SMST.L vs. 3NIE.L
SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and 3NIE.L (Leverage Shares 3x Long NIO ETP Securities) are both exchange-traded funds - SMST.L is a Inverse Equities fund managed by Leverage Shares, while 3NIE.L is a Leveraged Equities fund tracking the iSTOXX Leveraged 3x NIO Index. At a 0.00 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
SMST.L vs. 3NIE.L - Performance Comparison
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Different Trading Currencies
SMST.L is traded in GBP, while 3NIE.L is traded in USD. To make them comparable, the 3NIE.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SMST.L achieves a -67.74% return, which is significantly lower than 3NIE.L's -29.13% return.
SMST.L
- 1D
- 5.07%
- 1M
- 144.67%
- YTD
- -67.74%
- 6M
- -49.77%
- 1Y
- 56.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
3NIE.L
- 1D
- -2.04%
- 1M
- -21.87%
- YTD
- -29.13%
- 6M
- -14.88%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMST.L vs. 3NIE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -67.74% | 13.17% |
3NIE.L Leverage Shares 3x Long NIO ETP Securities | -29.13% | -23.05% |
Correlation
The correlation between SMST.L and 3NIE.L is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025 | 0.00 |
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Return for Risk
SMST.L vs. 3NIE.L — Risk / Return Rank
SMST.L
3NIE.L
SMST.L vs. 3NIE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and Leverage Shares 3x Long NIO ETP Securities (3NIE.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.
| SMST.L | 3NIE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.24 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | — | — |
| Martin ratioReturn relative to average drawdown | 1.17 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMST.L | 3NIE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.28 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | -0.40 | +0.39 |
Drawdowns
SMST.L vs. 3NIE.L - Drawdown Comparison
The maximum SMST.L drawdown since its inception was -99.26%, which is greater than 3NIE.L's maximum drawdown of -60.99%. Use the drawdown chart below to compare losses from any high point for SMST.L and 3NIE.L.
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Drawdown Indicators
| SMST.L | 3NIE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.26% | -60.99% | -38.27% |
Max Drawdown (1Y)Largest decline over 1 year | -93.24% | — | — |
Current DrawdownCurrent decline from peak | -91.93% | -49.47% | -42.46% |
Average DrawdownAverage peak-to-trough decline | -80.49% | -36.88% | -43.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.05% | — | — |
Volatility
SMST.L vs. 3NIE.L - Volatility Comparison
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Volatility by Period
| SMST.L | 3NIE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 55.39% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 177.15% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 203.45% | 175.06% | +28.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19,133.00% | 175.06% | +18,957.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19,133.00% | 175.06% | +18,957.94% |
SMST.L vs. 3NIE.L - Expense Ratio Comparison
Both SMST.L and 3NIE.L have an expense ratio of 0.75%.
Dividends
SMST.L vs. 3NIE.L - Dividend Comparison
Neither SMST.L nor 3NIE.L has paid dividends to shareholders.
Frequently Asked Questions
SMST.L and 3NIE.L have a correlation of 0.00, 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.
SMST.L and 3NIE.L have the same expense ratio: 0.75% per year.
SMST.L is categorized as Inverse Equities, while 3NIE.L is Leveraged Equities.
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