SMH3.L vs. LUK2.L
SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) and LUK2.L (L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc)) are both Leveraged Equities funds. SMH3.L is actively managed, while LUK2.L is passively managed. Over the past 3 years, SMH3.L returned 108.85%/yr vs 25.34%/yr for LUK2.L. At a 0.42 correlation, their price movements are largely independent. SMH3.L charges 0.75%/yr vs 0.50%/yr for LUK2.L.
Performance
SMH3.L vs. LUK2.L - Performance Comparison
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Different Trading Currencies
SMH3.L is traded in USD, while LUK2.L is traded in GBp. To make them comparable, the LUK2.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 174.39% return, which is significantly higher than LUK2.L's 12.79% return.
SMH3.L
- 1D
- 4.80%
- 1M
- -30.23%
- 6M
- 108.53%
- YTD
- 174.39%
- 1Y
- 342.91%
- 3Y*
- 108.85%
- 5Y*
- —
- 10Y*
- —
LUK2.L
- 1D
- 0.46%
- 1M
- 2.55%
- 6M
- 7.10%
- YTD
- 12.79%
- 1Y
- 36.40%
- 3Y*
- 25.34%
- 5Y*
- 16.78%
- 10Y*
- 10.80%
SMH3.L vs. LUK2.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities | 174.39% | 74.84% | 62.85% | 270.46% | -85.14% | 4.60% |
LUK2.L L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc) | 12.79% | 54.57% | 7.98% | 12.21% | -7.34% | 3.94% |
Correlation
The correlation between SMH3.L and LUK2.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.42 |
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Return for Risk
SMH3.L vs. LUK2.L — Risk / Return Rank
SMH3.L
LUK2.L
SMH3.L vs. LUK2.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 FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc) (LUK2.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 | LUK2.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.27 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 8.27 | 1.92 | +6.36 |
| Martin ratioReturn relative to average drawdown | 23.12 | 5.46 | +17.66 |
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Drawdowns
SMH3.L vs. LUK2.L - Drawdown Comparison
The maximum SMH3.L drawdown since its inception was -89.38%, which is greater than LUK2.L's maximum drawdown of -64.37%. Use the drawdown chart below to compare losses from any high point for SMH3.L and LUK2.L.
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Drawdown Indicators
| SMH3.L | LUK2.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.38% | -64.37% | -25.01% |
Max Drawdown (1Y)Largest decline over 1 year | -41.13% | -18.89% | -22.24% |
Max Drawdown (3Y)Largest decline over 3 years | -84.62% | -25.12% | -59.50% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.17% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -64.37% | — |
Current DrawdownCurrent decline from peak | -38.31% | -6.38% | -31.93% |
Average DrawdownAverage peak-to-trough decline | -47.63% | -13.04% | -34.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.75% | 6.65% | +8.10% |
Volatility
SMH3.L vs. LUK2.L - Volatility Comparison
Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a higher volatility of 44.72% compared to L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc) (LUK2.L) at 5.99%. This indicates that SMH3.L's price experiences larger fluctuations and is considered to be riskier than LUK2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMH3.L | LUK2.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.72% | 5.99% | +38.73% |
Volatility (6M)Calculated over the trailing 6-month period | 86.40% | 20.97% | +65.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 105.12% | 24.17% | +80.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 102.96% | 28.28% | +74.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 102.96% | 31.33% | +71.63% |
SMH3.L vs. LUK2.L - Expense Ratio Comparison
SMH3.L has a 0.75% expense ratio, which is higher than LUK2.L's 0.50% expense ratio.
Dividends
SMH3.L vs. LUK2.L - Dividend Comparison
Neither SMH3.L nor LUK2.L has paid dividends to shareholders.
Frequently Asked Questions
SMH3.L and LUK2.L have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, LUK2.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
LUK2.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 LUK2.L.
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