SMH3.L vs. QQQ3.L
SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) and QQQ3.L (WisdomTree NASDAQ 100 3x Daily Leveraged) are both exchange-traded funds - SMH3.L is a Leveraged Equities fund actively managed by Leverage Shares, while QQQ3.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index (300%). SMH3.L is actively managed, while QQQ3.L is passively managed. Over the past 3 years, SMH3.L returned 150.19%/yr vs 55.47%/yr for QQQ3.L. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.75% expense ratio.
Performance
SMH3.L vs. QQQ3.L - Performance Comparison
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Returns By Period
In the year-to-date period, SMH3.L achieves a 270.49% return, which is significantly higher than QQQ3.L's 36.54% return.
SMH3.L
- 1D
- 3.97%
- 1M
- 3.40%
- YTD
- 270.49%
- 6M
- 270.49%
- 1Y
- 616.51%
- 3Y*
- 150.19%
- 5Y*
- —
- 10Y*
- —
QQQ3.L
- 1D
- -2.27%
- 1M
- -8.95%
- YTD
- 36.54%
- 6M
- 33.59%
- 1Y
- 84.50%
- 3Y*
- 55.47%
- 5Y*
- 20.36%
- 10Y*
- 46.81%
SMH3.L vs. QQQ3.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities | 270.49% | 74.84% | 62.85% | 270.46% | -85.14% | 4.60% |
QQQ3.L WisdomTree NASDAQ 100 3x Daily Leveraged | 36.54% | 27.63% | 59.91% | 209.50% | -79.58% | 0.38% |
Correlation
The correlation between SMH3.L and QQQ3.L is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.82 |
The correlation between SMH3.L and QQQ3.L has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.
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Return for Risk
SMH3.L vs. QQQ3.L — Risk / Return Rank
SMH3.L
QQQ3.L
SMH3.L vs. QQQ3.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 WisdomTree NASDAQ 100 3x Daily Leveraged (QQQ3.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 | QQQ3.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.51 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.28 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 15.55 | 2.34 | +13.21 |
| Martin ratioReturn relative to average drawdown | 48.24 | 7.13 | +41.10 |
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Drawdowns
SMH3.L vs. QQQ3.L - Drawdown Comparison
The maximum SMH3.L drawdown since its inception was -89.38%, which is greater than QQQ3.L's maximum drawdown of -81.35%. Use the drawdown chart below to compare losses from any high point for SMH3.L and QQQ3.L.
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Drawdown Indicators
| SMH3.L | QQQ3.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.38% | -81.35% | -8.03% |
Max Drawdown (1Y)Largest decline over 1 year | -39.28% | -35.92% | -3.36% |
Max Drawdown (3Y)Largest decline over 3 years | -84.62% | -58.20% | -26.42% |
Max Drawdown (5Y)Largest decline over 5 years | — | -81.35% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -81.35% | — |
Current DrawdownCurrent decline from peak | -16.70% | -14.68% | -2.02% |
Average DrawdownAverage peak-to-trough decline | -47.89% | -19.05% | -28.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.69% | 11.81% | +0.88% |
Volatility
SMH3.L vs. QQQ3.L - Volatility Comparison
Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a higher volatility of 40.79% compared to WisdomTree NASDAQ 100 3x Daily Leveraged (QQQ3.L) at 19.57%. This indicates that SMH3.L's price experiences larger fluctuations and is considered to be riskier than QQQ3.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 | QQQ3.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.79% | 19.57% | +21.22% |
Volatility (6M)Calculated over the trailing 6-month period | 78.81% | 38.86% | +39.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 98.52% | 49.67% | +48.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 102.02% | 62.70% | +39.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 102.02% | 60.19% | +41.83% |
SMH3.L vs. QQQ3.L - Expense Ratio Comparison
Both SMH3.L and QQQ3.L have an expense ratio of 0.75%.
Dividends
SMH3.L vs. QQQ3.L - Dividend Comparison
Neither SMH3.L nor QQQ3.L has paid dividends to shareholders.
Frequently Asked Questions
SMH3.L and QQQ3.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SMH3.L and QQQ3.L have the same expense ratio: 0.75% per year.
SMH3.L is categorized as Leveraged Equities, while QQQ3.L is Nasdaq-100. They also come from different issuers: Leverage Shares and WisdomTree.
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