SMH3.L vs. KWE3.L

Last updated Apr 2, 2026

Compare and contrast key facts about Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) and Leverage Shares 3x Long China Tech ETC Securities (KWE3.L).

SMH3.L and KWE3.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMH3.L is an actively managed fund by Leverage Shares. It was launched on Dec 10, 2021. KWE3.L is an actively managed fund by Leverage Shares. It was launched on Dec 10, 2021.

Performance

SMH3.L vs. KWE3.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 3x Long China Tech ETC Securities (KWE3.L). The values are adjusted to include any dividend payments, if applicable.

SMH3.L vs. KWE3.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities	12.49%	74.67%	66.99%	261.41%	-85.13%	0.89%
KWE3.L Leverage Shares 3x Long China Tech ETC Securities	-48.88%	11.50%	-22.89%	-61.89%	-87.79%	-17.62%

Returns By Period

In the year-to-date period, SMH3.L achieves a 12.49% return, which is significantly higher than KWE3.L's -48.88% return.

SMH3.L

• 1D: 18.04%
• 1M: -10.93%
• YTD: 12.49%
• 6M: 34.61%
• 1Y: 269.12%
• 3Y*: 82.15%
• 5Y*: —
• 10Y*: —

KWE3.L

• 1D: 4.80%
• 1M: -21.55%
• YTD: -48.88%
• 6M: -71.40%
• 1Y: -61.53%
• 3Y*: -42.77%
• 5Y*: —
• 10Y*: —

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

SMH3.L vs. KWE3.L - Expense Ratio Comparison

Both SMH3.L and KWE3.L have an expense ratio of 0.75%.

SMH3.L

Leverage Shares 3x Long Semiconductors ETP Securities

KWE3.L

Leverage Shares 3x Long China Tech ETC Securities

Return for Risk

SMH3.L vs. KWE3.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: 94
SMH3.L Sharpe Ratio Rank: 96
SMH3.L Sortino Ratio Rank: 92
SMH3.L Omega Ratio Rank: 86
SMH3.L Calmar Ratio Rank: 98
SMH3.L Martin Ratio Rank: 97

KWE3.L

KWE3.L Risk / Return Rank: 2
KWE3.L Sharpe Ratio Rank: 2
KWE3.L Sortino Ratio Rank: 2
KWE3.L Omega Ratio Rank: 2
KWE3.L Calmar Ratio Rank: 1
KWE3.L Martin Ratio Rank: 0

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. KWE3.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 Long China Tech ETC Securities (KWE3.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	KWE3.L	Difference
Sharpe ratio Return per unit of total volatility	2.75	-0.71	+3.47
Sortino ratio Return per unit of downside risk	2.78	-0.93	+3.70
Omega ratio Gain probability vs. loss probability	1.36	0.89	+0.47
Calmar ratio Return relative to maximum drawdown	6.66	-0.82	+7.48
Martin ratio Return relative to average drawdown	21.41	-1.73	+23.14
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. KWE3.L - Sharpe Ratio Comparison

The current SMH3.L Sharpe Ratio is 2.75, which is higher than the KWE3.L Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of SMH3.L and KWE3.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMH3.L	KWE3.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	-0.71	+3.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	-0.45	+0.60

Correlation

The correlation between SMH3.L and KWE3.L is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SMH3.L vs. KWE3.L - Dividend Comparison

Neither SMH3.L nor KWE3.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

SMH3.L vs. KWE3.L - Drawdown Comparison

The maximum SMH3.L drawdown since its inception was -89.37%, smaller than the maximum KWE3.L drawdown of -98.42%. Use the drawdown chart below to compare losses from any high point for SMH3.L and KWE3.L.

Drawdown Indicators

	SMH3.L	KWE3.L	Difference
Max Drawdown Largest peak-to-trough decline	-89.37%	-98.42%	+9.05%
Max Drawdown (1Y) Largest decline over 1 year	-43.09%	-74.02%	+30.93%
Current Drawdown Current decline from peak	-24.85%	-98.34%	+73.49%
Average Drawdown Average peak-to-trough decline	-50.06%	-90.05%	+39.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.21%	34.93%	-22.72%

Volatility

SMH3.L vs. KWE3.L - Volatility Comparison

Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a higher volatility of 30.75% compared to Leverage Shares 3x Long China Tech ETC Securities (KWE3.L) at 26.88%. This indicates that SMH3.L's price experiences larger fluctuations and is considered to be riskier than KWE3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH3.L	KWE3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.75%	26.88%	+3.87%
Volatility (6M) Calculated over the trailing 6-month period	67.92%	53.44%	+14.48%
Volatility (1Y) Calculated over the trailing 1-year period	97.22%	86.04%	+11.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.97%	137.43%	-37.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.97%	137.43%	-37.46%