2NFL.L vs. 2MU.L

Last updated Jun 4, 2026

2NFL.L (Leverage Shares 2x Netflix ETC A GBP) and 2MU.L (Leverage Shares 2x Micron Technology ETC GBP) are both Leveraged Equities funds from Leverage Shares - 2NFL.L tracks the NYSE Leveraged 2x NFLX Index while 2MU.L tracks the iSTOXX Leveraged 2X MU Index. Both are passively managed. Over the past 5 years, 2NFL.L returned -6.80%/yr vs 99.54%/yr for 2MU.L. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.

Performance

2NFL.L vs. 2MU.L - Performance Comparison

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

Returns By Period

In the year-to-date period, 2NFL.L achieves a -30.54% return, which is significantly lower than 2MU.L's 890.70% return.

2NFL.L

• 1D: -4.96%
• 1M: -25.11%
• YTD: -30.54%
• 6M: -44.36%
• 1Y: -63.09%
• 3Y*: 27.79%
• 5Y*: -6.80%
• 10Y*: —

2MU.L

• 1D: 3.90%
• 1M: 267.24%
• YTD: 890.70%
• 6M: 1,363.92%
• 1Y: 6,514.91%
• 3Y*: 298.47%
• 5Y*: 99.54%
• 10Y*: —

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

2NFL.L vs. 2MU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
2NFL.L Leverage Shares 2x Netflix ETC A GBP	-30.54%	-20.02%	192.97%	115.23%	-87.10%	23.08%	30.77%
2MU.L Leverage Shares 2x Micron Technology ETC GBP	890.70%	550.25%	-30.59%	142.95%	-76.42%	45.29%	65.67%

Correlation

The correlation between 2NFL.L and 2MU.L is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jun 5, 2020	0.20

The correlation between 2NFL.L and 2MU.L shifts across timeframes, from -0.13 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Return for Risk

2NFL.L vs. 2MU.L — Risk / Return Rank

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

2NFL.L

2NFL.L Risk / Return Rank: 1
2NFL.L Sharpe Ratio Rank: 2
2NFL.L Sortino Ratio Rank: 1
2NFL.L Omega Ratio Rank: 1
2NFL.L Calmar Ratio Rank: 1
2NFL.L Martin Ratio Rank: 1

2MU.L

2MU.L Risk / Return Rank: 99
2MU.L Sharpe Ratio Rank: 100
2MU.L Sortino Ratio Rank: 98
2MU.L Omega Ratio Rank: 97
2MU.L Calmar Ratio Rank: 100
2MU.L Martin Ratio Rank: 100

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.

2NFL.L vs. 2MU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Netflix ETC A GBP (2NFL.L) and Leverage Shares 2x Micron Technology ETC GBP (2MU.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.

	2NFL.L	2MU.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	50.34	-51.32
Sortino ratio: Return per unit of downside risk	-1.54	7.59	-9.13
Omega ratio: Gain probability vs. loss probability	0.80	1.95	-1.15
Calmar ratio: Return relative to maximum drawdown	-0.89	120.42	-121.30
Martin ratio: Return relative to average drawdown	-1.43	429.29	-430.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

2NFL.L vs. 2MU.L - Sharpe Ratio Comparison

The current 2NFL.L Sharpe Ratio is -0.98, which is lower than the 2MU.L Sharpe Ratio of 50.34. The chart below compares the historical Sharpe Ratios of 2NFL.L and 2MU.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

	2NFL.L	2MU.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.98	50.34	-51.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.95	-1.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.99	-0.95

Drawdowns

2NFL.L vs. 2MU.L - Drawdown Comparison

The maximum 2NFL.L drawdown since its inception was -95.91%, which is greater than 2MU.L's maximum drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for 2NFL.L and 2MU.L.

Drawdown Indicators

	2NFL.L	2MU.L	Difference
Max Drawdown Largest peak-to-trough decline	-95.91%	-89.16%	-6.75%
Max Drawdown (1Y) Largest decline over 1 year	-71.00%	-53.20%	-17.80%
Max Drawdown (3Y) Largest decline over 3 years	-71.00%	-89.16%	+18.16%
Max Drawdown (5Y) Largest decline over 5 years	-95.91%	-89.16%	-6.75%
Current Drawdown Current decline from peak	-68.20%	0.00%	-68.20%
Average Drawdown Average peak-to-trough decline	-48.90%	-44.86%	-4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.03%	14.95%	+29.08%

Volatility

2NFL.L vs. 2MU.L - Volatility Comparison

The current volatility for Leverage Shares 2x Netflix ETC A GBP (2NFL.L) is 19.52%, while Leverage Shares 2x Micron Technology ETC GBP (2MU.L) has a volatility of 53.51%. This indicates that 2NFL.L experiences smaller price fluctuations and is considered to be less risky than 2MU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	2NFL.L	2MU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.52%	53.51%	-33.99%
Volatility (6M) Calculated over the trailing 6-month period	52.17%	96.13%	-43.96%
Volatility (1Y) Calculated over the trailing 1-year period	64.50%	127.53%	-63.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.01%	104.70%	-13.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	85.97%	100.80%	-14.83%

2NFL.L vs. 2MU.L - Expense Ratio Comparison

Both 2NFL.L and 2MU.L have an expense ratio of 0.75%.

Dividends

2NFL.L vs. 2MU.L - Dividend Comparison

Neither 2NFL.L nor 2MU.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 2NFL.L and 2MU.L in my portfolio?

2NFL.L and 2MU.L have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 2NFL.L or 2MU.L?

Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 2NFL.L or 2MU.L?

2NFL.L and 2MU.L have the same expense ratio: 0.75% per year.

What is the main difference between 2NFL.L and 2MU.L?

2NFL.L tracks NYSE Leveraged 2x NFLX Index, while 2MU.L tracks iSTOXX Leveraged 2X MU Index.