SMH.L vs. 3TSM.L

Last updated Jun 21, 2026

SMH.L (VanEck Semiconductor UCITS ETF) and 3TSM.L (Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities) are both exchange-traded funds - SMH.L is a Semiconductors fund tracking the MarketVector US Listed Semiconductor 10% Capped Screened Index, while 3TSM.L is a Leveraged Equities fund tracking the iSTOXX Leveraged 3x TSM Index. Both are passively managed. Over the past 3 years, SMH.L returned 62.90%/yr vs 146.25%/yr for 3TSM.L. A 0.72 correlation means they provide meaningful diversification when combined. SMH.L charges 0.35%/yr vs 0.75%/yr for 3TSM.L.

Performance

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

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

Returns By Period

In the year-to-date period, SMH.L achieves a 98.88% return, which is significantly lower than 3TSM.L's 169.33% return.

SMH.L

• 1D: 0.54%
• 1M: 22.10%
• YTD: 98.88%
• 6M: 103.25%
• 1Y: 181.35%
• 3Y*: 62.90%
• 5Y*: 39.19%
• 10Y*: —

3TSM.L

• 1D: 6.97%
• 1M: 44.87%
• YTD: 169.33%
• 6M: 199.12%
• 1Y: 530.74%
• 3Y*: 146.25%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
SMH.L VanEck Semiconductor UCITS ETF	98.88%	49.20%	24.11%	75.94%	-35.54%	4.52%
3TSM.L Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities	169.33%	60.55%	288.94%	90.51%	-85.22%	0.71%

Correlation

The correlation between SMH.L and 3TSM.L is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021	0.72

The correlation between SMH.L and 3TSM.L has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

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

Sectors	SMH.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

SMH.L vs. 3TSM.L — Risk / Return Rank

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

SMH.L

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

3TSM.L

3TSM.L Risk / Return Rank: 91
3TSM.L Sharpe Ratio Rank: 98
3TSM.L Sortino Ratio Rank: 88
3TSM.L Omega Ratio Rank: 77
3TSM.L Calmar Ratio Rank: 98
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.

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

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor UCITS ETF (SMH.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.

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.

	SMH.L	3TSM.L	Difference
Sharpe ratio: Return per unit of total volatility	5.39	4.98	+0.41
Sortino ratio: Return per unit of downside risk	5.41	3.79	+1.63
Omega ratio: Gain probability vs. loss probability	1.69	1.43	+0.26
Calmar ratio: Return relative to maximum drawdown	13.12	11.44	+1.67
Martin ratio: Return relative to average drawdown	46.30	32.74	+13.56

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

The current SMH.L Sharpe Ratio is 5.39, which is comparable to the 3TSM.L Sharpe Ratio of 4.98. The chart below compares the historical Sharpe Ratios of SMH.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.

Drawdowns

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

The maximum SMH.L drawdown since its inception was -45.38%, smaller than the maximum 3TSM.L drawdown of -93.59%. Use the drawdown chart below to compare losses from any high point for SMH.L and 3TSM.L.

Drawdown Indicators

	SMH.L	3TSM.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.38%	-93.59%	+48.21%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	-46.56%	+32.65%
Max Drawdown (3Y) Largest decline over 3 years	-36.25%	-81.95%	+45.70%
Max Drawdown (5Y) Largest decline over 5 years	-45.38%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-11.18%	-52.08%	+40.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	16.31%	-12.36%

Volatility

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

The current volatility for VanEck Semiconductor UCITS ETF (SMH.L) is 13.18%, while Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.L) has a volatility of 31.32%. This indicates that SMH.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

	SMH.L	3TSM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.18%	31.32%	-18.14%
Volatility (6M) Calculated over the trailing 6-month period	27.46%	80.42%	-52.96%
Volatility (1Y) Calculated over the trailing 1-year period	33.96%	107.37%	-73.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.88%	121.28%	-88.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.48%	121.28%	-88.80%

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

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

Dividends

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

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

SMH.L and 3TSM.L have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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

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

SMH.L is categorized as Semiconductors, while 3TSM.L is Leveraged Equities. SMH.L tracks MarketVector US Listed Semiconductor 10% Capped Screened Index, 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 SMH.L and 0.75% for 3TSM.L.