3GOE.L vs. DES2.L
3GOE.L (Leverage Shares 3x Alphabet ETP Scs) and DES2.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) are both exchange-traded funds - 3GOE.L is a Leveraged Equities fund tracking the iSTOXX Leveraged 3X GOOG Index, while DES2.L is a Inverse Equities fund tracking the ShortDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 5 years, 3GOE.L returned 20.01%/yr vs -20.76%/yr for DES2.L. At a correlation of -0.40, they often move in opposite directions. 3GOE.L charges 0.75%/yr vs 0.60%/yr for DES2.L.
Performance
3GOE.L vs. DES2.L - Performance Comparison
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Different Trading Currencies
3GOE.L is traded in USD, while DES2.L is traded in EUR. To make them comparable, the DES2.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, 3GOE.L achieves a 20.71% return, which is significantly higher than DES2.L's -7.88% return.
3GOE.L
- 1D
- 0.00%
- 1M
- -13.16%
- 6M
- 0.13%
- YTD
- 20.71%
- 1Y
- 383.29%
- 3Y*
- 85.73%
- 5Y*
- 20.01%
- 10Y*
- —
DES2.L
- 1D
- 1.39%
- 1M
- -1.94%
- 6M
- -2.03%
- YTD
- -7.88%
- 1Y
- -10.70%
- 3Y*
- -24.00%
- 5Y*
- -20.76%
- 10Y*
- -23.24%
3GOE.L vs. DES2.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
3GOE.L Leverage Shares 3x Alphabet ETP Scs | 20.71% | 133.65% | 89.16% | 159.88% | -86.56% | 320.07% | 40.96% |
DES2.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc) | -7.88% | -27.59% | -29.84% | -26.03% | 1.35% | -36.20% | -18.18% |
Correlation
The correlation between 3GOE.L and DES2.L is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
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 | -0.40 |
The correlation between 3GOE.L and DES2.L shifts across timeframes, from -0.40 (all time) to -0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
3GOE.L vs. DES2.L — Risk / Return Rank
3GOE.L
DES2.L
3GOE.L vs. DES2.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Alphabet ETP Scs (3GOE.L) and L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DES2.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.
| 3GOE.L | DES2.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.52 | ||
| Sortino ratioReturn per unit of downside risk | +4.09 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 0.97 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 7.49 | -0.40 | +7.89 |
| Martin ratioReturn relative to average drawdown | 20.23 | -0.88 | +21.11 |
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Drawdowns
3GOE.L vs. DES2.L - Drawdown Comparison
The maximum 3GOE.L drawdown since its inception was -88.62%, smaller than the maximum DES2.L drawdown of -99.65%. Use the drawdown chart below to compare losses from any high point for 3GOE.L and DES2.L.
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Drawdown Indicators
| 3GOE.L | DES2.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.62% | -99.65% | +11.03% |
Max Drawdown (1Y)Largest decline over 1 year | -51.18% | -26.68% | -24.50% |
Max Drawdown (3Y)Largest decline over 3 years | -69.84% | -64.39% | -5.45% |
Max Drawdown (5Y)Largest decline over 5 years | -88.62% | -76.16% | -12.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.42% | — |
Current DrawdownCurrent decline from peak | -32.13% | -99.63% | +67.50% |
Average DrawdownAverage peak-to-trough decline | -43.08% | -88.43% | +45.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.95% | 12.13% | +6.82% |
Volatility
3GOE.L vs. DES2.L - Volatility Comparison
Leverage Shares 3x Alphabet ETP Scs (3GOE.L) has a higher volatility of 29.11% compared to L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DES2.L) at 9.17%. This indicates that 3GOE.L's price experiences larger fluctuations and is considered to be riskier than DES2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 3GOE.L | DES2.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.11% | 9.17% | +19.94% |
Volatility (6M)Calculated over the trailing 6-month period | 62.43% | 26.51% | +35.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 91.72% | 32.21% | +59.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 90.84% | 33.30% | +57.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 88.90% | 36.16% | +52.74% |
3GOE.L vs. DES2.L - Expense Ratio Comparison
3GOE.L has a 0.75% expense ratio, which is higher than DES2.L's 0.60% expense ratio.
Dividends
3GOE.L vs. DES2.L - Dividend Comparison
Neither 3GOE.L nor DES2.L has paid dividends to shareholders.
Frequently Asked Questions
3GOE.L and DES2.L have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DES2.L is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DES2.L is cheaper with a 0.60% expense ratio, compared with 0.75% for 3GOE.L.
3GOE.L is categorized as Leveraged Equities, while DES2.L is Inverse Equities. 3GOE.L tracks iSTOXX Leveraged 3X GOOG Index, while DES2.L tracks ShortDAX x2 Index Gross TR EUR. They also come from different issuers: Leverage Shares and L&G. Their fees differ too: 0.75% for 3GOE.L and 0.60% for DES2.L.
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