SMH3.L vs. 3AAP.L
SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) and 3AAP.L (Leverage Shares 3x Apple ETP Securities GBP) are both Leveraged Equities funds from Leverage Shares. SMH3.L is actively managed, while 3AAP.L is passively managed. Over the past 3 years, SMH3.L returned 162.92%/yr vs 22.11%/yr for 3AAP.L. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
SMH3.L vs. 3AAP.L - Performance Comparison
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Different Trading Currencies
SMH3.L is traded in USD, while 3AAP.L is traded in GBp. To make them comparable, the 3AAP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SMH3.L achieves a 330.75% return, which is significantly higher than 3AAP.L's 30.83% return.
SMH3.L
- 1D
- 3.84%
- 1M
- 86.43%
- YTD
- 330.75%
- 6M
- 331.87%
- 1Y
- 986.49%
- 3Y*
- 162.92%
- 5Y*
- —
- 10Y*
- —
3AAP.L
- 1D
- -1.18%
- 1M
- 30.55%
- YTD
- 30.83%
- 6M
- 11.01%
- 1Y
- 168.44%
- 3Y*
- 22.11%
- 5Y*
- 23.08%
- 10Y*
- —
SMH3.L vs. 3AAP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities | 330.75% | 74.67% | 66.99% | 261.41% | -85.13% | 4.53% |
3AAP.L Leverage Shares 3x Apple ETP Securities GBP | 30.83% | -22.82% | 67.19% | 164.98% | -76.46% | 4.40% |
Correlation
The correlation between SMH3.L and 3AAP.L is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2021 | 0.45 |
The correlation between SMH3.L and 3AAP.L shifts across timeframes, from 0.27 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMH3.L vs. 3AAP.L — Risk / Return Rank
SMH3.L
3AAP.L
SMH3.L vs. 3AAP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) and Leverage Shares 3x Apple ETP Securities GBP (3AAP.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.
| SMH3.L | 3AAP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.89 | ||
| Sortino ratioReturn per unit of downside risk | +2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.36 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 24.87 | 3.74 | +21.14 |
| Martin ratioReturn relative to average drawdown | 81.69 | 7.46 | +74.23 |
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
| SMH3.L | 3AAP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 10.57 | 1.68 | +8.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.26 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.43 | +0.12 |
Drawdowns
SMH3.L vs. 3AAP.L - Drawdown Comparison
The maximum SMH3.L drawdown since its inception was -89.37%, which is greater than 3AAP.L's maximum drawdown of -78.42%. Use the drawdown chart below to compare losses from any high point for SMH3.L and 3AAP.L.
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Drawdown Indicators
| SMH3.L | 3AAP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.37% | -78.42% | -10.95% |
Max Drawdown (1Y)Largest decline over 1 year | -39.25% | -44.81% | +5.56% |
Max Drawdown (3Y)Largest decline over 3 years | -84.60% | -73.03% | -11.57% |
Max Drawdown (5Y)Largest decline over 5 years | — | -78.42% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.89% | +1.89% |
Average DrawdownAverage peak-to-trough decline | -48.40% | -35.91% | -12.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.97% | 22.49% | -10.52% |
Volatility
SMH3.L vs. 3AAP.L - Volatility Comparison
Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a higher volatility of 38.58% compared to Leverage Shares 3x Apple ETP Securities GBP (3AAP.L) at 15.72%. This indicates that SMH3.L's price experiences larger fluctuations and is considered to be riskier than 3AAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMH3.L | 3AAP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 38.58% | 15.72% | +22.86% |
Volatility (6M)Calculated over the trailing 6-month period | 70.72% | 49.41% | +21.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 92.72% | 99.41% | -6.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 101.12% | 88.27% | +12.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.12% | 90.13% | +10.99% |
SMH3.L vs. 3AAP.L - Expense Ratio Comparison
Both SMH3.L and 3AAP.L have an expense ratio of 0.75%.
Dividends
SMH3.L vs. 3AAP.L - Dividend Comparison
Neither SMH3.L nor 3AAP.L has paid dividends to shareholders.
Frequently Asked Questions
SMH3.L and 3AAP.L have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SMH3.L and 3AAP.L have the same expense ratio: 0.75% per year.
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