NVDI.L vs. SMH3.L
NVDI.L (IncomeShares NVIDIA NVDA Options ETP) and SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) are both exchange-traded funds - NVDI.L is a Options Trading fund actively managed by Leverage Shares, while SMH3.L is a Leveraged Equities fund actively managed by Leverage Shares. Both are actively managed. Over the past year, NVDI.L returned 19.99% vs 880.57% for SMH3.L. A 0.69 correlation means they provide meaningful diversification when combined. NVDI.L charges 0.55%/yr vs 0.75%/yr for SMH3.L.
Performance
NVDI.L vs. SMH3.L - Performance Comparison
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Returns By Period
In the year-to-date period, NVDI.L achieves a -0.43% return, which is significantly lower than SMH3.L's 303.42% return.
NVDI.L
- 1D
- 0.00%
- 1M
- 8.35%
- YTD
- -0.43%
- 6M
- 2.01%
- 1Y
- 19.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMH3.L
- 1D
- -6.35%
- 1M
- 60.99%
- YTD
- 303.42%
- 6M
- 298.19%
- 1Y
- 880.57%
- 3Y*
- 160.65%
- 5Y*
- —
- 10Y*
- —
NVDI.L vs. SMH3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NVDI.L IncomeShares NVIDIA NVDA Options ETP | -0.43% | 16.65% | -7.10% |
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities | 303.42% | 74.67% | -31.79% |
Correlation
The correlation between NVDI.L and SMH3.L is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024 | 0.69 |
The correlation between NVDI.L and SMH3.L has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.
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Return for Risk
NVDI.L vs. SMH3.L — Risk / Return Rank
NVDI.L
SMH3.L
NVDI.L vs. SMH3.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IncomeShares NVIDIA NVDA Options ETP (NVDI.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.
| NVDI.L | SMH3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.80 | ||
| Sortino ratioReturn per unit of downside risk | -3.85 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.60 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 22.21 | -21.29 |
| Martin ratioReturn relative to average drawdown | 2.00 | 72.90 | -70.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NVDI.L | SMH3.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.62 | 9.41 | -8.80 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.11 | 0.52 | -0.41 |
Drawdowns
NVDI.L vs. SMH3.L - Drawdown Comparison
The maximum NVDI.L drawdown since its inception was -31.39%, smaller than the maximum SMH3.L drawdown of -89.37%. Use the drawdown chart below to compare losses from any high point for NVDI.L and SMH3.L.
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Drawdown Indicators
| NVDI.L | SMH3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.39% | -89.37% | +57.98% |
Max Drawdown (1Y)Largest decline over 1 year | -21.59% | -39.25% | +17.66% |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.60% | — |
Current DrawdownCurrent decline from peak | -9.62% | -6.35% | -3.27% |
Average DrawdownAverage peak-to-trough decline | -10.27% | -48.37% | +38.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.98% | 11.98% | -2.00% |
Volatility
NVDI.L vs. SMH3.L - Volatility Comparison
The current volatility for IncomeShares NVIDIA NVDA Options ETP (NVDI.L) is 10.09%, while Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a volatility of 39.31%. This indicates that NVDI.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
| NVDI.L | SMH3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.09% | 39.31% | -29.22% |
Volatility (6M)Calculated over the trailing 6-month period | 20.28% | 71.15% | -50.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.34% | 92.66% | -60.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.31% | 101.12% | -61.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.31% | 101.12% | -61.81% |
NVDI.L vs. SMH3.L - Expense Ratio Comparison
NVDI.L has a 0.55% expense ratio, which is lower than SMH3.L's 0.75% expense ratio.
Dividends
NVDI.L vs. SMH3.L - Dividend Comparison
NVDI.L's dividend yield for the trailing twelve months is around 20.63%, while SMH3.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
NVDI.L IncomeShares NVIDIA NVDA Options ETP | 20.63% | 32.04% | 2.59% |
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NVDI.L and SMH3.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NVDI.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NVDI.L is cheaper with a 0.55% expense ratio, compared with 0.75% for SMH3.L.
NVDI.L is categorized as Options Trading, while SMH3.L is Leveraged Equities. Their fees differ too: 0.55% for NVDI.L and 0.75% for SMH3.L.
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