SMH3.L vs. 5QQE.L

Last updated Jun 5, 2026

SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) and 5QQE.L (Leverage Shares 5x Long Nasdaq 100 ETP Securities EUR) are both exchange-traded funds - SMH3.L is a Leveraged Equities fund actively managed by Leverage Shares, while 5QQE.L is a Nasdaq-100 fund actively managed by Leverage Shares. Both are actively managed. Over the past 3 years, SMH3.L returned 160.65%/yr vs 74.40%/yr for 5QQE.L. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.75% expense ratio.

Performance

SMH3.L vs. 5QQE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) and Leverage Shares 5x Long Nasdaq 100 ETP Securities EUR (5QQE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SMH3.L is traded in USD, while 5QQE.L is traded in EUR. To make them comparable, the 5QQE.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 303.42% return, which is significantly higher than 5QQE.L's 92.02% return.

SMH3.L

• 1D: -6.35%
• 1M: 60.99%
• YTD: 303.42%
• 6M: 298.19%
• 1Y: 880.57%
• 3Y*: 160.65%
• 5Y*: —
• 10Y*: —

5QQE.L

• 1D: -3.70%
• 1M: 44.57%
• YTD: 92.02%
• 6M: 81.14%
• 1Y: 210.33%
• 3Y*: 74.40%
• 5Y*: —
• 10Y*: —

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

SMH3.L vs. 5QQE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities	303.42%	74.67%	66.99%	261.41%	-85.13%	15.81%
5QQE.L Leverage Shares 5x Long Nasdaq 100 ETP Securities EUR	92.02%	2.50%	73.89%	426.90%	-96.10%	18.31%

Correlation

The correlation between SMH3.L and 5QQE.L is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021	0.75

The correlation between SMH3.L and 5QQE.L has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

SMH3.L vs. 5QQE.L - Sectors Allocation Comparison

Sectors	SMH3.L	5QQE.L
Technology	100.0%	54.2%
Basic Materials	-	1.2%
Communication Services	-	15.5%
Consumer Cyclical	-	12.2%
Consumer Defensive	-	7.6%
Energy	-	0.6%
Financial Services	-	0.2%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Utilities	-	1.4%

Return for Risk

SMH3.L vs. 5QQE.L — Risk / Return Rank

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

SMH3.L

SMH3.L Risk / Return Rank: 96
SMH3.L Sharpe Ratio Rank: 99
SMH3.L Sortino Ratio Rank: 94
SMH3.L Omega Ratio Rank: 92
SMH3.L Calmar Ratio Rank: 99
SMH3.L Martin Ratio Rank: 98

5QQE.L

5QQE.L Risk / Return Rank: 67
5QQE.L Sharpe Ratio Rank: 83
5QQE.L Sortino Ratio Rank: 62
5QQE.L Omega Ratio Rank: 59
5QQE.L Calmar Ratio Rank: 74
5QQE.L Martin Ratio Rank: 57

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.

SMH3.L vs. 5QQE.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 5x Long Nasdaq 100 ETP Securities EUR (5QQE.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	5QQE.L	Difference
Sharpe ratio: Return per unit of total volatility	9.41	2.68	+6.73
Sortino ratio: Return per unit of downside risk	4.84	2.89	+1.96
Omega ratio: Gain probability vs. loss probability	1.60	1.35	+0.25
Calmar ratio: Return relative to maximum drawdown	22.21	3.69	+18.52
Martin ratio: Return relative to average drawdown	72.90	10.25	+62.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMH3.L vs. 5QQE.L - Sharpe Ratio Comparison

The current SMH3.L Sharpe Ratio is 9.41, which is higher than the 5QQE.L Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of SMH3.L and 5QQE.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

	SMH3.L	5QQE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	9.41	2.68	+6.73
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	-0.04	+0.56

Drawdowns

SMH3.L vs. 5QQE.L - Drawdown Comparison

The maximum SMH3.L drawdown since its inception was -89.37%, smaller than the maximum 5QQE.L drawdown of -96.30%. Use the drawdown chart below to compare losses from any high point for SMH3.L and 5QQE.L.

Drawdown Indicators

	SMH3.L	5QQE.L	Difference
Max Drawdown Largest peak-to-trough decline	-89.37%	-96.30%	+6.93%
Max Drawdown (1Y) Largest decline over 1 year	-39.25%	-56.55%	+17.30%
Max Drawdown (3Y) Largest decline over 3 years	-84.60%	-80.22%	-4.38%
Current Drawdown Current decline from peak	-6.35%	-29.69%	+23.34%
Average Drawdown Average peak-to-trough decline	-48.37%	-75.55%	+27.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.98%	20.42%	-8.44%

Volatility

SMH3.L vs. 5QQE.L - Volatility Comparison

Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a higher volatility of 39.31% compared to Leverage Shares 5x Long Nasdaq 100 ETP Securities EUR (5QQE.L) at 25.02%. This indicates that SMH3.L's price experiences larger fluctuations and is considered to be riskier than 5QQE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH3.L	5QQE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.31%	25.02%	+14.29%
Volatility (6M) Calculated over the trailing 6-month period	71.15%	57.65%	+13.50%
Volatility (1Y) Calculated over the trailing 1-year period	92.66%	77.93%	+14.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	101.12%	110.35%	-9.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.12%	110.35%	-9.23%

SMH3.L vs. 5QQE.L - Expense Ratio Comparison

Both SMH3.L and 5QQE.L have an expense ratio of 0.75%.

Dividends

SMH3.L vs. 5QQE.L - Dividend Comparison

Neither SMH3.L nor 5QQE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMH3.L and 5QQE.L in my portfolio?

SMH3.L and 5QQE.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMH3.L or 5QQE.L?

Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMH3.L or 5QQE.L?

SMH3.L and 5QQE.L have the same expense ratio: 0.75% per year.

What is the main difference between SMH3.L and 5QQE.L?

SMH3.L is categorized as Leveraged Equities, while 5QQE.L is Nasdaq-100.