SMST.L vs. BBUS.AX
SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and BBUS.AX (BetaShares US Equities Strong Bear Currency Hedged Complex ETF) are both Inverse Equities funds. Over the past year, SMST.L returned 333.03% vs 643.66% for BBUS.AX. At a 0.17 correlation, their price movements are largely independent. SMST.L charges 0.75%/yr vs 1.32%/yr for BBUS.AX.
Performance
SMST.L vs. BBUS.AX - Performance Comparison
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Different Trading Currencies
SMST.L is traded in GBP, while BBUS.AX is traded in AUD. To make them comparable, the BBUS.AX 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 -53.68% return, which is significantly lower than BBUS.AX's -10.99% return.
SMST.L
- 1D
- 0.00%
- 1M
- 43.51%
- 6M
- -31.54%
- YTD
- -53.68%
- 1Y
- 333.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BBUS.AX
- 1D
- 3.75%
- 1M
- 1.70%
- 6M
- -9.68%
- YTD
- -10.99%
- 1Y
- 643.66%
- 3Y*
- 45.91%
- 5Y*
- —
- 10Y*
- —
SMST.L vs. BBUS.AX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -53.68% | 9,160.39% | -95.01% |
BBUS.AX BetaShares US Equities Strong Bear Currency Hedged Complex ETF | -10.99% | 528.18% | -5.94% |
Correlation
The correlation between SMST.L and BBUS.AX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2024 | 0.18 |
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Return for Risk
SMST.L vs. BBUS.AX — Risk / Return Rank
SMST.L
BBUS.AX
SMST.L vs. BBUS.AX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and BetaShares US Equities Strong Bear Currency Hedged Complex ETF (BBUS.AX). 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.
| SMST.L | BBUS.AX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | -35.66 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 5.30 | -3.94 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | 18.37 | -14.80 |
| Martin ratioReturn relative to average drawdown | 6.31 | 36.76 | -30.44 |
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Drawdowns
SMST.L vs. BBUS.AX - Drawdown Comparison
The maximum SMST.L drawdown since its inception was -97.98%, which is greater than BBUS.AX's maximum drawdown of -80.95%. Use the drawdown chart below to compare losses from any high point for SMST.L and BBUS.AX.
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Drawdown Indicators
| SMST.L | BBUS.AX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.98% | -80.95% | -17.03% |
Max Drawdown (1Y)Largest decline over 1 year | -93.24% | -32.06% | -61.18% |
Max Drawdown (3Y)Largest decline over 3 years | — | -72.39% | — |
Current DrawdownCurrent decline from peak | -88.42% | -29.51% | -58.91% |
Average DrawdownAverage peak-to-trough decline | -81.31% | -38.49% | -42.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 52.75% | 16.33% | +36.42% |
Volatility
SMST.L vs. BBUS.AX - Volatility Comparison
Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has a higher volatility of 76.93% compared to BetaShares US Equities Strong Bear Currency Hedged Complex ETF (BBUS.AX) at 7.03%. This indicates that SMST.L's price experiences larger fluctuations and is considered to be riskier than BBUS.AX 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 | BBUS.AX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 76.93% | 7.03% | +69.90% |
Volatility (6M)Calculated over the trailing 6-month period | 189.01% | 24.32% | +164.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 225.47% | 884.25% | -658.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27,708.02% | 405.66% | +27,302.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27,708.02% | 405.66% | +27,302.36% |
SMST.L vs. BBUS.AX - Expense Ratio Comparison
SMST.L has a 0.75% expense ratio, which is lower than BBUS.AX's 1.32% expense ratio.
Dividends
SMST.L vs. BBUS.AX - Dividend Comparison
Neither SMST.L nor BBUS.AX has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BBUS.AX BetaShares US Equities Strong Bear Currency Hedged Complex ETF | 0.00% | 0.00% | 0.00% | 0.00% | 10.40% |
SMST.L Leverage Shares -3x Short MicroStrategy ETP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMST.L and BBUS.AX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMST.L is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMST.L is cheaper with a 0.75% expense ratio, compared with 1.32% for BBUS.AX.
They also come from different issuers: Leverage Shares and BetaShares. Their fees differ too: 0.75% for SMST.L and 1.32% for BBUS.AX.
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