SMH3.L vs. FSELX

Last updated Jun 4, 2026

SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) and FSELX (Fidelity Select Semiconductors Portfolio) are both funds - SMH3.L is a Leveraged Equities fund actively managed by Leverage Shares, while FSELX is a Semiconductors fund managed by Fidelity. Over the past 3 years, SMH3.L returned 162.92%/yr vs 68.85%/yr for FSELX. A 0.74 correlation means they provide meaningful diversification when combined. SMH3.L charges 0.75%/yr vs 0.68%/yr for FSELX.

Performance

SMH3.L vs. FSELX - 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 Fidelity Select Semiconductors Portfolio (FSELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMH3.L achieves a 330.75% return, which is significantly higher than FSELX's 85.56% return.

SMH3.L

• 1D: 3.84%
• 1M: 86.43%
• YTD: 330.75%
• 6M: 331.87%
• 1Y: 986.49%
• 3Y*: 162.92%
• 5Y*: —
• 10Y*: —

FSELX

• 1D: 6.35%
• 1M: 26.53%
• YTD: 85.56%
• 6M: 83.27%
• 1Y: 166.37%
• 3Y*: 68.85%
• 5Y*: 46.95%
• 10Y*: 39.21%

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

SMH3.L vs. FSELX - 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%
FSELX Fidelity Select Semiconductors Portfolio	85.56%	52.17%	49.68%	78.49%	-35.27%	0.25%

Correlation

The correlation between SMH3.L and FSELX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Dec 13, 2021	0.74

The correlation between SMH3.L and FSELX has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

Return for Risk

SMH3.L vs. FSELX — 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: 97
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

FSELX

FSELX Risk / Return Rank: 97
FSELX Sharpe Ratio Rank: 99
FSELX Sortino Ratio Rank: 96
FSELX Omega Ratio Rank: 93
FSELX Calmar Ratio Rank: 99
FSELX Martin Ratio Rank: 99

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. FSELX - 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 Fidelity Select Semiconductors Portfolio (FSELX). 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	FSELX	Difference
Sharpe ratio Return per unit of total volatility	10.57	5.35	+5.22
Sortino ratio Return per unit of downside risk	5.06	5.23	-0.17
Omega ratio Gain probability vs. loss probability	1.64	1.71	-0.07
Calmar ratio Return relative to maximum drawdown	24.87	12.18	+12.69
Martin ratio Return relative to average drawdown	81.69	46.77	+34.92
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. FSELX - Sharpe Ratio Comparison

The current SMH3.L Sharpe Ratio is 10.57, which is higher than the FSELX Sharpe Ratio of 5.35. The chart below compares the historical Sharpe Ratios of SMH3.L and FSELX, 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	FSELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.57	5.35	+5.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.55	0.00

Drawdowns

SMH3.L vs. FSELX - Drawdown Comparison

The maximum SMH3.L drawdown since its inception was -89.37%, which is greater than FSELX's maximum drawdown of -82.54%. Use the drawdown chart below to compare losses from any high point for SMH3.L and FSELX.

Drawdown Indicators

	SMH3.L	FSELX	Difference
Max Drawdown Largest peak-to-trough decline	-89.37%	-82.54%	-6.83%
Max Drawdown (1Y) Largest decline over 1 year	-39.25%	-14.38%	-24.87%
Max Drawdown (3Y) Largest decline over 3 years	-84.60%	-36.31%	-48.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.37%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.37%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-48.40%	-28.70%	-19.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.97%	3.74%	+8.23%

Volatility

SMH3.L vs. FSELX - Volatility Comparison

Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a higher volatility of 38.58% compared to Fidelity Select Semiconductors Portfolio (FSELX) at 12.01%. This indicates that SMH3.L's price experiences larger fluctuations and is considered to be riskier than FSELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH3.L	FSELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.58%	12.01%	+26.57%
Volatility (6M) Calculated over the trailing 6-month period	70.72%	25.42%	+45.30%
Volatility (1Y) Calculated over the trailing 1-year period	92.72%	32.74%	+59.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	101.12%	38.97%	+62.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.12%	35.07%	+66.05%

SMH3.L vs. FSELX - Expense Ratio Comparison

SMH3.L has a 0.75% expense ratio, which is higher than FSELX's 0.68% expense ratio.

Dividends

SMH3.L vs. FSELX - Dividend Comparison

SMH3.L has not paid dividends to shareholders, while FSELX's dividend yield for the trailing twelve months is around 8.83%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSELX Fidelity Select Semiconductors Portfolio	8.83%	11.11%	7.97%	7.20%	6.69%	6.99%	8.13%	3.36%	26.80%	14.44%	3.82%	15.22%
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

SMH3.L and FSELX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.