SMH3.L vs. SOXL.L

Last updated Apr 3, 2026

Compare and contrast key facts about Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) and Leverage Shares 4x Long Semiconductors ETP Securities (SOXL.L).

SMH3.L and SOXL.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. SOXL.L is a passively managed fund by Leverage Shares that tracks the performance of the NYSE Semiconductor Index. It was launched on Mar 25, 2024.

Performance

SMH3.L vs. SOXL.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 4x Long Semiconductors ETP Securities (SOXL.L). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities	9.55%	74.67%	-12.91%
SOXL.L Leverage Shares 4x Long Semiconductors ETP Securities	14.83%	11.41%	-59.99%

Returns By Period

In the year-to-date period, SMH3.L achieves a 9.55% return, which is significantly lower than SOXL.L's 14.83% return.

SMH3.L

• 1D: -2.62%
• 1M: -5.40%
• YTD: 9.55%
• 6M: 21.48%
• 1Y: 251.99%
• 3Y*: 81.65%
• 5Y*: —
• 10Y*: —

SOXL.L

• 1D: -2.86%
• 1M: -9.86%
• YTD: 14.83%
• 6M: 20.98%
• 1Y: 206.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

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

SMH3.L

Leverage Shares 3x Long Semiconductors ETP Securities

SOXL.L

Leverage Shares 4x Long Semiconductors ETP Securities

Return for Risk

SMH3.L vs. SOXL.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: 93
SMH3.L Sharpe Ratio Rank: 96
SMH3.L Sortino Ratio Rank: 90
SMH3.L Omega Ratio Rank: 84
SMH3.L Calmar Ratio Rank: 98
SMH3.L Martin Ratio Rank: 98

SOXL.L

SOXL.L Risk / Return Rank: 85
SOXL.L Sharpe Ratio Rank: 77
SOXL.L Sortino Ratio Rank: 82
SOXL.L Omega Ratio Rank: 73
SOXL.L Calmar Ratio Rank: 98
SOXL.L Martin Ratio Rank: 96

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. SOXL.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 4x Long Semiconductors ETP Securities (SOXL.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	SOXL.L	Difference
Sharpe ratio Return per unit of total volatility	2.58	1.50	+1.08
Sortino ratio Return per unit of downside risk	2.70	2.28	+0.43
Omega ratio Gain probability vs. loss probability	1.35	1.29	+0.06
Calmar ratio Return relative to maximum drawdown	8.79	6.57	+2.23
Martin ratio Return relative to average drawdown	29.22	19.94	+9.29
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. SOXL.L - Sharpe Ratio Comparison

The current SMH3.L Sharpe Ratio is 2.58, which is higher than the SOXL.L Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of SMH3.L and SOXL.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	SOXL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	1.50	+1.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	-0.21	+0.36

Correlation

The correlation between SMH3.L and SOXL.L is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SMH3.L vs. SOXL.L - Dividend Comparison

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

Tickers have no history of dividend payments

Drawdowns

SMH3.L vs. SOXL.L - Drawdown Comparison

The maximum SMH3.L drawdown since its inception was -89.37%, smaller than the maximum SOXL.L drawdown of -95.66%. Use the drawdown chart below to compare losses from any high point for SMH3.L and SOXL.L.

Drawdown Indicators

	SMH3.L	SOXL.L	Difference
Max Drawdown Largest peak-to-trough decline	-89.37%	-95.66%	+6.29%
Max Drawdown (1Y) Largest decline over 1 year	-39.25%	-51.95%	+12.70%
Current Drawdown Current decline from peak	-26.82%	-67.16%	+40.34%
Average Drawdown Average peak-to-trough decline	-50.04%	-64.19%	+14.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.81%	17.11%	-5.30%

Volatility

SMH3.L vs. SOXL.L - Volatility Comparison

The current volatility for Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) is 30.34%, while Leverage Shares 4x Long Semiconductors ETP Securities (SOXL.L) has a volatility of 45.03%. This indicates that SMH3.L experiences smaller price fluctuations and is considered to be less risky than SOXL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH3.L	SOXL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.34%	45.03%	-14.69%
Volatility (6M) Calculated over the trailing 6-month period	67.95%	97.24%	-29.29%
Volatility (1Y) Calculated over the trailing 1-year period	97.11%	136.68%	-39.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.93%	131.62%	-31.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.93%	131.62%	-31.69%