is 6.48, which is lower than the SMH3.L Sharpe Ratio of 10.77. The chart below compares the historical Sharpe Ratios of HNSS.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

	HNSS.L	SMH3.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.48	10.77	-4.29
Sharpe Ratio (All Time) Calculated using the full available price history	1.37	0.55	+0.82

Drawdowns

HNSS.L vs. SMH3.L - Drawdown Comparison

The maximum HNSS.L drawdown since its inception was -36.83%, smaller than the maximum SMH3.L drawdown of -87.38%. Use the drawdown chart below to compare losses from any high point for HNSS.L and SMH3.L.

Drawdown Indicators

	HNSS.L	SMH3.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.83%	-87.38%	+50.55%
Max Drawdown (1Y) Largest decline over 1 year	-13.16%	-37.52%	+24.36%
Max Drawdown (3Y) Largest decline over 3 years	-36.83%	-84.61%	+47.78%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.56%	-47.69%	+38.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	11.71%	-7.87%

Volatility

HNSS.L vs. SMH3.L - Volatility Comparison

The current volatility for HSBC Nasdaq Global Semiconductor UCITS ETF (HNSS.L) is 13.37%, while Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a volatility of 38.25%. This indicates that HNSS.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

	HNSS.L	SMH3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.37%	38.25%	-24.88%
Volatility (6M) Calculated over the trailing 6-month period	24.40%	69.67%	-45.27%
Volatility (1Y) Calculated over the trailing 1-year period	31.66%	91.73%	-60.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.10%	99.02%	-68.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.10%	99.02%	-68.92%

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

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

Dividends

HNSS.L vs. SMH3.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.96, HNSS.L and SMH3.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, HNSS.L or SMH3.L?

On fees, HNSS.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HNSS.L or SMH3.L?

HNSS.L is cheaper with a 0.35% expense ratio, compared with 0.75% for SMH3.L.

What is the main difference between HNSS.L and SMH3.L?

HNSS.L is categorized as Semiconductors, while SMH3.L is Leveraged Equities. They also come from different issuers: HSBC and Leverage Shares. Their fees differ too: 0.35% for HNSS.L and 0.75% for SMH3.L.