TDAX vs. 3MST.L

Last updated Jun 24, 2026

TDAX (TDAQ Lift ETF) and 3MST.L (Leverage Shares 3x Long MicroStrategy ETP) are both Leveraged Equities funds. TDAX is actively managed, while 3MST.L is passively managed. At a 0.36 correlation, their price movements are largely independent. TDAX charges 0.98%/yr vs 0.75%/yr for 3MST.L.

Performance

TDAX vs. 3MST.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TDAQ Lift ETF (TDAX) and Leverage Shares 3x Long MicroStrategy ETP (3MST.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TDAX

• 1D: -4.29%
• 1M: -2.95%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

3MST.L

• 1D: 0.00%
• 1M: -70.58%
• YTD: 1,808.30%
• 6M: 1,688.58%
• 1Y: -26.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TDAX vs. 3MST.L - Yearly Performance Comparison

	2026 (YTD)
TDAX TDAQ Lift ETF	13.76%
3MST.L Leverage Shares 3x Long MicroStrategy ETP	1,805.75%

Correlation

The correlation between TDAX and 3MST.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 7, 2026	0.36

Return for Risk

TDAX vs. 3MST.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TDAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

3MST.L

3MST.L Risk / Return Rank: 44
3MST.L Sharpe Ratio Rank: 9
3MST.L Sortino Ratio Rank: 100
3MST.L Omega Ratio Rank: 100
3MST.L Calmar Ratio Rank: 7
3MST.L Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TDAX vs. 3MST.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TDAQ Lift ETF (TDAX) and Leverage Shares 3x Long MicroStrategy ETP (3MST.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.

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.

	TDAX	3MST.L	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.00	—
Sortino ratio: Return per unit of downside risk	—	86.98	—
Omega ratio: Gain probability vs. loss probability	—	10.18	—
Calmar ratio: Return relative to maximum drawdown	—	-0.26	—
Martin ratio: Return relative to average drawdown	—	-0.35	—

Drawdowns

TDAX vs. 3MST.L - Drawdown Comparison

The maximum TDAX drawdown since its inception was -14.69%, smaller than the maximum 3MST.L drawdown of -99.93%. Use the drawdown chart below to compare losses from any high point for TDAX and 3MST.L.

Drawdown Indicators

	TDAX	3MST.L	Difference
Max Drawdown Largest peak-to-trough decline	-14.69%	-99.93%	+85.24%
Max Drawdown (1Y) Largest decline over 1 year	—	-99.48%	—
Current Drawdown Current decline from peak	-6.56%	-94.75%	+88.19%
Average Drawdown Average peak-to-trough decline	-3.75%	-83.28%	+79.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	74.65%	—

Volatility

Volatility by Period

	TDAX	3MST.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	82.95%	—
Volatility (6M) Calculated over the trailing 6-month period	—	516.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	27.01%	13,334.78%	-13,307.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.01%	10,135.38%	-10,108.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.01%	10,135.38%	-10,108.37%

TDAX vs. 3MST.L - Expense Ratio Comparison

TDAX has a 0.98% expense ratio, which is higher than 3MST.L's 0.75% expense ratio.

Dividends

TDAX vs. 3MST.L - Dividend Comparison

TDAX's dividend yield for the trailing twelve months is around 8.91%, while 3MST.L has not paid dividends to shareholders.

Position	TTM
3MST.L Leverage Shares 3x Long MicroStrategy ETP	0.00%
TDAX TDAQ Lift ETF	8.91%

Frequently Asked Questions

Can I hold both TDAX and 3MST.L in my portfolio?

TDAX and 3MST.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TDAX or 3MST.L?

On fees, 3MST.L is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TDAX or 3MST.L?

3MST.L is cheaper with a 0.75% expense ratio, compared with 0.98% for TDAX.

What is the main difference between TDAX and 3MST.L?

They also come from different issuers: TappAlpha and Leverage Shares. Their fees differ too: 0.98% for TDAX and 0.75% for 3MST.L.