SMH3.L vs. DS2P.L
SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) and DS2P.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) are both Leveraged Equities funds. SMH3.L is actively managed, while DS2P.L is passively managed. Over the past 3 years, SMH3.L returned 115.17%/yr vs -24.05%/yr for DS2P.L. At a correlation of -0.52, they often move in opposite directions. SMH3.L charges 0.75%/yr vs 0.50%/yr for DS2P.L.
Performance
SMH3.L vs. DS2P.L - Performance Comparison
Loading charts...
Different Trading Currencies
SMH3.L is traded in USD, while DS2P.L is traded in GBp. To make them comparable, the DS2P.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 183.05% return, which is significantly higher than DS2P.L's -12.02% return.
SMH3.L
- 1D
- -9.34%
- 1M
- -32.25%
- 6M
- 139.03%
- YTD
- 183.05%
- 1Y
- 355.10%
- 3Y*
- 115.17%
- 5Y*
- —
- 10Y*
- —
DS2P.L
- 1D
- 0.00%
- 1M
- -1.60%
- 6M
- -1.80%
- YTD
- -12.02%
- 1Y
- -10.43%
- 3Y*
- -24.05%
- 5Y*
- -20.69%
- 10Y*
- -23.19%
SMH3.L vs. DS2P.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities | 183.05% | 74.84% | 62.85% | 270.46% | -85.14% | 4.60% |
DS2P.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc) | -12.02% | -24.37% | -29.54% | -26.02% | 1.59% | -2.26% |
Correlation
The correlation between SMH3.L and DS2P.L is -0.50, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.48 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | -0.52 |
The correlation between SMH3.L and DS2P.L has been stable across timeframes, ranging from -0.52 to -0.48 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SMH3.L vs. DS2P.L — Risk / Return Rank
SMH3.L
DS2P.L
SMH3.L vs. DS2P.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 L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.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.
| SMH3.L | DS2P.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.68 | ||
| Sortino ratioReturn per unit of downside risk | +3.30 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.97 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 8.79 | -0.40 | +9.19 |
| Martin ratioReturn relative to average drawdown | 24.66 | -0.88 | +25.54 |
Loading charts...
Drawdowns
SMH3.L vs. DS2P.L - Drawdown Comparison
The maximum SMH3.L drawdown since its inception was -89.38%, smaller than the maximum DS2P.L drawdown of -99.69%. Use the drawdown chart below to compare losses from any high point for SMH3.L and DS2P.L.
Loading charts...
Drawdown Indicators
| SMH3.L | DS2P.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.38% | -99.69% | +10.31% |
Max Drawdown (1Y)Largest decline over 1 year | -40.09% | -26.76% | -13.33% |
Max Drawdown (3Y)Largest decline over 3 years | -84.62% | -64.94% | -19.68% |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.19% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.40% | — |
Current DrawdownCurrent decline from peak | -36.36% | -99.67% | +63.31% |
Average DrawdownAverage peak-to-trough decline | -47.64% | -89.77% | +42.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.32% | 12.31% | +2.01% |
Volatility
SMH3.L vs. DS2P.L - Volatility Comparison
Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a higher volatility of 45.41% compared to L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.L) at 9.39%. This indicates that SMH3.L's price experiences larger fluctuations and is considered to be riskier than DS2P.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SMH3.L | DS2P.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.41% | 9.39% | +36.02% |
Volatility (6M)Calculated over the trailing 6-month period | 86.62% | 27.30% | +59.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 105.15% | 33.47% | +71.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 102.96% | 34.81% | +68.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 102.96% | 37.18% | +65.78% |
SMH3.L vs. DS2P.L - Expense Ratio Comparison
SMH3.L has a 0.75% expense ratio, which is higher than DS2P.L's 0.50% expense ratio.
Dividends
SMH3.L vs. DS2P.L - Dividend Comparison
Neither SMH3.L nor DS2P.L has paid dividends to shareholders.
Frequently Asked Questions
SMH3.L and DS2P.L have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DS2P.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DS2P.L is cheaper with a 0.50% expense ratio, compared with 0.75% for SMH3.L.
They also come from different issuers: Leverage Shares and L&G. Their fees differ too: 0.75% for SMH3.L and 0.50% for DS2P.L.
Find the right allocation for SMH3.L and DS2P.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer