SMST.L vs. DXS3.DE
SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and DXS3.DE (Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc)) are both Inverse Equities funds. Over the past year, SMST.L returned 333.03% vs -11.14% for DXS3.DE. At a 0.44 correlation, their price movements are largely independent. SMST.L charges 0.75%/yr vs 0.50%/yr for DXS3.DE.
Performance
SMST.L vs. DXS3.DE - Performance Comparison
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Different Trading Currencies
SMST.L is traded in GBP, while DXS3.DE is traded in EUR. To make them comparable, the DXS3.DE 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 DXS3.DE's -4.84% return.
SMST.L
- 1D
- 0.00%
- 1M
- 43.51%
- 6M
- -31.54%
- YTD
- -53.68%
- 1Y
- 333.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DXS3.DE
- 1D
- 1.56%
- 1M
- 0.66%
- 6M
- -5.20%
- YTD
- -4.84%
- 1Y
- -11.14%
- 3Y*
- -10.85%
- 5Y*
- -6.76%
- 10Y*
- -11.90%
SMST.L vs. DXS3.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -53.68% | 9,160.39% | -95.01% |
DXS3.DE Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc) | -4.84% | -16.10% | 3.43% |
Correlation
The correlation between SMST.L and DXS3.DE is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2024 | 0.44 |
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Return for Risk
SMST.L vs. DXS3.DE — Risk / Return Rank
SMST.L
DXS3.DE
SMST.L vs. DXS3.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc) (DXS3.DE). 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 | DXS3.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.17 | ||
| Sortino ratioReturn per unit of downside risk | +3.62 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.90 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | -0.64 | +4.22 |
| Martin ratioReturn relative to average drawdown | 6.31 | -1.18 | +7.49 |
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Drawdowns
SMST.L vs. DXS3.DE - Drawdown Comparison
The maximum SMST.L drawdown since its inception was -97.98%, roughly equal to the maximum DXS3.DE drawdown of -93.98%. Use the drawdown chart below to compare losses from any high point for SMST.L and DXS3.DE.
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Drawdown Indicators
| SMST.L | DXS3.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.98% | -93.98% | -4.00% |
Max Drawdown (1Y)Largest decline over 1 year | -93.24% | -17.21% | -76.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -42.62% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -52.58% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.74% | — |
Current DrawdownCurrent decline from peak | -88.42% | -93.82% | +5.40% |
Average DrawdownAverage peak-to-trough decline | -81.31% | -74.74% | -6.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 52.75% | 9.45% | +43.30% |
Volatility
SMST.L vs. DXS3.DE - Volatility Comparison
Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has a higher volatility of 76.93% compared to Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc) (DXS3.DE) at 3.59%. This indicates that SMST.L's price experiences larger fluctuations and is considered to be riskier than DXS3.DE 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 | DXS3.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 76.93% | 3.59% | +73.34% |
Volatility (6M)Calculated over the trailing 6-month period | 189.01% | 12.74% | +176.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 225.47% | 16.02% | +209.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27,708.02% | 21.10% | +27,686.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27,708.02% | 20.86% | +27,687.16% |
SMST.L vs. DXS3.DE - Expense Ratio Comparison
SMST.L has a 0.75% expense ratio, which is higher than DXS3.DE's 0.50% expense ratio.
Dividends
SMST.L vs. DXS3.DE - Dividend Comparison
Neither SMST.L nor DXS3.DE has paid dividends to shareholders.
Frequently Asked Questions
SMST.L and DXS3.DE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DXS3.DE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DXS3.DE is cheaper with a 0.50% expense ratio, compared with 0.75% for SMST.L.
They also come from different issuers: Leverage Shares and Xtrackers. Their fees differ too: 0.75% for SMST.L and 0.50% for DXS3.DE.
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