XS2D.L vs. SMH3.L

Last updated Jun 5, 2026

XS2D.L (Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C) and SMH3.L (Leverage Shares 3x Long Semiconductors ETP Securities) are both Leveraged Equities funds. XS2D.L is passively managed, while SMH3.L is actively managed. Over the past 3 years, XS2D.L returned 38.35%/yr vs 160.65%/yr for SMH3.L. A 0.73 correlation means they provide meaningful diversification when combined. XS2D.L charges 0.60%/yr vs 0.75%/yr for SMH3.L.

Performance

XS2D.L vs. SMH3.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) and Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XS2D.L achieves a 18.65% return, which is significantly lower than SMH3.L's 303.42% return.

XS2D.L

• 1D: 0.01%
• 1M: 8.78%
• YTD: 18.65%
• 6M: 19.83%
• 1Y: 53.75%
• 3Y*: 38.35%
• 5Y*: 20.41%
• 10Y*: 24.30%

SMH3.L

• 1D: -6.35%
• 1M: 60.99%
• YTD: 303.42%
• 6M: 298.19%
• 1Y: 880.57%
• 3Y*: 160.65%
• 5Y*: —
• 10Y*: —

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

XS2D.L vs. SMH3.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XS2D.L Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C	18.65%	26.58%	45.65%	48.87%	-39.09%	3.71%
SMH3.L Leverage Shares 3x Long Semiconductors ETP Securities	303.42%	74.67%	66.99%	261.41%	-85.13%	4.53%

Correlation

The correlation between XS2D.L and SMH3.L is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 13, 2021	0.73

The correlation between XS2D.L and SMH3.L has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

XS2D.L vs. SMH3.L - Sectors Allocation Comparison

Sectors	XS2D.L	SMH3.L
Technology	46.5%	100.0%
Communication Services	14.0%	-
Real Estate	12.9%	-
Healthcare	11.8%	-
Industrials	9.3%	-
Financial Services	4.1%	-
Consumer Cyclical	0.7%	-
Consumer Defensive	0.6%	-
Basic Materials	-	-
Energy	-	-
Utilities	-	-

Return for Risk

XS2D.L vs. SMH3.L — Risk / Return Rank

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

XS2D.L

XS2D.L Risk / Return Rank: 68
XS2D.L Sharpe Ratio Rank: 71
XS2D.L Sortino Ratio Rank: 69
XS2D.L Omega Ratio Rank: 65
XS2D.L Calmar Ratio Rank: 65
XS2D.L Martin Ratio Rank: 72

SMH3.L

SMH3.L Risk / Return Rank: 96
SMH3.L Sharpe Ratio Rank: 99
SMH3.L Sortino Ratio Rank: 94
SMH3.L Omega Ratio Rank: 92
SMH3.L Calmar Ratio Rank: 99
SMH3.L Martin Ratio Rank: 98

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.

XS2D.L vs. SMH3.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) and Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.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.

	XS2D.L	SMH3.L	Difference
Sharpe ratio: Return per unit of total volatility	2.29	9.41	-7.13
Sortino ratio: Return per unit of downside risk	3.11	4.84	-1.73
Omega ratio: Gain probability vs. loss probability	1.38	1.60	-0.22
Calmar ratio: Return relative to maximum drawdown	3.16	22.21	-19.05
Martin ratio: Return relative to average drawdown	13.31	72.90	-59.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XS2D.L vs. SMH3.L - Sharpe Ratio Comparison

The current XS2D.L Sharpe Ratio is 2.29, which is lower than the SMH3.L Sharpe Ratio of 9.41. The chart below compares the historical Sharpe Ratios of XS2D.L and SMH3.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XS2D.L	SMH3.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	9.41	-7.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.52	+0.29

Drawdowns

XS2D.L vs. SMH3.L - Drawdown Comparison

The maximum XS2D.L drawdown since its inception was -59.31%, smaller than the maximum SMH3.L drawdown of -89.37%. Use the drawdown chart below to compare losses from any high point for XS2D.L and SMH3.L.

Drawdown Indicators

	XS2D.L	SMH3.L	Difference
Max Drawdown Largest peak-to-trough decline	-59.31%	-89.37%	+30.06%
Max Drawdown (1Y) Largest decline over 1 year	-16.91%	-39.25%	+22.34%
Max Drawdown (3Y) Largest decline over 3 years	-34.83%	-84.60%	+49.77%
Max Drawdown (5Y) Largest decline over 5 years	-46.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-59.31%	—	—
Current Drawdown Current decline from peak	-1.11%	-6.35%	+5.24%
Average Drawdown Average peak-to-trough decline	-9.00%	-48.37%	+39.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	11.98%	-7.95%

Volatility

XS2D.L vs. SMH3.L - Volatility Comparison

The current volatility for Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) is 6.29%, while Leverage Shares 3x Long Semiconductors ETP Securities (SMH3.L) has a volatility of 39.31%. This indicates that XS2D.L experiences smaller price fluctuations and is considered to be less risky than SMH3.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XS2D.L	SMH3.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	39.31%	-33.02%
Volatility (6M) Calculated over the trailing 6-month period	17.01%	71.15%	-54.14%
Volatility (1Y) Calculated over the trailing 1-year period	23.39%	92.66%	-69.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.74%	101.12%	-69.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.41%	101.12%	-68.71%

XS2D.L vs. SMH3.L - Expense Ratio Comparison

XS2D.L has a 0.60% expense ratio, which is lower than SMH3.L's 0.75% expense ratio.

Dividends

XS2D.L vs. SMH3.L - Dividend Comparison

Neither XS2D.L nor SMH3.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XS2D.L and SMH3.L in my portfolio?

XS2D.L and SMH3.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XS2D.L or SMH3.L?

On fees, XS2D.L is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XS2D.L or SMH3.L?

XS2D.L is cheaper with a 0.60% expense ratio, compared with 0.75% for SMH3.L.

What is the main difference between XS2D.L and SMH3.L?

They also come from different issuers: Xtrackers and Leverage Shares. Their fees differ too: 0.60% for XS2D.L and 0.75% for SMH3.L.