SMH3.L vs. SUK2.L

Last updated Jul 18, 2026

SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) and SUK2.L (L&G FTSE 100 Super Short Strategy (Daily 2x) UCITS ETF GBP (Acc)) are both exchange-traded funds - SMH3.L is a Leveraged Equities fund actively managed by Leverage Shares, while SUK2.L is a Inverse Equities fund tracking the FTSE 100 Daily Super Short Strategy Index. SMH3.L is actively managed, while SUK2.L is passively managed. Over the past 3 years, SMH3.L returned 108.85%/yr vs -18.78%/yr for SUK2.L. At a correlation of -0.26, they often move in opposite directions. SMH3.L charges 0.75%/yr vs 0.60%/yr for SUK2.L.

Performance

SMH3.L vs. SUK2.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 L&G FTSE 100 Super Short Strategy (Daily 2x) UCITS ETF GBP (Acc) (SUK2.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SMH3.L is traded in USD, while SUK2.L is traded in GBp. To make them comparable, the SUK2.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 SUK2.L's -12.76% return.

SMH3.L

• 1D: 4.80%
• 1M: -30.23%
• 6M: 108.53%
• YTD: 174.39%
• 1Y: 342.91%
• 3Y*: 108.85%
• 5Y*: —
• 10Y*: —

SUK2.L

• 1D: -0.64%
• 1M: -0.06%
• 6M: -7.23%
• YTD: -12.76%
• 1Y: -27.76%
• 3Y*: -18.78%
• 5Y*: -18.06%
• 10Y*: -16.85%

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

SMH3.L vs. SUK2.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%
SUK2.L L&G FTSE 100 Super Short Strategy (Daily 2x) UCITS ETF GBP (Acc)	-12.76%	-27.00%	-8.36%	-1.47%	-23.17%	0.29%

Correlation

The correlation between SMH3.L and SUK2.L is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.21
Correlation (3Y) Calculated over the trailing 3-year period	-0.22
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021	-0.26

Return for Risk

SMH3.L vs. SUK2.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: 91
SMH3.L Sharpe Ratio Rank: 96
SMH3.L Sortino Ratio Rank: 84
SMH3.L Omega Ratio Rank: 81
SMH3.L Calmar Ratio Rank: 97
SMH3.L Martin Ratio Rank: 95

SUK2.L

SUK2.L Risk / Return Rank: 1
SUK2.L Sharpe Ratio Rank: 0
SUK2.L Sortino Ratio Rank: 1
SUK2.L Omega Ratio Rank: 1
SUK2.L Calmar Ratio Rank: 1
SUK2.L Martin Ratio Rank: 1

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. SUK2.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 Super Short Strategy (Daily 2x) UCITS ETF GBP (Acc) (SUK2.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	SUK2.L	Difference
Sharpe ratio: Return per unit of total volatility	3.24	-1.21	+4.45
Sortino ratio: Return per unit of downside risk	3.00	-1.79	+4.79
Omega ratio: Gain probability vs. loss probability	1.37	0.80	+0.57
Calmar ratio: Return relative to maximum drawdown	8.27	-0.91	+9.19
Martin ratio: Return relative to average drawdown	23.12	-1.43	+24.55

SMH3.L vs. SUK2.L - Sharpe Ratio Comparison

The current SMH3.L Sharpe Ratio is 3.24, which is higher than the SUK2.L Sharpe Ratio of -1.21. The chart below compares the historical Sharpe Ratios of SMH3.L and SUK2.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMH3.L vs. SUK2.L - Drawdown Comparison

The maximum SMH3.L drawdown since its inception was -89.38%, smaller than the maximum SUK2.L drawdown of -98.65%. Use the drawdown chart below to compare losses from any high point for SMH3.L and SUK2.L.

Drawdown Indicators

	SMH3.L	SUK2.L	Difference
Max Drawdown Largest peak-to-trough decline	-89.38%	-98.65%	+9.27%
Max Drawdown (1Y) Largest decline over 1 year	-41.13%	-30.34%	-10.79%
Max Drawdown (3Y) Largest decline over 3 years	-84.62%	-49.91%	-34.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-65.86%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-85.34%	—
Current Drawdown Current decline from peak	-38.31%	-98.60%	+60.29%
Average Drawdown Average peak-to-trough decline	-47.63%	-85.88%	+38.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.75%	19.38%	-4.63%

Volatility

SMH3.L vs. SUK2.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 Super Short Strategy (Daily 2x) UCITS ETF GBP (Acc) (SUK2.L) at 5.99%. This indicates that SMH3.L's price experiences larger fluctuations and is considered to be riskier than SUK2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMH3.L	SUK2.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%	19.39%	+67.01%
Volatility (1Y) Calculated over the trailing 1-year period	105.12%	22.87%	+82.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	102.96%	25.52%	+77.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	102.96%	30.86%	+72.10%

SMH3.L vs. SUK2.L - Expense Ratio Comparison

SMH3.L has a 0.75% expense ratio, which is higher than SUK2.L's 0.60% expense ratio.

Dividends

SMH3.L vs. SUK2.L - Dividend Comparison

Neither SMH3.L nor SUK2.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMH3.L and SUK2.L in my portfolio?

SMH3.L and SUK2.L have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMH3.L or SUK2.L?

On fees, SUK2.L is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMH3.L or SUK2.L?

SUK2.L is cheaper with a 0.60% expense ratio, compared with 0.75% for SMH3.L.

What is the main difference between SMH3.L and SUK2.L?

SMH3.L is categorized as Leveraged Equities, while SUK2.L is Inverse Equities. They also come from different issuers: Leverage Shares and L&G. Their fees differ too: 0.75% for SMH3.L and 0.60% for SUK2.L.