5SPY.L vs. XS2D.L

Last updated Jun 5, 2026

5SPY.L (Leverage Shares 5x Long US 500 ETP Securities) and XS2D.L (Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C) are both Leveraged Equities funds. 5SPY.L is actively managed, while XS2D.L is passively managed. Over the past 3 years, 5SPY.L returned 55.62%/yr vs 38.35%/yr for XS2D.L. With a 0.98 correlation, they move nearly in lockstep. 5SPY.L charges 0.75%/yr vs 0.60%/yr for XS2D.L.

Performance

5SPY.L vs. XS2D.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 5x Long US 500 ETP Securities (5SPY.L) and Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 5SPY.L achieves a 35.46% return, which is significantly higher than XS2D.L's 18.65% return.

5SPY.L

• 1D: 0.00%
• 1M: 22.23%
• YTD: 35.46%
• 6M: 35.04%
• 1Y: 119.12%
• 3Y*: 55.62%
• 5Y*: —
• 10Y*: —

XS2D.L

• 1D: 0.01%
• 1M: 8.78%
• YTD: 18.65%
• 6M: 19.83%
• 1Y: 53.75%
• 3Y*: 38.35%
• 5Y*: 20.41%
• 10Y*: 24.30%

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

5SPY.L vs. XS2D.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
5SPY.L Leverage Shares 5x Long US 500 ETP Securities	35.46%	1.52%	98.06%	100.80%	-80.81%	13.40%
XS2D.L Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C	18.65%	26.58%	45.65%	48.87%	-39.09%	6.47%

Correlation

The correlation between 5SPY.L and XS2D.L 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	0.99
Correlation (All Time) Calculated using the full available price history since Dec 15, 2021	0.98

The correlation between 5SPY.L and XS2D.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

5SPY.L vs. XS2D.L - Sectors Allocation Comparison

Sectors	5SPY.L	XS2D.L
Technology	36.2%	46.5%
Financial Services	11.9%	4.1%
Communication Services	10.9%	14.0%
Consumer Cyclical	10.1%	0.7%
Healthcare	8.4%	11.8%
Industrials	8.1%	9.3%
Consumer Defensive	4.9%	0.6%
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	12.9%
Basic Materials	1.8%	-

Return for Risk

5SPY.L vs. XS2D.L — Risk / Return Rank

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

5SPY.L

5SPY.L Risk / Return Rank: 57
5SPY.L Sharpe Ratio Rank: 66
5SPY.L Sortino Ratio Rank: 56
5SPY.L Omega Ratio Rank: 54
5SPY.L Calmar Ratio Rank: 56
5SPY.L Martin Ratio Rank: 55

XS2D.L

XS2D.L Risk / Return Rank: 68
XS2D.L Sharpe Ratio Rank: 71
XS2D.L Sortino Ratio Rank: 69
XS2D.L Omega Ratio Rank: 65
XS2D.L Calmar Ratio Rank: 65
XS2D.L Martin Ratio Rank: 72

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.

5SPY.L vs. XS2D.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 5x Long US 500 ETP Securities (5SPY.L) and Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.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.

	5SPY.L	XS2D.L	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.29	-0.14
Sortino ratio: Return per unit of downside risk	2.65	3.11	-0.46
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.06
Calmar ratio: Return relative to maximum drawdown	2.77	3.16	-0.39
Martin ratio: Return relative to average drawdown	9.39	13.31	-3.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

5SPY.L vs. XS2D.L - Sharpe Ratio Comparison

The current 5SPY.L Sharpe Ratio is 2.15, which is comparable to the XS2D.L Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of 5SPY.L and XS2D.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.

Sharpe Ratios by Period

	5SPY.L	XS2D.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.29	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.81	-0.76

Drawdowns

5SPY.L vs. XS2D.L - Drawdown Comparison

The maximum 5SPY.L drawdown since its inception was -82.86%, which is greater than XS2D.L's maximum drawdown of -59.31%. Use the drawdown chart below to compare losses from any high point for 5SPY.L and XS2D.L.

Drawdown Indicators

	5SPY.L	XS2D.L	Difference
Max Drawdown Largest peak-to-trough decline	-82.86%	-59.31%	-23.55%
Max Drawdown (1Y) Largest decline over 1 year	-42.76%	-16.91%	-25.85%
Max Drawdown (3Y) Largest decline over 3 years	-72.55%	-34.83%	-37.72%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.01%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.31%	—
Current Drawdown Current decline from peak	-2.73%	-1.11%	-1.62%
Average Drawdown Average peak-to-trough decline	-50.64%	-9.00%	-41.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.64%	4.03%	+8.61%

Volatility

5SPY.L vs. XS2D.L - Volatility Comparison

Leverage Shares 5x Long US 500 ETP Securities (5SPY.L) has a higher volatility of 15.12% compared to Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) at 6.29%. This indicates that 5SPY.L's price experiences larger fluctuations and is considered to be riskier than XS2D.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	5SPY.L	XS2D.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.12%	6.29%	+8.83%
Volatility (6M) Calculated over the trailing 6-month period	40.00%	17.01%	+22.99%
Volatility (1Y) Calculated over the trailing 1-year period	55.20%	23.39%	+31.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.23%	31.74%	+46.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.23%	32.41%	+45.82%

5SPY.L vs. XS2D.L - Expense Ratio Comparison

5SPY.L has a 0.75% expense ratio, which is higher than XS2D.L's 0.60% expense ratio.

Dividends

5SPY.L vs. XS2D.L - Dividend Comparison

Neither 5SPY.L nor XS2D.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 5SPY.L and XS2D.L in my portfolio?

With a correlation of 0.98, 5SPY.L and XS2D.L 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.

Which ETF is better, 5SPY.L or XS2D.L?

On fees, XS2D.L is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 5SPY.L or XS2D.L?

XS2D.L is cheaper with a 0.60% expense ratio, compared with 0.75% for 5SPY.L.

What is the main difference between 5SPY.L and XS2D.L?

They also come from different issuers: Leverage Shares and Xtrackers. Their fees differ too: 0.75% for 5SPY.L and 0.60% for XS2D.L.