SPYY.L vs. 3XLE.L
SPYY.L (IncomeShares S&P500 Options (0DTE) ETP) and 3XLE.L (Leverage Shares 3x Long Oil & Gas ETP Securities GBP) are both exchange-traded funds - SPYY.L is a Derivative Income fund actively managed by Leverage Shares, while 3XLE.L is a Leveraged Equities fund actively managed by Leverage Shares. Both are actively managed. Over the past year, SPYY.L returned 10.70% vs 131.11% for 3XLE.L. At a 0.08 correlation, their price movements are largely independent. SPYY.L charges 0.45%/yr vs 0.75%/yr for 3XLE.L.
Performance
SPYY.L vs. 3XLE.L - Performance Comparison
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Different Trading Currencies
SPYY.L is traded in USD, while 3XLE.L is traded in GBp. To make them comparable, the 3XLE.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 lower than 3XLE.L's 96.61% return.
SPYY.L
- 1D
- -0.10%
- 1M
- 2.88%
- YTD
- -3.36%
- 6M
- -2.52%
- 1Y
- 10.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
3XLE.L
- 1D
- -0.44%
- 1M
- -5.95%
- YTD
- 96.61%
- 6M
- 84.23%
- 1Y
- 131.11%
- 3Y*
- 17.70%
- 5Y*
- —
- 10Y*
- —
SPYY.L vs. 3XLE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | -3.36% | 16.00% | -4.69% |
3XLE.L Leverage Shares 3x Long Oil & Gas ETP Securities GBP | 96.61% | -11.52% | -16.30% |
Correlation
The correlation between SPYY.L and 3XLE.L is -0.11, 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 | -0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024 | 0.08 |
The correlation between SPYY.L and 3XLE.L shifts across timeframes, from -0.11 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPYY.L vs. 3XLE.L — Risk / Return Rank
SPYY.L
3XLE.L
SPYY.L vs. 3XLE.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 Oil & Gas ETP Securities GBP (3XLE.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 | 3XLE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.30 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 3.45 | -2.74 |
| Martin ratioReturn relative to average drawdown | 2.23 | 9.37 | -7.14 |
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 | 3XLE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.83 | 1.97 | -1.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.33 | -0.07 |
Drawdowns
SPYY.L vs. 3XLE.L - Drawdown Comparison
The maximum SPYY.L drawdown since its inception was -17.71%, smaller than the maximum 3XLE.L drawdown of -73.78%. Use the drawdown chart below to compare losses from any high point for SPYY.L and 3XLE.L.
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Drawdown Indicators
| SPYY.L | 3XLE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.71% | -73.78% | +56.07% |
Max Drawdown (1Y)Largest decline over 1 year | -14.91% | -37.77% | +22.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -64.33% | — |
Current DrawdownCurrent decline from peak | -4.42% | -27.20% | +22.78% |
Average DrawdownAverage peak-to-trough decline | -4.76% | -44.57% | +39.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.79% | 13.94% | -9.15% |
Volatility
SPYY.L vs. 3XLE.L - Volatility Comparison
The current volatility for IncomeShares S&P500 Options (0DTE) ETP (SPYY.L) is 2.78%, while Leverage Shares 3x Long Oil & Gas ETP Securities GBP (3XLE.L) has a volatility of 25.06%. This indicates that SPYY.L experiences smaller price fluctuations and is considered to be less risky than 3XLE.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 | 3XLE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 25.06% | -22.28% |
Volatility (6M)Calculated over the trailing 6-month period | 9.59% | 57.30% | -47.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.77% | 66.45% | -53.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.47% | 83.32% | -68.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.47% | 83.32% | -68.85% |
SPYY.L vs. 3XLE.L - Expense Ratio Comparison
SPYY.L has a 0.45% expense ratio, which is lower than 3XLE.L's 0.75% expense ratio.
Dividends
SPYY.L vs. 3XLE.L - Dividend Comparison
SPYY.L's dividend yield for the trailing twelve months is around 34.35%, while 3XLE.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
3XLE.L Leverage Shares 3x Long Oil & Gas ETP Securities 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 3XLE.L have a correlation of -0.11, 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 3XLE.L.
SPYY.L is categorized as Derivative Income, while 3XLE.L is Leveraged Equities. Their fees differ too: 0.45% for SPYY.L and 0.75% for 3XLE.L.
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