3TSL.L vs. DS2P.L

Last updated Jul 17, 2026

3TSL.L (Leverage Shares 3x Tesla ETP Securities GBX) and DS2P.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) are both Leveraged Equities funds - 3TSL.L tracks the iSTOXX Leveraged 3x TSLA Index while DS2P.L tracks the ShortDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 5 years, 3TSL.L returned 26.34%/yr vs -20.25%/yr for DS2P.L. At a correlation of -0.36, they often move in opposite directions. 3TSL.L charges 0.75%/yr vs 0.50%/yr for DS2P.L.

Performance

3TSL.L vs. DS2P.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Leverage Shares 3x Tesla ETP Securities GBX (3TSL.L) and L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 3TSL.L achieves a -56.10% return, which is significantly lower than DS2P.L's -11.50% return.

3TSL.L

• 1D: -2.70%
• 1M: -16.53%
• 6M: -51.34%
• YTD: -56.10%
• 1Y: -12.54%
• 3Y*: 127.80%
• 5Y*: 26.34%
• 10Y*: —

DS2P.L

• 1D: 1.18%
• 1M: -1.34%
• 6M: -0.91%
• YTD: -11.50%
• 1Y: -10.58%
• 3Y*: -24.63%
• 5Y*: -20.25%
• 10Y*: -23.26%

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

3TSL.L vs. DS2P.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
3TSL.L Leverage Shares 3x Tesla ETP Securities GBX	-56.10%	-71.66%	25.48%	51,227.74%	-98.76%	39.38%
DS2P.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc)	-11.50%	-29.68%	-28.35%	-29.73%	13.75%	-23.20%

Correlation

The correlation between 3TSL.L and DS2P.L is -0.36, 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	-0.36
Correlation (3Y) Calculated over the trailing 3-year period	-0.34
Correlation (5Y) Calculated over the trailing 5-year period	-0.37
Correlation (All Time) Calculated using the full available price history since Mar 15, 2021	-0.36

Return for Risk

3TSL.L vs. DS2P.L — Risk / Return Rank

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

3TSL.L

3TSL.L Risk / Return Rank: 12
3TSL.L Sharpe Ratio Rank: 9
3TSL.L Sortino Ratio Rank: 18
3TSL.L Omega Ratio Rank: 17
3TSL.L Calmar Ratio Rank: 8
3TSL.L Martin Ratio Rank: 8

DS2P.L

DS2P.L Risk / Return Rank: 6
DS2P.L Sharpe Ratio Rank: 7
DS2P.L Sortino Ratio Rank: 7
DS2P.L Omega Ratio Rank: 7
DS2P.L Calmar Ratio Rank: 6
DS2P.L Martin Ratio Rank: 5

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.

3TSL.L vs. DS2P.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Tesla ETP Securities GBX (3TSL.L) and L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.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.

	3TSL.L	DS2P.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	-0.31	+0.21
Sortino ratio: Return per unit of downside risk	0.82	-0.22	+1.05
Omega ratio: Gain probability vs. loss probability	1.09	0.97	+0.12
Calmar ratio: Return relative to maximum drawdown	-0.17	-0.39	+0.21
Martin ratio: Return relative to average drawdown	-0.30	-0.83	+0.52

3TSL.L vs. DS2P.L - Sharpe Ratio Comparison

The current 3TSL.L Sharpe Ratio is -0.10, which is higher than the DS2P.L Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of 3TSL.L and DS2P.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.

Drawdowns

3TSL.L vs. DS2P.L - Drawdown Comparison

The maximum 3TSL.L drawdown since its inception was -99.59%, roughly equal to the maximum DS2P.L drawdown of -99.62%. Use the drawdown chart below to compare losses from any high point for 3TSL.L and DS2P.L.

Drawdown Indicators

	3TSL.L	DS2P.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.59%	-99.62%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-71.97%	-27.26%	-44.71%
Max Drawdown (3Y) Largest decline over 3 years	-94.73%	-67.63%	-27.10%
Max Drawdown (5Y) Largest decline over 5 years	-99.59%	-78.85%	-20.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-93.76%	—
Current Drawdown Current decline from peak	-92.10%	-99.60%	+7.50%
Average Drawdown Average peak-to-trough decline	-75.28%	-89.22%	+13.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.12%	12.75%	+28.37%

Volatility

3TSL.L vs. DS2P.L - Volatility Comparison

Leverage Shares 3x Tesla ETP Securities GBX (3TSL.L) has a higher volatility of 47.95% compared to L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.L) at 9.54%. This indicates that 3TSL.L's price experiences larger fluctuations and is considered to be riskier than DS2P.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3TSL.L	DS2P.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.95%	9.54%	+38.41%
Volatility (6M) Calculated over the trailing 6-month period	90.97%	28.12%	+62.85%
Volatility (1Y) Calculated over the trailing 1-year period	131.22%	34.10%	+97.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7,987.62%	36.75%	+7,950.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7,728.33%	38.73%	+7,689.60%

3TSL.L vs. DS2P.L - Expense Ratio Comparison

3TSL.L has a 0.75% expense ratio, which is higher than DS2P.L's 0.50% expense ratio.

Dividends

3TSL.L vs. DS2P.L - Dividend Comparison

Neither 3TSL.L nor DS2P.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 3TSL.L and DS2P.L in my portfolio?

3TSL.L and DS2P.L have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 3TSL.L or DS2P.L?

On fees, DS2P.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 3TSL.L or DS2P.L?

DS2P.L is cheaper with a 0.50% expense ratio, compared with 0.75% for 3TSL.L.

What is the main difference between 3TSL.L and DS2P.L?

3TSL.L tracks iSTOXX Leveraged 3x TSLA Index, while DS2P.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 3TSL.L and 0.50% for DS2P.L.