3MSE.L vs. DL2P.L
3MSE.L (Leverage Shares 3x Microsoft ETP EUR) and DL2P.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 DL2P.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 12.06%/yr for DL2P.L. At a 0.42 correlation, their price movements are largely independent. 3MSE.L charges 0.75%/yr vs 0.40%/yr for DL2P.L.
Performance
3MSE.L vs. DL2P.L - Performance Comparison
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Different Trading Currencies
3MSE.L is traded in EUR, while DL2P.L is traded in GBp. To make them comparable, the DL2P.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, 3MSE.L achieves a -56.41% return, which is significantly lower than DL2P.L's -2.09% 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*
- —
DL2P.L
- 1D
- -0.33%
- 1M
- -1.58%
- 6M
- -7.88%
- YTD
- -2.09%
- 1Y
- -4.35%
- 3Y*
- 22.78%
- 5Y*
- 12.06%
- 10Y*
- 12.86%
3MSE.L vs. DL2P.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% |
DL2P.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc) | -2.09% | 36.75% | 31.86% | 34.64% | -27.53% | 29.53% | 16.36% |
Correlation
The correlation between 3MSE.L and DL2P.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
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 DL2P.L has dropped to 0.18 - 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. DL2P.L — Risk / Return Rank
3MSE.L
DL2P.L
3MSE.L vs. DL2P.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) (DL2P.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 | DL2P.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.00 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.18 | -0.67 |
| Martin ratioReturn relative to average drawdown | -1.32 | -0.50 | -0.82 |
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Drawdowns
3MSE.L vs. DL2P.L - Drawdown Comparison
The maximum 3MSE.L drawdown since its inception was -82.27%, which is greater than DL2P.L's maximum drawdown of -65.28%. Use the drawdown chart below to compare losses from any high point for 3MSE.L and DL2P.L.
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Drawdown Indicators
| 3MSE.L | DL2P.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.27% | -65.28% | -16.99% |
Max Drawdown (1Y)Largest decline over 1 year | -79.17% | -23.99% | -55.18% |
Max Drawdown (3Y)Largest decline over 3 years | -79.17% | -29.78% | -49.39% |
Max Drawdown (5Y)Largest decline over 5 years | -82.27% | -49.05% | -33.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -65.28% | — |
Current DrawdownCurrent decline from peak | -71.61% | -8.95% | -62.66% |
Average DrawdownAverage peak-to-trough decline | -36.48% | -16.67% | -19.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.73% | 8.63% | +42.10% |
Volatility
3MSE.L vs. DL2P.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) (DL2P.L) at 9.44%. This indicates that 3MSE.L's price experiences larger fluctuations and is considered to be riskier than DL2P.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 | DL2P.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.30% | 9.44% | +19.86% |
Volatility (6M)Calculated over the trailing 6-month period | 79.77% | 26.65% | +53.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.38% | 31.66% | +55.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 77.81% | 34.14% | +43.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 76.93% | 36.20% | +40.73% |
3MSE.L vs. DL2P.L - Expense Ratio Comparison
3MSE.L has a 0.75% expense ratio, which is higher than DL2P.L's 0.40% expense ratio.
Dividends
3MSE.L vs. DL2P.L - Dividend Comparison
Neither 3MSE.L nor DL2P.L has paid dividends to shareholders.
Frequently Asked Questions
3MSE.L and DL2P.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DL2P.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DL2P.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 DL2P.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 DL2P.L.
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