SMH3.L vs. HNSC.L

Last updated Jun 4, 2026

SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) and HNSC.L (HSBC Nasdaq Global Semiconductor UCITS ETF USD) are both exchange-traded funds - SMH3.L is a Leveraged Equities fund actively managed by Leverage Shares, while HNSC.L is a Semiconductors fund tracking the Nasdaq Global Semiconductor. SMH3.L is actively managed, while HNSC.L is passively managed. Over the past 3 years, SMH3.L returned 162.92%/yr vs 63.81%/yr for HNSC.L. A 0.70 correlation means they provide meaningful diversification when combined. SMH3.L charges 0.75%/yr vs 0.35%/yr for HNSC.L.

Performance

SMH3.L vs. HNSC.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 HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.L). 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 HNSC.L's 98.34% return.

SMH3.L

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

HNSC.L

• 1D: 1.63%
• 1M: 30.01%
• YTD: 98.34%
• 6M: 101.55%
• 1Y: 205.51%
• 3Y*: 63.81%
• 5Y*: —
• 10Y*: —

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

SMH3.L vs. HNSC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities	330.75%	74.67%	66.99%	261.41%	-76.51%
HNSC.L HSBC Nasdaq Global Semiconductor UCITS ETF USD	98.34%	55.83%	17.71%	50.92%	-18.53%

Correlation

The correlation between SMH3.L and HNSC.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 8, 2022	0.70

Over the past year, SMH3.L and HNSC.L have become more correlated (0.96) than their long-term average of 0.70, meaning their price movements have been converging.

Return for Risk

SMH3.L vs. HNSC.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: 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

HNSC.L

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

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. HNSC.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 HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.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	HNSC.L	Difference
Sharpe ratio: Return per unit of total volatility	10.57	6.16	+4.41
Sortino ratio: Return per unit of downside risk	5.06	6.06	-1.00
Omega ratio: Gain probability vs. loss probability	1.64	1.78	-0.14
Calmar ratio: Return relative to maximum drawdown	24.87	13.62	+11.26
Martin ratio: Return relative to average drawdown	81.69	49.03	+32.66
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. HNSC.L - Sharpe Ratio Comparison

The current SMH3.L Sharpe Ratio is 10.57, which is higher than the HNSC.L Sharpe Ratio of 6.16. The chart below compares the historical Sharpe Ratios of SMH3.L and HNSC.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	HNSC.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.57	6.16	+4.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.66	-1.11

Drawdowns

SMH3.L vs. HNSC.L - Drawdown Comparison

The maximum SMH3.L drawdown since its inception was -89.37%, which is greater than HNSC.L's maximum drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for SMH3.L and HNSC.L.

Drawdown Indicators

	SMH3.L	HNSC.L	Difference
Max Drawdown Largest peak-to-trough decline	-89.37%	-39.32%	-50.05%
Max Drawdown (1Y) Largest decline over 1 year	-39.25%	-14.99%	-24.26%
Max Drawdown (3Y) Largest decline over 3 years	-84.60%	-37.21%	-47.39%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-48.40%	-9.52%	-38.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.97%	4.17%	+7.80%

Volatility

SMH3.L vs. HNSC.L - Volatility Comparison

Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a higher volatility of 38.58% compared to HSBC Nasdaq Global Semiconductor UCITS ETF USD (HNSC.L) at 14.12%. This indicates that SMH3.L's price experiences larger fluctuations and is considered to be riskier than HNSC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH3.L	HNSC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.58%	14.12%	+24.46%
Volatility (6M) Calculated over the trailing 6-month period	70.72%	25.99%	+44.73%
Volatility (1Y) Calculated over the trailing 1-year period	92.72%	33.21%	+59.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	101.12%	37.72%	+63.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.12%	37.72%	+63.40%

SMH3.L vs. HNSC.L - Expense Ratio Comparison

SMH3.L has a 0.75% expense ratio, which is higher than HNSC.L's 0.35% expense ratio.

Dividends

SMH3.L vs. HNSC.L - Dividend Comparison

Neither SMH3.L nor HNSC.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.96, SMH3.L and HNSC.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SMH3.L or HNSC.L?

On fees, HNSC.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, SMH3.L or HNSC.L?

HNSC.L is cheaper with a 0.35% expense ratio, compared with 0.75% for SMH3.L.

What is the main difference between SMH3.L and HNSC.L?

SMH3.L is categorized as Leveraged Equities, while HNSC.L is Semiconductors. They also come from different issuers: Leverage Shares and HSBC. Their fees differ too: 0.75% for SMH3.L and 0.35% for HNSC.L.