SMH3.L vs. SPYY.L

Last updated Apr 2, 2026

Compare and contrast key facts about Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) and IncomeShares S&P500 Options (0DTE) ETP (SPYY.L).

SMH3.L and SPYY.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. SPYY.L is an actively managed fund by Leverage Shares. It was launched on Aug 27, 2024.

Performance

SMH3.L vs. SPYY.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 IncomeShares S&P500 Options (0DTE) ETP (SPYY.L). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities	12.49%	74.67%	-6.39%
SPYY.L IncomeShares S&P500 Options (0DTE) ETP	-13.97%	16.00%	-4.69%

Returns By Period

In the year-to-date period, SMH3.L achieves a 12.49% return, which is significantly higher than SPYY.L's -13.97% return.

SMH3.L

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

SPYY.L

• 1D: -3.58%
• 1M: -6.79%
• YTD: -13.97%
• 6M: -10.44%
• 1Y: 1.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

SMH3.L has a 0.75% expense ratio, which is higher than SPYY.L's 0.45% expense ratio.

SMH3.L

Leverage Shares 3x Long Semiconductors ETP Securities

SPYY.L

IncomeShares S&P500 Options (0DTE) ETP

Return for Risk

SMH3.L vs. SPYY.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

SPYY.L

SPYY.L Risk / Return Rank: 14
SPYY.L Sharpe Ratio Rank: 14
SPYY.L Sortino Ratio Rank: 13
SPYY.L Omega Ratio Rank: 14
SPYY.L Calmar Ratio Rank: 13
SPYY.L Martin Ratio Rank: 14

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. SPYY.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 IncomeShares S&P500 Options (0DTE) ETP (SPYY.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	SPYY.L	Difference
Sharpe ratio Return per unit of total volatility	2.75	0.11	+2.64
Sortino ratio Return per unit of downside risk	2.78	0.23	+2.55
Omega ratio Gain probability vs. loss probability	1.36	1.04	+0.32
Calmar ratio Return relative to maximum drawdown	6.66	0.08	+6.59
Martin ratio Return relative to average drawdown	21.41	0.32	+21.09
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. SPYY.L - Sharpe Ratio Comparison

The current SMH3.L Sharpe Ratio is 2.75, which is higher than the SPYY.L Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of SMH3.L and SPYY.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	SPYY.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	0.11	+2.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	-0.21	+0.36

Correlation

The correlation between SMH3.L and SPYY.L is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SMH3.L vs. SPYY.L - Dividend Comparison

SMH3.L has not paid dividends to shareholders, while SPYY.L's dividend yield for the trailing twelve months is around 61.45%.

	TTM	2025	2024
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities	0.00%	0.00%	0.00%
SPYY.L IncomeShares S&P500 Options (0DTE) ETP	61.45%	82.07%	2.84%

Drawdowns

SMH3.L vs. SPYY.L - Drawdown Comparison

The maximum SMH3.L drawdown since its inception was -89.37%, which is greater than SPYY.L's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for SMH3.L and SPYY.L.

Drawdown Indicators

	SMH3.L	SPYY.L	Difference
Max Drawdown Largest peak-to-trough decline	-89.37%	-17.71%	-71.66%
Max Drawdown (1Y) Largest decline over 1 year	-43.09%	-14.91%	-28.18%
Current Drawdown Current decline from peak	-24.85%	-14.91%	-9.94%
Average Drawdown Average peak-to-trough decline	-50.06%	-4.46%	-45.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.21%	3.57%	+8.64%

Volatility

SMH3.L vs. SPYY.L - Volatility Comparison

Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a higher volatility of 30.75% compared to IncomeShares S&P500 Options (0DTE) ETP (SPYY.L) at 5.01%. This indicates that SMH3.L's price experiences larger fluctuations and is considered to be riskier than SPYY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH3.L	SPYY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.75%	5.01%	+25.74%
Volatility (6M) Calculated over the trailing 6-month period	67.92%	9.12%	+58.80%
Volatility (1Y) Calculated over the trailing 1-year period	97.22%	15.02%	+82.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.97%	14.65%	+85.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.97%	14.65%	+85.32%