SMGB.L vs. 3TSM.L

Last updated Jun 5, 2026

SMGB.L (VanEck Semiconductor UCITS ETF) and 3TSM.L (Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities) are both exchange-traded funds - SMGB.L is a Semiconductors fund tracking the MSCI World/Information Tech NR USD, while 3TSM.L is a Leveraged Equities fund tracking the iSTOXX Leveraged 3x TSM Index. Both are passively managed. Over the past 3 years, SMGB.L returned 57.16%/yr vs 144.50%/yr for 3TSM.L. A 0.75 correlation means they provide meaningful diversification when combined. SMGB.L charges 0.35%/yr vs 0.75%/yr for 3TSM.L.

Performance

SMGB.L vs. 3TSM.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Semiconductor UCITS ETF (SMGB.L) and Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SMGB.L is traded in GBP, while 3TSM.L is traded in USD. To make them comparable, the 3TSM.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, SMGB.L achieves a 85.49% return, which is significantly lower than 3TSM.L's 150.90% return.

SMGB.L

• 1D: -2.49%
• 1M: 23.49%
• YTD: 85.49%
• 6M: 84.69%
• 1Y: 173.74%
• 3Y*: 57.16%
• 5Y*: 38.39%
• 10Y*: —

3TSM.L

• 1D: 3.09%
• 1M: 42.31%
• YTD: 150.90%
• 6M: 164.95%
• 1Y: 549.23%
• 3Y*: 144.50%
• 5Y*: —
• 10Y*: —

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

SMGB.L vs. 3TSM.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMGB.L VanEck Semiconductor UCITS ETF	85.49%	38.79%	26.31%	66.17%	-27.49%	1.33%
3TSM.L Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities	150.90%	49.11%	295.73%	80.99%	-83.46%	4.38%

Correlation

The correlation between SMGB.L and 3TSM.L is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	0.75

The correlation between SMGB.L and 3TSM.L has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

SMGB.L vs. 3TSM.L - Sectors Allocation Comparison

Sectors	SMGB.L	3TSM.L
Technology	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SMGB.L vs. 3TSM.L — Risk / Return Rank

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

SMGB.L

SMGB.L Risk / Return Rank: 97
SMGB.L Sharpe Ratio Rank: 98
SMGB.L Sortino Ratio Rank: 96
SMGB.L Omega Ratio Rank: 95
SMGB.L Calmar Ratio Rank: 98
SMGB.L Martin Ratio Rank: 97

3TSM.L

3TSM.L Risk / Return Rank: 91
3TSM.L Sharpe Ratio Rank: 98
3TSM.L Sortino Ratio Rank: 87
3TSM.L Omega Ratio Rank: 76
3TSM.L Calmar Ratio Rank: 97
3TSM.L Martin Ratio Rank: 96

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.

SMGB.L vs. 3TSM.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor UCITS ETF (SMGB.L) and Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.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.

	SMGB.L	3TSM.L	Difference
Sharpe ratio: Return per unit of total volatility	5.58	5.21	+0.37
Sortino ratio: Return per unit of downside risk	5.70	3.90	+1.80
Omega ratio: Gain probability vs. loss probability	1.74	1.45	+0.29
Calmar ratio: Return relative to maximum drawdown	14.46	12.01	+2.45
Martin ratio: Return relative to average drawdown	50.72	34.42	+16.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMGB.L vs. 3TSM.L - Sharpe Ratio Comparison

The current SMGB.L Sharpe Ratio is 5.58, which is comparable to the 3TSM.L Sharpe Ratio of 5.21. The chart below compares the historical Sharpe Ratios of SMGB.L and 3TSM.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

	SMGB.L	3TSM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.58	5.21	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.36	+0.88

Drawdowns

SMGB.L vs. 3TSM.L - Drawdown Comparison

The maximum SMGB.L drawdown since its inception was -36.24%, smaller than the maximum 3TSM.L drawdown of -92.47%. Use the drawdown chart below to compare losses from any high point for SMGB.L and 3TSM.L.

Drawdown Indicators

	SMGB.L	3TSM.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.24%	-92.47%	+56.23%
Max Drawdown (1Y) Largest decline over 1 year	-11.94%	-45.33%	+33.39%
Max Drawdown (3Y) Largest decline over 3 years	-36.24%	-82.66%	+46.42%
Max Drawdown (5Y) Largest decline over 5 years	-36.24%	—	—
Current Drawdown Current decline from peak	-2.49%	0.00%	-2.49%
Average Drawdown Average peak-to-trough decline	-9.75%	-54.39%	+44.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	15.85%	-12.44%

Volatility

SMGB.L vs. 3TSM.L - Volatility Comparison

The current volatility for VanEck Semiconductor UCITS ETF (SMGB.L) is 12.41%, while Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.L) has a volatility of 37.16%. This indicates that SMGB.L experiences smaller price fluctuations and is considered to be less risky than 3TSM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMGB.L	3TSM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.41%	37.16%	-24.75%
Volatility (6M) Calculated over the trailing 6-month period	23.93%	76.92%	-52.99%
Volatility (1Y) Calculated over the trailing 1-year period	30.96%	104.81%	-73.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.45%	113.14%	-82.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.19%	113.14%	-82.95%

SMGB.L vs. 3TSM.L - Expense Ratio Comparison

SMGB.L has a 0.35% expense ratio, which is lower than 3TSM.L's 0.75% expense ratio.

Dividends

SMGB.L vs. 3TSM.L - Dividend Comparison

Neither SMGB.L nor 3TSM.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
3TSM.L Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities	0.00%	0.00%	0.00%	0.00%	0.00%
SMGB.L VanEck Semiconductor UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.44%

Frequently Asked Questions

Can I hold both SMGB.L and 3TSM.L in my portfolio?

SMGB.L and 3TSM.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMGB.L or 3TSM.L?

On fees, SMGB.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, SMGB.L or 3TSM.L?

SMGB.L is cheaper with a 0.35% expense ratio, compared with 0.75% for 3TSM.L.

What is the main difference between SMGB.L and 3TSM.L?

SMGB.L is categorized as Semiconductors, while 3TSM.L is Leveraged Equities. SMGB.L tracks MSCI World/Information Tech NR USD, while 3TSM.L tracks iSTOXX Leveraged 3x TSM Index. They also come from different issuers: VanEck and Leverage Shares. Their fees differ too: 0.35% for SMGB.L and 0.75% for 3TSM.L.