2MSF.L vs. DL2P.L
2MSF.L (Leverage Shares 2x Microsoft ETC A GBP) and DL2P.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) are both Leveraged Equities funds - 2MSF.L tracks the NYSE Leveraged 2x MSFT Index while DL2P.L tracks the LevDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 5 years, 2MSF.L returned 0.80%/yr vs 11.86%/yr for DL2P.L. At a 0.43 correlation, their price movements are largely independent. 2MSF.L charges 0.75%/yr vs 0.40%/yr for DL2P.L.
Performance
2MSF.L vs. DL2P.L - Performance Comparison
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Returns By Period
In the year-to-date period, 2MSF.L achieves a -41.74% return, which is significantly lower than DL2P.L's -4.61% return.
2MSF.L
- 1D
- -3.95%
- 1M
- 0.72%
- 6M
- -34.51%
- YTD
- -41.74%
- 1Y
- -50.26%
- 3Y*
- -5.82%
- 5Y*
- 0.80%
- 10Y*
- —
DL2P.L
- 1D
- -0.16%
- 1M
- -3.28%
- 6M
- -9.64%
- YTD
- -4.61%
- 1Y
- -5.87%
- 3Y*
- 22.26%
- 5Y*
- 11.86%
- 10Y*
- 13.00%
2MSF.L vs. DL2P.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
2MSF.L Leverage Shares 2x Microsoft ETC A GBP | -41.74% | 4.50% | 17.75% | 106.56% | -51.52% | 121.86% | 56.71% | 122.13% | 0.93% | 0.50% |
DL2P.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc) | -4.61% | 44.27% | 25.79% | 31.85% | -23.59% | 21.61% | 1.34% | 38.90% | -33.44% | -1.15% |
Correlation
The correlation between 2MSF.L and DL2P.L is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2017 | 0.43 |
Over the past year, the correlation between 2MSF.L and DL2P.L has dropped to 0.17 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
2MSF.L vs. DL2P.L — Risk / Return Rank
2MSF.L
DL2P.L
2MSF.L vs. DL2P.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Microsoft ETC A GBP (2MSF.L) and L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DL2P.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.
| 2MSF.L | DL2P.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.99 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.25 | -0.57 |
| Martin ratioReturn relative to average drawdown | -1.35 | -0.69 | -0.66 |
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Drawdowns
2MSF.L vs. DL2P.L - Drawdown Comparison
The maximum 2MSF.L drawdown since its inception was -61.61%, roughly equal to the maximum DL2P.L drawdown of -63.02%. Use the drawdown chart below to compare losses from any high point for 2MSF.L and DL2P.L.
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Drawdown Indicators
| 2MSF.L | DL2P.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.61% | -63.02% | +1.41% |
Max Drawdown (1Y)Largest decline over 1 year | -61.61% | -23.87% | -37.74% |
Max Drawdown (3Y)Largest decline over 3 years | -61.61% | -28.21% | -33.40% |
Max Drawdown (5Y)Largest decline over 5 years | -61.61% | -46.63% | -14.98% |
Max Drawdown (10Y)Largest decline over 10 years | — | -63.02% | — |
Current DrawdownCurrent decline from peak | -55.13% | -10.68% | -44.45% |
Average DrawdownAverage peak-to-trough decline | -19.16% | -16.32% | -2.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.31% | 8.52% | +28.79% |
Volatility
2MSF.L vs. DL2P.L - Volatility Comparison
Leverage Shares 2x Microsoft ETC A GBP (2MSF.L) has a higher volatility of 19.68% compared to L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DL2P.L) at 9.40%. This indicates that 2MSF.L's price experiences larger fluctuations and is considered to be riskier than DL2P.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 2MSF.L | DL2P.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.68% | 9.40% | +10.28% |
Volatility (6M)Calculated over the trailing 6-month period | 51.89% | 26.51% | +25.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.05% | 31.14% | +25.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.18% | 33.70% | +17.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.73% | 35.50% | +16.23% |
2MSF.L vs. DL2P.L - Expense Ratio Comparison
2MSF.L has a 0.75% expense ratio, which is higher than DL2P.L's 0.40% expense ratio.
Dividends
2MSF.L vs. DL2P.L - Dividend Comparison
Neither 2MSF.L nor DL2P.L has paid dividends to shareholders.
Frequently Asked Questions
2MSF.L and DL2P.L have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DL2P.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DL2P.L is cheaper with a 0.40% expense ratio, compared with 0.75% for 2MSF.L.
2MSF.L tracks NYSE Leveraged 2x MSFT Index, while DL2P.L tracks LevDAX x2 Index Gross TR EUR. They also come from different issuers: Leverage Shares and L&G. Their fees differ too: 0.75% for 2MSF.L and 0.40% for DL2P.L.
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