SMST.L vs. 3QQQ.L
SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and 3QQQ.L (Leverage Shares 3x Long US Tech 100 ETP Securities) are both exchange-traded funds - SMST.L is a Inverse Equities fund managed by Leverage Shares, while 3QQQ.L is a Leveraged Equities fund actively managed by Leverage Shares. Over the past year, SMST.L returned 56.44% vs 122.07% for 3QQQ.L. At a correlation of -0.40, they often move in opposite directions. SMST.L charges 0.75%/yr vs 0.01%/yr for 3QQQ.L.
Performance
SMST.L vs. 3QQQ.L - Performance Comparison
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Different Trading Currencies
SMST.L is traded in GBP, while 3QQQ.L is traded in USD. To make them comparable, the 3QQQ.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 3QQQ.L's 55.82% return.
SMST.L
- 1D
- 5.07%
- 1M
- 144.67%
- YTD
- -67.74%
- 6M
- -49.77%
- 1Y
- 56.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
3QQQ.L
- 1D
- -1.99%
- 1M
- 28.14%
- YTD
- 55.82%
- 6M
- 48.52%
- 1Y
- 122.07%
- 3Y*
- 52.15%
- 5Y*
- —
- 10Y*
- —
SMST.L vs. 3QQQ.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -67.74% | 9,160.39% | -98.46% |
3QQQ.L Leverage Shares 3x Long US Tech 100 ETP Securities | 55.82% | 5.78% | 29.72% |
Correlation
The correlation between SMST.L and 3QQQ.L is -0.37, 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 | -0.37 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024 | -0.40 |
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Return for Risk
SMST.L vs. 3QQQ.L — Risk / Return Rank
SMST.L
3QQQ.L
SMST.L vs. 3QQQ.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 US Tech 100 ETP Securities (3QQQ.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 | 3QQQ.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.40 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 2.56 | -1.96 |
| Martin ratioReturn relative to average drawdown | 1.17 | 5.32 | -4.15 |
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 | 3QQQ.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.28 | 1.93 | -1.65 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | 0.55 | -0.56 |
Drawdowns
SMST.L vs. 3QQQ.L - Drawdown Comparison
The maximum SMST.L drawdown since its inception was -99.26%, which is greater than 3QQQ.L's maximum drawdown of -58.71%. Use the drawdown chart below to compare losses from any high point for SMST.L and 3QQQ.L.
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Drawdown Indicators
| SMST.L | 3QQQ.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.26% | -58.71% | -40.55% |
Max Drawdown (1Y)Largest decline over 1 year | -93.24% | -47.38% | -45.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -58.71% | — |
Current DrawdownCurrent decline from peak | -91.93% | -1.99% | -89.94% |
Average DrawdownAverage peak-to-trough decline | -80.49% | -20.53% | -59.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.05% | 22.84% | +25.21% |
Volatility
SMST.L vs. 3QQQ.L - Volatility Comparison
Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has a higher volatility of 55.39% compared to Leverage Shares 3x Long US Tech 100 ETP Securities (3QQQ.L) at 14.48%. This indicates that SMST.L's price experiences larger fluctuations and is considered to be riskier than 3QQQ.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMST.L | 3QQQ.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 55.39% | 14.48% | +40.91% |
Volatility (6M)Calculated over the trailing 6-month period | 177.15% | 33.01% | +144.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 203.45% | 63.04% | +140.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19,133.00% | 62.77% | +19,070.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19,133.00% | 62.77% | +19,070.23% |
SMST.L vs. 3QQQ.L - Expense Ratio Comparison
SMST.L has a 0.75% expense ratio, which is higher than 3QQQ.L's 0.01% expense ratio.
Dividends
SMST.L vs. 3QQQ.L - Dividend Comparison
Neither SMST.L nor 3QQQ.L has paid dividends to shareholders.
Frequently Asked Questions
SMST.L and 3QQQ.L have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 3QQQ.L is cheaper at 0.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.
3QQQ.L is cheaper with a 0.01% expense ratio, compared with 0.75% for SMST.L.
SMST.L is categorized as Inverse Equities, while 3QQQ.L is Leveraged Equities. Their fees differ too: 0.75% for SMST.L and 0.01% for 3QQQ.L.
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