2MU.L vs. TDAX

Last updated Apr 2, 2026

Compare and contrast key facts about Leverage Shares 2x Micron Technology ETC GBP (2MU.L) and TDAQ Lift ETF (TDAX).

2MU.L and TDAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 2MU.L is a passively managed fund by Leverage Shares that tracks the performance of the iSTOXX Leveraged 2X MU Index. It was launched on Jun 4, 2020. TDAX is an actively managed fund by TappAlpha. It was launched on Jan 7, 2026.

Performance

2MU.L vs. TDAX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Leverage Shares 2x Micron Technology ETC GBP (2MU.L) and TDAQ Lift ETF (TDAX). The values are adjusted to include any dividend payments, if applicable.

2MU.L vs. TDAX - Yearly Performance Comparison

	2026 (YTD)
2MU.L Leverage Shares 2x Micron Technology ETC GBP	4.17%
TDAX TDAQ Lift ETF	-7.26%

Different Trading Currencies

2MU.L is traded in GBp, while TDAX is traded in USD. To make them comparable, the TDAX values have been converted to GBp using the latest available exchange rates.

Returns By Period

2MU.L

• 1D: 28.21%
• 1M: -22.48%
• YTD: 39.53%
• 6M: 234.08%
• 1Y: 894.04%
• 3Y*: 121.06%
• 5Y*: 28.12%
• 10Y*: —

TDAX

• 1D: 2.28%
• 1M: -4.03%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

2MU.L vs. TDAX - Expense Ratio Comparison

2MU.L has a 0.75% expense ratio, which is lower than TDAX's 0.98% expense ratio.

TDAX

TDAQ Lift ETF

2MU.L

Leverage Shares 2x Micron Technology ETC GBP

Return for Risk

2MU.L vs. TDAX — Risk / Return Rank

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

2MU.L

2MU.L Risk / Return Rank: 98
2MU.L Sharpe Ratio Rank: 99
2MU.L Sortino Ratio Rank: 98
2MU.L Omega Ratio Rank: 96
2MU.L Calmar Ratio Rank: 99
2MU.L Martin Ratio Rank: 99

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.

2MU.L vs. TDAX - 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 TDAQ Lift ETF (TDAX). 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.

	2MU.L	TDAX	Difference
Sharpe ratio Return per unit of total volatility	7.30	—	—
Sortino ratio Return per unit of downside risk	4.03	—	—
Omega ratio Gain probability vs. loss probability	1.52	—	—
Calmar ratio Return relative to maximum drawdown	16.98	—	—
Martin ratio Return relative to average drawdown	60.89	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	2MU.L	TDAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.30	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	-1.24	+1.70

Correlation

The correlation between 2MU.L and TDAX is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

2MU.L vs. TDAX - Dividend Comparison

2MU.L has not paid dividends to shareholders, while TDAX's dividend yield for the trailing twelve months is around 5.53%.

	TTM
2MU.L Leverage Shares 2x Micron Technology ETC GBP	0.00%
TDAX TDAQ Lift ETF	5.53%

Drawdowns

2MU.L vs. TDAX - Drawdown Comparison

The maximum 2MU.L drawdown since its inception was -89.16%, which is greater than TDAX's maximum drawdown of -12.81%. Use the drawdown chart below to compare losses from any high point for 2MU.L and TDAX.

Drawdown Indicators

	2MU.L	TDAX	Difference
Max Drawdown Largest peak-to-trough decline	-89.16%	-14.69%	-74.47%
Max Drawdown (1Y) Largest decline over 1 year	-53.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.16%	—	—
Current Drawdown Current decline from peak	-40.00%	-9.43%	-30.57%
Average Drawdown Average peak-to-trough decline	-45.84%	-5.19%	-40.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.83%	—	—

Volatility

Volatility by Period

	2MU.L	TDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.12%	—	—
Volatility (6M) Calculated over the trailing 6-month period	91.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	121.39%	22.80%	+98.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	100.16%	22.80%	+77.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.50%	22.80%	+74.70%