SMST.L vs. SOXL.L
SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and SOXL.L (Leverage Shares 4x Long Semiconductors ETP Securities) are both exchange-traded funds - SMST.L is a Inverse Equities fund managed by Leverage Shares, while SOXL.L is a Leveraged Equities fund tracking the NYSE Semiconductor Index. Over the past year, SMST.L returned 56.44% vs 2211.03% for SOXL.L. At a correlation of -0.36, they often move in opposite directions. Both charge a 0.75% expense ratio.
Performance
SMST.L vs. SOXL.L - Performance Comparison
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Different Trading Currencies
SMST.L is traded in GBP, while SOXL.L is traded in USD. To make them comparable, the SOXL.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 SOXL.L's 802.02% return.
SMST.L
- 1D
- 5.07%
- 1M
- 144.67%
- YTD
- -67.74%
- 6M
- -49.77%
- 1Y
- 56.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SOXL.L
- 1D
- -9.76%
- 1M
- 110.23%
- YTD
- 802.02%
- 6M
- 716.77%
- 1Y
- 2,211.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMST.L vs. SOXL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -67.74% | 9,160.39% | -98.46% |
SOXL.L Leverage Shares 4x Long Semiconductors ETP Securities | 802.02% | 3.47% | -31.57% |
Correlation
The correlation between SMST.L and SOXL.L is -0.33, 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 | -0.33 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024 | -0.36 |
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Return for Risk
SMST.L vs. SOXL.L — Risk / Return Rank
SMST.L
SOXL.L
SMST.L vs. SOXL.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 4x Long Semiconductors ETP Securities (SOXL.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 | SOXL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.92 | ||
| Sortino ratioReturn per unit of downside risk | -3.19 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.63 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 43.15 | -42.55 |
| Martin ratioReturn relative to average drawdown | 1.17 | 128.87 | -127.70 |
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 | SOXL.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.28 | 16.20 | -15.92 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | 0.61 | -0.61 |
Drawdowns
SMST.L vs. SOXL.L - Drawdown Comparison
The maximum SMST.L drawdown since its inception was -99.26%, roughly equal to the maximum SOXL.L drawdown of -95.81%. Use the drawdown chart below to compare losses from any high point for SMST.L and SOXL.L.
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Drawdown Indicators
| SMST.L | SOXL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.26% | -95.81% | -3.45% |
Max Drawdown (1Y)Largest decline over 1 year | -93.24% | -50.58% | -42.66% |
Current DrawdownCurrent decline from peak | -91.93% | -9.76% | -82.17% |
Average DrawdownAverage peak-to-trough decline | -80.49% | -61.38% | -19.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.05% | 16.97% | +31.08% |
Volatility
SMST.L vs. SOXL.L - Volatility Comparison
Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and Leverage Shares 4x Long Semiconductors ETP Securities (SOXL.L) have volatilities of 55.39% and 56.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMST.L | SOXL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 55.39% | 56.90% | -1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 177.15% | 103.24% | +73.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 203.45% | 134.86% | +68.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19,133.00% | 136.53% | +18,996.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19,133.00% | 136.53% | +18,996.47% |
SMST.L vs. SOXL.L - Expense Ratio Comparison
Both SMST.L and SOXL.L have an expense ratio of 0.75%.
Dividends
SMST.L vs. SOXL.L - Dividend Comparison
Neither SMST.L nor SOXL.L has paid dividends to shareholders.
Frequently Asked Questions
SMST.L and SOXL.L have a correlation of -0.33, 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 SOXL.L have the same expense ratio: 0.75% per year.
SMST.L is categorized as Inverse Equities, while SOXL.L is Leveraged Equities.
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