3DAX.DE vs. DEL2.DE
3DAX.DE (Leverage Shares 3x Long Germany 40 ETP Securities) and DEL2.DE (L&G DAX Daily 2x Long UCITS ETF) are both Leveraged Equities funds. 3DAX.DE is actively managed, while DEL2.DE is passively managed. Over the past 3 years, 3DAX.DE returned 21.97%/yr vs 22.71%/yr for DEL2.DE. With a 0.98 correlation, they move nearly in lockstep. 3DAX.DE charges 0.75%/yr vs 0.40%/yr for DEL2.DE.
Performance
3DAX.DE vs. DEL2.DE - Performance Comparison
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Returns By Period
In the year-to-date period, 3DAX.DE achieves a -8.10% return, which is significantly lower than DEL2.DE's -2.40% return.
3DAX.DE
- 1D
- 0.00%
- 1M
- -1.83%
- 6M
- -15.95%
- YTD
- -8.10%
- 1Y
- -15.00%
- 3Y*
- 21.97%
- 5Y*
- —
- 10Y*
- —
DEL2.DE
- 1D
- -0.64%
- 1M
- -1.62%
- 6M
- -7.98%
- YTD
- -2.40%
- 1Y
- -4.17%
- 3Y*
- 22.71%
- 5Y*
- 11.97%
- 10Y*
- 12.84%
3DAX.DE vs. DEL2.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
3DAX.DE Leverage Shares 3x Long Germany 40 ETP Securities | -8.10% | 42.11% | 35.80% | 43.45% | 10.85% |
DEL2.DE L&G DAX Daily 2x Long UCITS ETF | -2.40% | 38.93% | 30.47% | 34.91% | 6.08% |
Correlation
The correlation between 3DAX.DE and DEL2.DE is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2022 | 0.98 |
The correlation between 3DAX.DE and DEL2.DE has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
3DAX.DE vs. DEL2.DE — Risk / Return Rank
3DAX.DE
DEL2.DE
3DAX.DE vs. DEL2.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long Germany 40 ETP Securities (3DAX.DE) and L&G DAX Daily 2x Long UCITS ETF (DEL2.DE). 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.
| 3DAX.DE | DEL2.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.01 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | -0.17 | -0.25 |
| Martin ratioReturn relative to average drawdown | -1.04 | -0.48 | -0.56 |
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Drawdowns
3DAX.DE vs. DEL2.DE - Drawdown Comparison
The maximum 3DAX.DE drawdown since its inception was -42.58%, smaller than the maximum DEL2.DE drawdown of -65.30%. Use the drawdown chart below to compare losses from any high point for 3DAX.DE and DEL2.DE.
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Drawdown Indicators
| 3DAX.DE | DEL2.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.58% | -65.30% | +22.72% |
Max Drawdown (1Y)Largest decline over 1 year | -35.67% | -24.33% | -11.34% |
Max Drawdown (3Y)Largest decline over 3 years | -42.58% | -29.92% | -12.66% |
Max Drawdown (5Y)Largest decline over 5 years | — | -48.89% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -65.30% | — |
Current DrawdownCurrent decline from peak | -17.45% | -9.05% | -8.40% |
Average DrawdownAverage peak-to-trough decline | -9.48% | -16.56% | +7.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.64% | 8.69% | +5.95% |
Volatility
3DAX.DE vs. DEL2.DE - Volatility Comparison
Leverage Shares 3x Long Germany 40 ETP Securities (3DAX.DE) has a higher volatility of 14.02% compared to L&G DAX Daily 2x Long UCITS ETF (DEL2.DE) at 9.21%. This indicates that 3DAX.DE's price experiences larger fluctuations and is considered to be riskier than DEL2.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 3DAX.DE | DEL2.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.02% | 9.21% | +4.81% |
Volatility (6M)Calculated over the trailing 6-month period | 40.52% | 26.86% | +13.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.44% | 32.39% | +16.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.72% | 34.25% | +12.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.72% | 36.06% | +10.66% |
3DAX.DE vs. DEL2.DE - Expense Ratio Comparison
3DAX.DE has a 0.75% expense ratio, which is higher than DEL2.DE's 0.40% expense ratio.
Dividends
3DAX.DE vs. DEL2.DE - Dividend Comparison
Neither 3DAX.DE nor DEL2.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, 3DAX.DE and DEL2.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, DEL2.DE is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DEL2.DE is cheaper with a 0.40% expense ratio, compared with 0.75% for 3DAX.DE.
They also come from different issuers: Leverage Shares and L&G. Their fees differ too: 0.75% for 3DAX.DE and 0.40% for DEL2.DE.
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