LUK2.L vs. SMH3.L
LUK2.L (L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc)) and SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) are both Leveraged Equities funds. LUK2.L is passively managed, while SMH3.L is actively managed. Over the past 3 years, LUK2.L returned 24.04%/yr vs 106.67%/yr for SMH3.L. At a 0.36 correlation, their price movements are largely independent. LUK2.L charges 0.50%/yr vs 0.75%/yr for SMH3.L.
Performance
LUK2.L vs. SMH3.L - Performance Comparison
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Different Trading Currencies
LUK2.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, LUK2.L achieves a 12.85% return, which is significantly lower than SMH3.L's 174.78% return.
LUK2.L
- 1D
- 0.67%
- 1M
- 1.34%
- 6M
- 6.53%
- YTD
- 12.85%
- 1Y
- 36.06%
- 3Y*
- 24.04%
- 5Y*
- 17.31%
- 10Y*
- 10.51%
SMH3.L
- 1D
- 4.97%
- 1M
- -31.09%
- 6M
- 107.32%
- YTD
- 174.78%
- 1Y
- 341.70%
- 3Y*
- 106.67%
- 5Y*
- —
- 10Y*
- —
LUK2.L vs. SMH3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
LUK2.L L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc) | 12.85% | 43.73% | 9.81% | 6.59% | 3.75% | 1.53% |
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities | 174.78% | 62.38% | 65.69% | 251.94% | -83.37% | 2.54% |
Correlation
The correlation between LUK2.L and SMH3.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.37 |
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Return for Risk
LUK2.L vs. SMH3.L — Risk / Return Rank
LUK2.L
SMH3.L
LUK2.L vs. SMH3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc) (LUK2.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.
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.
| LUK2.L | SMH3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.38 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 8.06 | -6.12 |
| Martin ratioReturn relative to average drawdown | 5.67 | 23.28 | -17.61 |
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Drawdowns
LUK2.L vs. SMH3.L - Drawdown Comparison
The maximum LUK2.L drawdown since its inception was -58.84%, smaller than the maximum SMH3.L drawdown of -87.38%. Use the drawdown chart below to compare losses from any high point for LUK2.L and SMH3.L.
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Drawdown Indicators
| LUK2.L | SMH3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.84% | -87.38% | +28.54% |
Max Drawdown (1Y)Largest decline over 1 year | -18.55% | -42.10% | +23.55% |
Max Drawdown (3Y)Largest decline over 3 years | -25.42% | -84.63% | +59.21% |
Max Drawdown (5Y)Largest decline over 5 years | -25.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -58.84% | — | — |
Current DrawdownCurrent decline from peak | -6.16% | -39.22% | +33.06% |
Average DrawdownAverage peak-to-trough decline | -10.67% | -46.93% | +36.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.34% | 14.60% | -8.26% |
Volatility
LUK2.L vs. SMH3.L - Volatility Comparison
The current volatility for L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc) (LUK2.L) is 5.83%, while Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a volatility of 44.50%. This indicates that LUK2.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.
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Volatility by Period
| LUK2.L | SMH3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.83% | 44.50% | -38.67% |
Volatility (6M)Calculated over the trailing 6-month period | 19.66% | 85.44% | -65.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.62% | 104.23% | -81.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.60% | 101.01% | -75.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.65% | 101.01% | -71.36% |
LUK2.L vs. SMH3.L - Expense Ratio Comparison
LUK2.L has a 0.50% expense ratio, which is lower than SMH3.L's 0.75% expense ratio.
Dividends
LUK2.L vs. SMH3.L - Dividend Comparison
Neither LUK2.L nor SMH3.L has paid dividends to shareholders.
Frequently Asked Questions
LUK2.L and SMH3.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, LUK2.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
LUK2.L is cheaper with a 0.50% expense ratio, compared with 0.75% for SMH3.L.
They also come from different issuers: L&G and Leverage Shares. Their fees differ too: 0.50% for LUK2.L and 0.75% for SMH3.L.
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