2MU.L vs. DL2P.L
2MU.L (Leverage Shares 2x Micron Technology ETC GBP) and DL2P.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) are both Leveraged Equities funds - 2MU.L tracks the iSTOXX Leveraged 2X MU Index while DL2P.L tracks the LevDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 5 years, 2MU.L returned 94.59%/yr vs 11.87%/yr for DL2P.L. At a 0.39 correlation, their price movements are largely independent. 2MU.L charges 0.75%/yr vs 0.40%/yr for DL2P.L.
Performance
2MU.L vs. DL2P.L - Performance Comparison
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Returns By Period
In the year-to-date period, 2MU.L achieves a 620.93% return, which is significantly higher than DL2P.L's -4.56% return.
2MU.L
- 1D
- 0.00%
- 1M
- -24.57%
- 6M
- 461.59%
- YTD
- 620.93%
- 1Y
- 3,375.34%
- 3Y*
- 286.17%
- 5Y*
- 94.59%
- 10Y*
- —
DL2P.L
- 1D
- -1.29%
- 1M
- -2.86%
- 6M
- -9.94%
- YTD
- -4.56%
- 1Y
- -3.84%
- 3Y*
- 22.60%
- 5Y*
- 11.87%
- 10Y*
- 12.86%
2MU.L vs. DL2P.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
2MU.L Leverage Shares 2x Micron Technology ETC GBP | 620.93% | 550.25% | -30.59% | 142.95% | -76.42% | 45.29% | 65.67% |
DL2P.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc) | -4.56% | 44.27% | 25.79% | 31.85% | -23.59% | 21.61% | 16.48% |
Correlation
The correlation between 2MU.L and DL2P.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.39 |
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Return for Risk
2MU.L vs. DL2P.L — Risk / Return Rank
2MU.L
DL2P.L
2MU.L vs. DL2P.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Micron Technology ETC GBP (2MU.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.
| 2MU.L | DL2P.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +22.11 | ||
| Sortino ratioReturn per unit of downside risk | +5.64 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.00 | +0.69 |
| Calmar ratioReturn relative to maximum drawdown | 63.45 | -0.17 | +63.61 |
| Martin ratioReturn relative to average drawdown | 202.07 | -0.47 | +202.54 |
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Drawdowns
2MU.L vs. DL2P.L - Drawdown Comparison
The maximum 2MU.L drawdown since its inception was -89.16%, which is greater than DL2P.L's maximum drawdown of -63.02%. Use the drawdown chart below to compare losses from any high point for 2MU.L and DL2P.L.
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Drawdown Indicators
| 2MU.L | DL2P.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.16% | -63.02% | -26.14% |
Max Drawdown (1Y)Largest decline over 1 year | -53.20% | -23.87% | -29.33% |
Max Drawdown (3Y)Largest decline over 3 years | -89.16% | -28.21% | -60.95% |
Max Drawdown (5Y)Largest decline over 5 years | -89.16% | -46.63% | -42.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -63.02% | — |
Current DrawdownCurrent decline from peak | -37.25% | -10.64% | -26.61% |
Average DrawdownAverage peak-to-trough decline | -44.30% | -16.32% | -27.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.70% | 8.50% | +8.20% |
Volatility
2MU.L vs. DL2P.L - Volatility Comparison
Leverage Shares 2x Micron Technology ETC GBP (2MU.L) has a higher volatility of 57.95% compared to L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DL2P.L) at 9.48%. This indicates that 2MU.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
| 2MU.L | DL2P.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 57.95% | 9.48% | +48.47% |
Volatility (6M)Calculated over the trailing 6-month period | 111.41% | 26.53% | +84.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 153.58% | 31.14% | +122.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 111.50% | 33.71% | +77.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 105.70% | 35.50% | +70.20% |
2MU.L vs. DL2P.L - Expense Ratio Comparison
2MU.L has a 0.75% expense ratio, which is higher than DL2P.L's 0.40% expense ratio.
Dividends
2MU.L vs. DL2P.L - Dividend Comparison
Neither 2MU.L nor DL2P.L has paid dividends to shareholders.
Frequently Asked Questions
2MU.L and DL2P.L have a correlation of 0.33, 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 2MU.L.
2MU.L tracks iSTOXX Leveraged 2X MU 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 2MU.L and 0.40% for DL2P.L.
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