3MSE.L vs. DEL2.L
3MSE.L (Leverage Shares 3x Microsoft ETP EUR) and DEL2.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) are both Leveraged Equities funds - 3MSE.L tracks the iSTOXX Leveraged 3X MSFT Index while DEL2.L tracks the LevDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 5 years, 3MSE.L returned -10.60%/yr vs 12.03%/yr for DEL2.L. At a 0.42 correlation, their price movements are largely independent. 3MSE.L charges 0.75%/yr vs 0.40%/yr for DEL2.L.
Performance
3MSE.L vs. DEL2.L - Performance Comparison
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Returns By Period
In the year-to-date period, 3MSE.L achieves a -56.41% return, which is significantly lower than DEL2.L's -2.00% return.
3MSE.L
- 1D
- 0.00%
- 1M
- 7.79%
- 6M
- -48.17%
- YTD
- -56.41%
- 1Y
- -67.08%
- 3Y*
- -16.56%
- 5Y*
- -10.60%
- 10Y*
- —
DEL2.L
- 1D
- -0.29%
- 1M
- -1.52%
- 6M
- -7.87%
- YTD
- -2.00%
- 1Y
- -4.25%
- 3Y*
- 22.69%
- 5Y*
- 12.03%
- 10Y*
- 12.82%
3MSE.L vs. DEL2.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
3MSE.L Leverage Shares 3x Microsoft ETP EUR | -56.41% | -6.09% | 20.99% | 175.47% | -76.35% | 237.47% | 36.89% |
DEL2.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc) | -2.00% | 37.26% | 31.65% | 34.68% | -27.71% | 30.03% | 15.76% |
Correlation
The correlation between 3MSE.L and DEL2.L is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.42 |
Over the past year, the correlation between 3MSE.L and DEL2.L has dropped to 0.19 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.
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Return for Risk
3MSE.L vs. DEL2.L — Risk / Return Rank
3MSE.L
DEL2.L
3MSE.L vs. DEL2.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Microsoft ETP EUR (3MSE.L) and L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.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.
| 3MSE.L | DEL2.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.01 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.16 | -0.69 |
| Martin ratioReturn relative to average drawdown | -1.32 | -0.49 | -0.84 |
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Drawdowns
3MSE.L vs. DEL2.L - Drawdown Comparison
The maximum 3MSE.L drawdown since its inception was -82.27%, which is greater than DEL2.L's maximum drawdown of -64.67%. Use the drawdown chart below to compare losses from any high point for 3MSE.L and DEL2.L.
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Drawdown Indicators
| 3MSE.L | DEL2.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.27% | -64.67% | -17.60% |
Max Drawdown (1Y)Largest decline over 1 year | -79.17% | -26.77% | -52.40% |
Max Drawdown (3Y)Largest decline over 3 years | -79.17% | -30.23% | -48.94% |
Max Drawdown (5Y)Largest decline over 5 years | -82.27% | -49.13% | -33.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -64.67% | — |
Current DrawdownCurrent decline from peak | -71.61% | -8.93% | -62.68% |
Average DrawdownAverage peak-to-trough decline | -36.48% | -16.34% | -20.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.73% | 8.70% | +42.03% |
Volatility
3MSE.L vs. DEL2.L - Volatility Comparison
Leverage Shares 3x Microsoft ETP EUR (3MSE.L) has a higher volatility of 29.30% compared to L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.L) at 9.34%. This indicates that 3MSE.L's price experiences larger fluctuations and is considered to be riskier than DEL2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 3MSE.L | DEL2.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.30% | 9.34% | +19.96% |
Volatility (6M)Calculated over the trailing 6-month period | 79.77% | 27.89% | +51.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.38% | 33.05% | +54.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 77.81% | 34.40% | +43.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 76.93% | 36.20% | +40.73% |
3MSE.L vs. DEL2.L - Expense Ratio Comparison
3MSE.L has a 0.75% expense ratio, which is higher than DEL2.L's 0.40% expense ratio.
Dividends
3MSE.L vs. DEL2.L - Dividend Comparison
Neither 3MSE.L nor DEL2.L has paid dividends to shareholders.
Frequently Asked Questions
3MSE.L and DEL2.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.
On fees, DEL2.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DEL2.L is cheaper with a 0.40% expense ratio, compared with 0.75% for 3MSE.L.
3MSE.L tracks iSTOXX Leveraged 3X MSFT Index, while DEL2.L tracks LevDAX x2 Index Gross TR EUR. They also come from different issuers: Leverage Shares and L&G. Their fees differ too: 0.75% for 3MSE.L and 0.40% for DEL2.L.
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