SPYY.L vs. 3TSM.L
SPYY.L (IncomeShares S&P500 Options (0DTE) ETP) and 3TSM.L (Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities) are both exchange-traded funds - SPYY.L is a Derivative Income fund actively managed by Leverage Shares, while 3TSM.L is a Leveraged Equities fund tracking the iSTOXX Leveraged 3x TSM Index. SPYY.L is actively managed, while 3TSM.L is passively managed. Over the past year, SPYY.L returned 10.70% vs 543.00% for 3TSM.L. A 0.51 correlation means they provide meaningful diversification when combined. SPYY.L charges 0.45%/yr vs 0.75%/yr for 3TSM.L.
Performance
SPYY.L vs. 3TSM.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPYY.L achieves a -3.36% return, which is significantly lower than 3TSM.L's 149.88% return.
SPYY.L
- 1D
- -0.10%
- 1M
- 2.88%
- YTD
- -3.36%
- 6M
- -2.52%
- 1Y
- 10.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
3TSM.L
- 1D
- 3.09%
- 1M
- 41.02%
- YTD
- 149.88%
- 6M
- 166.79%
- 1Y
- 543.00%
- 3Y*
- 150.80%
- 5Y*
- —
- 10Y*
- —
SPYY.L vs. 3TSM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | -3.36% | 16.00% | -4.69% |
3TSM.L Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities | 149.88% | 60.55% | 50.30% |
Correlation
The correlation between SPYY.L and 3TSM.L is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024 | 0.51 |
The correlation between SPYY.L and 3TSM.L has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.
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Return for Risk
SPYY.L vs. 3TSM.L — Risk / Return Rank
SPYY.L
3TSM.L
SPYY.L vs. 3TSM.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 Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.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 | 3TSM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.28 | ||
| Sortino ratioReturn per unit of downside risk | -2.76 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.44 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 11.56 | -10.85 |
| Martin ratioReturn relative to average drawdown | 2.23 | 33.54 | -31.31 |
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 | 3TSM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 5.12 | -4.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.36 | -0.10 |
Drawdowns
SPYY.L vs. 3TSM.L - Drawdown Comparison
The maximum SPYY.L drawdown since its inception was -17.71%, smaller than the maximum 3TSM.L drawdown of -93.59%. Use the drawdown chart below to compare losses from any high point for SPYY.L and 3TSM.L.
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Drawdown Indicators
| SPYY.L | 3TSM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.71% | -93.59% | +75.88% |
Max Drawdown (1Y)Largest decline over 1 year | -14.91% | -46.56% | +31.65% |
Max Drawdown (3Y)Largest decline over 3 years | — | -81.95% | — |
Current DrawdownCurrent decline from peak | -4.42% | 0.00% | -4.42% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -55.66% | +50.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.79% | 16.08% | -11.29% |
Volatility
SPYY.L vs. 3TSM.L - Volatility Comparison
The current volatility for IncomeShares S&P500 Options (0DTE) ETP (SPYY.L) is 2.78%, while Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities (3TSM.L) has a volatility of 37.09%. This indicates that SPYY.L experiences smaller price fluctuations and is considered to be less risky than 3TSM.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 | 3TSM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 37.09% | -34.31% |
Volatility (6M)Calculated over the trailing 6-month period | 9.59% | 77.74% | -68.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.77% | 105.51% | -92.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.47% | 114.35% | -99.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.47% | 114.35% | -99.88% |
SPYY.L vs. 3TSM.L - Expense Ratio Comparison
SPYY.L has a 0.45% expense ratio, which is lower than 3TSM.L's 0.75% expense ratio.
Dividends
SPYY.L vs. 3TSM.L - Dividend Comparison
SPYY.L's dividend yield for the trailing twelve months is around 34.35%, while 3TSM.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
3TSM.L Leverage Shares 3x Long Taiwan Semiconductor (TSM) ETP Securities | 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 3TSM.L have a correlation of 0.50, 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 3TSM.L.
SPYY.L is categorized as Derivative Income, while 3TSM.L is Leveraged Equities. Their fees differ too: 0.45% for SPYY.L and 0.75% for 3TSM.L.
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