MRN3.L vs. AVGI.L

Last updated Jun 5, 2026

MRN3.L (Leverage Shares 3x Long Moderna (MRNA) ETP Securities) and AVGI.L (IncomeShares Broadcom (AVGO) Options ETP) are both exchange-traded funds - MRN3.L is a Leveraged Equities fund tracking the iSTOXX Leveraged 3x MRNA Index, while AVGI.L is a Derivative Income fund actively managed by Leverage Shares. MRN3.L is passively managed, while AVGI.L is actively managed. At a 0.15 correlation, their price movements are largely independent. MRN3.L charges 0.75%/yr vs 0.55%/yr for AVGI.L.

Performance

MRN3.L vs. AVGI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 3x Long Moderna (MRNA) ETP Securities (MRN3.L) and IncomeShares Broadcom (AVGO) Options ETP (AVGI.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRN3.L achieves a 156.89% return, which is significantly higher than AVGI.L's -17.09% return.

MRN3.L

• 1D: 26.04%
• 1M: 7.48%
• YTD: 156.89%
• 6M: 233.08%
• 1Y: 83.26%
• 3Y*: -91.30%
• 5Y*: —
• 10Y*: —

AVGI.L

• 1D: -13.99%
• 1M: -8.54%
• YTD: -17.09%
• 6M: -25.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MRN3.L vs. AVGI.L - Yearly Performance Comparison

	2026 (YTD)	2025
MRN3.L Leverage Shares 3x Long Moderna (MRNA) ETP Securities	156.89%	-34.17%
AVGI.L IncomeShares Broadcom (AVGO) Options ETP	-17.09%	6.51%

Correlation

The correlation between MRN3.L and AVGI.L is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.15

Return for Risk

MRN3.L vs. AVGI.L — Risk / Return Rank

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

MRN3.L

MRN3.L Risk / Return Rank: 25
MRN3.L Sharpe Ratio Rank: 14
MRN3.L Sortino Ratio Rank: 42
MRN3.L Omega Ratio Rank: 37
MRN3.L Calmar Ratio Rank: 19
MRN3.L Martin Ratio Rank: 15

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.

MRN3.L vs. AVGI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long Moderna (MRNA) ETP Securities (MRN3.L) and IncomeShares Broadcom (AVGO) Options ETP (AVGI.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.

	MRN3.L	AVGI.L	Difference
Sharpe ratio: Return per unit of total volatility	0.30	—	—
Sortino ratio: Return per unit of downside risk	2.08	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	0.79	—	—
Martin ratio: Return relative to average drawdown	1.25	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MRN3.L	AVGI.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.43	-0.31	-0.12

Drawdowns

MRN3.L vs. AVGI.L - Drawdown Comparison

The maximum MRN3.L drawdown since its inception was -100.00%, which is greater than AVGI.L's maximum drawdown of -39.10%. Use the drawdown chart below to compare losses from any high point for MRN3.L and AVGI.L.

Drawdown Indicators

	MRN3.L	AVGI.L	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-39.10%	-60.90%
Max Drawdown (1Y) Largest decline over 1 year	-81.28%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-99.99%	—	—
Current Drawdown Current decline from peak	-100.00%	-33.55%	-66.45%
Average Drawdown Average peak-to-trough decline	-97.63%	-16.96%	-80.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.56%	—	—

Volatility

Volatility by Period

	MRN3.L	AVGI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	57.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	163.07%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	210.95%	40.80%	+170.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	221.82%	40.80%	+181.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	221.82%	40.80%	+181.02%

MRN3.L vs. AVGI.L - Expense Ratio Comparison

MRN3.L has a 0.75% expense ratio, which is higher than AVGI.L's 0.55% expense ratio.

Dividends

MRN3.L vs. AVGI.L - Dividend Comparison

MRN3.L has not paid dividends to shareholders, while AVGI.L's dividend yield for the trailing twelve months is around 0.53%.

Position	TTM	2025
AVGI.L IncomeShares Broadcom (AVGO) Options ETP	0.53%	0.14%
MRN3.L Leverage Shares 3x Long Moderna (MRNA) ETP Securities	0.00%	0.00%

Frequently Asked Questions

Can I hold both MRN3.L and AVGI.L in my portfolio?

MRN3.L and AVGI.L have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MRN3.L or AVGI.L?

On fees, AVGI.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MRN3.L or AVGI.L?

AVGI.L is cheaper with a 0.55% expense ratio, compared with 0.75% for MRN3.L.

What is the main difference between MRN3.L and AVGI.L?

MRN3.L is categorized as Leveraged Equities, while AVGI.L is Derivative Income. Their fees differ too: 0.75% for MRN3.L and 0.55% for AVGI.L.