SPYY.L vs. 3MSF.L
SPYY.L (IncomeShares S&P500 Options (0DTE) ETP) and 3MSF.L (Leverage Shares 3x Microsoft ETP GBP) are both exchange-traded funds - SPYY.L is a Derivative Income fund actively managed by Leverage Shares, while 3MSF.L is a Leveraged Equities fund tracking the iSTOXX Leveraged 3X MSFT Index. SPYY.L is actively managed, while 3MSF.L is passively managed. Over the past year, SPYY.L returned 10.70% vs -44.10% for 3MSF.L. At a 0.44 correlation, their price movements are largely independent. SPYY.L charges 0.45%/yr vs 0.75%/yr for 3MSF.L.
Performance
SPYY.L vs. 3MSF.L - Performance Comparison
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Different Trading Currencies
SPYY.L is traded in USD, while 3MSF.L is traded in GBp. To make them comparable, the 3MSF.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPYY.L achieves a -3.36% return, which is significantly higher than 3MSF.L's -44.01% return.
SPYY.L
- 1D
- -0.10%
- 1M
- 2.88%
- YTD
- -3.36%
- 6M
- -2.52%
- 1Y
- 10.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
3MSF.L
- 1D
- 2.36%
- 1M
- 10.32%
- YTD
- -44.01%
- 6M
- -41.69%
- 1Y
- -44.10%
- 3Y*
- -7.28%
- 5Y*
- 0.16%
- 10Y*
- —
SPYY.L vs. 3MSF.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | -3.36% | 16.00% | -4.69% |
3MSF.L Leverage Shares 3x Microsoft ETP GBP | -44.01% | 6.32% | 4.06% |
Correlation
The correlation between SPYY.L and 3MSF.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024 | 0.44 |
The correlation between SPYY.L and 3MSF.L shifts across timeframes, from 0.33 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPYY.L vs. 3MSF.L — Risk / Return Rank
SPYY.L
3MSF.L
SPYY.L vs. 3MSF.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IncomeShares S&P500 Options (0DTE) ETP (SPYY.L) and Leverage Shares 3x Microsoft ETP GBP (3MSF.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.
| SPYY.L | 3MSF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.96 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | -0.55 | +1.27 |
| Martin ratioReturn relative to average drawdown | 2.23 | -0.93 | +3.16 |
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
| SPYY.L | 3MSF.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | -0.50 | +1.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.00 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.15 | +0.11 |
Drawdowns
SPYY.L vs. 3MSF.L - Drawdown Comparison
The maximum SPYY.L drawdown since its inception was -17.71%, smaller than the maximum 3MSF.L drawdown of -83.24%. Use the drawdown chart below to compare losses from any high point for SPYY.L and 3MSF.L.
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Drawdown Indicators
| SPYY.L | 3MSF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.71% | -83.24% | +65.53% |
Max Drawdown (1Y)Largest decline over 1 year | -14.91% | -79.48% | +64.57% |
Max Drawdown (3Y)Largest decline over 3 years | — | -79.48% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -83.24% | — |
Current DrawdownCurrent decline from peak | -4.42% | -67.80% | +63.38% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -37.07% | +32.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.79% | 47.49% | -42.70% |
Volatility
SPYY.L vs. 3MSF.L - Volatility Comparison
The current volatility for IncomeShares S&P500 Options (0DTE) ETP (SPYY.L) is 2.78%, while Leverage Shares 3x Microsoft ETP GBP (3MSF.L) has a volatility of 30.64%. This indicates that SPYY.L experiences smaller price fluctuations and is considered to be less risky than 3MSF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYY.L | 3MSF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 30.64% | -27.86% |
Volatility (6M)Calculated over the trailing 6-month period | 9.59% | 75.00% | -65.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.77% | 88.38% | -75.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.47% | 81.74% | -67.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.47% | 81.34% | -66.87% |
SPYY.L vs. 3MSF.L - Expense Ratio Comparison
SPYY.L has a 0.45% expense ratio, which is lower than 3MSF.L's 0.75% expense ratio.
Dividends
SPYY.L vs. 3MSF.L - Dividend Comparison
SPYY.L's dividend yield for the trailing twelve months is around 34.35%, while 3MSF.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
3MSF.L Leverage Shares 3x Microsoft ETP GBP | 0.00% | 0.00% | 0.00% |
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | 34.35% | 82.07% | 2.84% |
Frequently Asked Questions
SPYY.L and 3MSF.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.
On fees, SPYY.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYY.L is cheaper with a 0.45% expense ratio, compared with 0.75% for 3MSF.L.
SPYY.L is categorized as Derivative Income, while 3MSF.L is Leveraged Equities. Their fees differ too: 0.45% for SPYY.L and 0.75% for 3MSF.L.
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