3BP.L vs. XS2D.L

Last updated Jun 5, 2026

3BP.L (Leverage Shares 3x BP ETP GBX) and XS2D.L (Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C) are both Leveraged Equities funds - 3BP.L tracks the iSTOXX Leveraged 3x BP Index while XS2D.L tracks the S&P 500 2x Leveraged Daily Index. Both are passively managed. Over the past 5 years, 3BP.L returned 4.91%/yr vs 21.71%/yr for XS2D.L. At a 0.12 correlation, their price movements are largely independent. 3BP.L charges 0.75%/yr vs 0.60%/yr for XS2D.L.

Performance

3BP.L vs. XS2D.L - Performance Comparison

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

Different Trading Currencies

3BP.L is traded in GBp, while XS2D.L is traded in USD. To make them comparable, the XS2D.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, 3BP.L achieves a 75.30% return, which is significantly higher than XS2D.L's 19.13% return.

3BP.L

• 1D: -1.59%
• 1M: -16.33%
• YTD: 75.30%
• 6M: 37.46%
• 1Y: 168.94%
• 3Y*: -2.25%
• 5Y*: 4.91%
• 10Y*: —

XS2D.L

• 1D: 0.01%
• 1M: 9.78%
• YTD: 19.13%
• 6M: 19.00%
• 1Y: 55.24%
• 3Y*: 34.87%
• 5Y*: 21.71%
• 10Y*: 25.23%

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

3BP.L vs. XS2D.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
3BP.L Leverage Shares 3x BP ETP GBX	75.30%	16.83%	-49.99%	-15.24%	58.02%	-4.62%
XS2D.L Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C	19.13%	17.56%	48.20%	41.43%	-31.85%	48.84%

Correlation

The correlation between 3BP.L and XS2D.L is -0.19, 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	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Mar 19, 2021	0.12

The correlation between 3BP.L and XS2D.L shifts across timeframes, from -0.19 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

3BP.L vs. XS2D.L - Sectors Allocation Comparison

Sectors	3BP.L	XS2D.L
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	14.0%
Consumer Cyclical	-	0.7%
Consumer Defensive	-	0.6%
Financial Services	-	4.1%
Healthcare	-	11.8%
Industrials	-	9.3%
Real Estate	-	12.9%
Technology	-	46.5%
Utilities	-	-

Return for Risk

3BP.L vs. XS2D.L — Risk / Return Rank

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

3BP.L

3BP.L Risk / Return Rank: 61
3BP.L Sharpe Ratio Rank: 60
3BP.L Sortino Ratio Rank: 47
3BP.L Omega Ratio Rank: 50
3BP.L Calmar Ratio Rank: 82
3BP.L Martin Ratio Rank: 65

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

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.

3BP.L vs. XS2D.L - Risk-Adjusted Trends Comparison

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

	3BP.L	XS2D.L	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.43	-0.45
Sortino ratio: Return per unit of downside risk	2.28	3.17	-0.89
Omega ratio: Gain probability vs. loss probability	1.31	1.41	-0.10
Calmar ratio: Return relative to maximum drawdown	4.23	3.49	+0.75
Martin ratio: Return relative to average drawdown	11.67	13.13	-1.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

3BP.L vs. XS2D.L - Sharpe Ratio Comparison

The current 3BP.L Sharpe Ratio is 1.98, which is comparable to the XS2D.L Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of 3BP.L and XS2D.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

	3BP.L	XS2D.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.43	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.72	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.86	-0.79

Drawdowns

3BP.L vs. XS2D.L - Drawdown Comparison

The maximum 3BP.L drawdown since its inception was -85.47%, which is greater than XS2D.L's maximum drawdown of -54.44%. Use the drawdown chart below to compare losses from any high point for 3BP.L and XS2D.L.

Drawdown Indicators

	3BP.L	XS2D.L	Difference
Max Drawdown Largest peak-to-trough decline	-85.47%	-54.44%	-31.03%
Max Drawdown (1Y) Largest decline over 1 year	-39.67%	-15.77%	-23.90%
Max Drawdown (3Y) Largest decline over 3 years	-82.48%	-36.46%	-46.02%
Max Drawdown (5Y) Largest decline over 5 years	-85.47%	-37.20%	-48.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-54.44%	—
Current Drawdown Current decline from peak	-46.91%	-0.76%	-46.15%
Average Drawdown Average peak-to-trough decline	-43.64%	-8.14%	-35.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.42%	4.20%	+10.22%

Volatility

3BP.L vs. XS2D.L - Volatility Comparison

Leverage Shares 3x BP ETP GBX (3BP.L) has a higher volatility of 29.33% compared to Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) at 6.33%. This indicates that 3BP.L's price experiences larger fluctuations and is considered to be riskier than XS2D.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3BP.L	XS2D.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.33%	6.33%	+23.00%
Volatility (6M) Calculated over the trailing 6-month period	74.08%	16.32%	+57.76%
Volatility (1Y) Calculated over the trailing 1-year period	84.97%	22.67%	+62.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.78%	30.08%	+59.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.19%	31.28%	+58.91%

3BP.L vs. XS2D.L - Expense Ratio Comparison

3BP.L has a 0.75% expense ratio, which is higher than XS2D.L's 0.60% expense ratio.

Dividends

3BP.L vs. XS2D.L - Dividend Comparison

Neither 3BP.L nor XS2D.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 3BP.L and XS2D.L in my portfolio?

3BP.L and XS2D.L have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 3BP.L or XS2D.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, 3BP.L or XS2D.L?

XS2D.L is cheaper with a 0.60% expense ratio, compared with 0.75% for 3BP.L.

What is the main difference between 3BP.L and XS2D.L?

3BP.L tracks iSTOXX Leveraged 3x BP Index, while XS2D.L tracks S&P 500 2x Leveraged Daily Index. They also come from different issuers: Leverage Shares and Xtrackers. Their fees differ too: 0.75% for 3BP.L and 0.60% for XS2D.L.