DBPK.DE vs. DES2.DE

Last updated Jul 18, 2026

DBPK.DE (Xtrackers S&P 500 2x Inverse Daily Swap UCITS ETF (Acc)) and DES2.DE (L&G DAX Daily 2x Short UCITS ETF) are both Inverse Equities funds - DBPK.DE tracks the S&P 500 Short Leverage (-2x) Index while DES2.DE tracks the ShortDAX x2 Index. Both are passively managed. Over the past 10 years, DBPK.DE returned -26.57%/yr vs -23.54%/yr for DES2.DE. A 0.69 correlation means they provide meaningful diversification when combined. DBPK.DE charges 0.70%/yr vs 0.50%/yr for DES2.DE.

Performance

DBPK.DE vs. DES2.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Xtrackers S&P 500 2x Inverse Daily Swap UCITS ETF (Acc) (DBPK.DE) and L&G DAX Daily 2x Short UCITS ETF (DES2.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBPK.DE achieves a -10.08% return, which is significantly lower than DES2.DE's -5.08% return. Over the past 10 years, DBPK.DE has underperformed DES2.DE with an annualized return of -26.57%, while DES2.DE has yielded a comparatively higher -23.54% annualized return.

DBPK.DE

• 1D: 2.59%
• 1M: 3.18%
• 6M: -10.42%
• YTD: -10.08%
• 1Y: -24.01%
• 3Y*: -24.67%
• 5Y*: -18.82%
• 10Y*: -26.57%

DES2.DE

• 1D: 0.69%
• 1M: 1.00%
• 6M: 0.85%
• YTD: -5.08%
• 1Y: -6.12%
• 3Y*: -24.13%
• 5Y*: -19.98%
• 10Y*: -23.54%

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

DBPK.DE vs. DES2.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBPK.DE Xtrackers S&P 500 2x Inverse Daily Swap UCITS ETF (Acc)	-10.08%	-34.12%	-24.20%	-33.54%	42.87%	-39.02%	-53.09%	-40.00%	12.72%	-40.55%
DES2.DE L&G DAX Daily 2x Short UCITS ETF	-5.08%	-35.92%	-24.73%	-28.32%	8.81%	-31.47%	-34.46%	-41.49%	35.04%	-25.95%

Correlation

The correlation between DBPK.DE and DES2.DE is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010	0.69

The correlation between DBPK.DE and DES2.DE has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

Return for Risk

DBPK.DE vs. DES2.DE — Risk / Return Rank

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

DBPK.DE

DBPK.DE Risk / Return Rank: 3
DBPK.DE Sharpe Ratio Rank: 2
DBPK.DE Sortino Ratio Rank: 3
DBPK.DE Omega Ratio Rank: 3
DBPK.DE Calmar Ratio Rank: 3
DBPK.DE Martin Ratio Rank: 2

DES2.DE

DES2.DE Risk / Return Rank: 8
DES2.DE Sharpe Ratio Rank: 8
DES2.DE Sortino Ratio Rank: 8
DES2.DE Omega Ratio Rank: 8
DES2.DE Calmar Ratio Rank: 8
DES2.DE Martin Ratio Rank: 8

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.

DBPK.DE vs. DES2.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 500 2x Inverse Daily Swap UCITS ETF (Acc) (DBPK.DE) and L&G DAX Daily 2x Short UCITS ETF (DES2.DE). 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.

	DBPK.DE	DES2.DE	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-0.19	-0.71
Sortino ratio: Return per unit of downside risk	-1.16	-0.05	-1.11
Omega ratio: Gain probability vs. loss probability	0.87	0.99	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.23	-0.56
Martin ratio: Return relative to average drawdown	-1.37	-0.49	-0.89

DBPK.DE vs. DES2.DE - Sharpe Ratio Comparison

The current DBPK.DE Sharpe Ratio is -0.89, which is lower than the DES2.DE Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of DBPK.DE and DES2.DE, 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

DBPK.DE vs. DES2.DE - Drawdown Comparison

The maximum DBPK.DE drawdown since its inception was -99.58%, roughly equal to the maximum DES2.DE drawdown of -99.34%. Use the drawdown chart below to compare losses from any high point for DBPK.DE and DES2.DE.

Drawdown Indicators

	DBPK.DE	DES2.DE	Difference
Max Drawdown Largest peak-to-trough decline	-99.58%	-99.34%	-0.24%
Max Drawdown (1Y) Largest decline over 1 year	-30.27%	-26.29%	-3.98%
Max Drawdown (3Y) Largest decline over 3 years	-69.12%	-66.97%	-2.15%
Max Drawdown (5Y) Largest decline over 5 years	-77.98%	-77.94%	-0.04%
Max Drawdown (10Y) Largest decline over 10 years	-95.87%	-93.47%	-2.40%
Current Drawdown Current decline from peak	-99.55%	-99.29%	-0.26%
Average Drawdown Average peak-to-trough decline	-86.96%	-83.30%	-3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.44%	12.50%	+4.94%

Volatility

DBPK.DE vs. DES2.DE - Volatility Comparison

The current volatility for Xtrackers S&P 500 2x Inverse Daily Swap UCITS ETF (Acc) (DBPK.DE) is 6.21%, while L&G DAX Daily 2x Short UCITS ETF (DES2.DE) has a volatility of 9.19%. This indicates that DBPK.DE experiences smaller price fluctuations and is considered to be less risky than DES2.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBPK.DE	DES2.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	9.19%	-2.98%
Volatility (6M) Calculated over the trailing 6-month period	21.09%	27.27%	-6.18%
Volatility (1Y) Calculated over the trailing 1-year period	26.79%	32.34%	-5.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.47%	34.53%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.85%	36.31%	-1.46%

DBPK.DE vs. DES2.DE - Expense Ratio Comparison

DBPK.DE has a 0.70% expense ratio, which is higher than DES2.DE's 0.50% expense ratio.

Dividends

DBPK.DE vs. DES2.DE - Dividend Comparison

Neither DBPK.DE nor DES2.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DBPK.DE and DES2.DE in my portfolio?

DBPK.DE and DES2.DE have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DBPK.DE or DES2.DE?

On fees, DES2.DE 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, DBPK.DE or DES2.DE?

DES2.DE is cheaper with a 0.50% expense ratio, compared with 0.70% for DBPK.DE.

What is the main difference between DBPK.DE and DES2.DE?

DBPK.DE tracks S&P 500 Short Leverage (-2x) Index, while DES2.DE tracks ShortDAX x2 Index. They also come from different issuers: Xtrackers and L&G. Their fees differ too: 0.70% for DBPK.DE and 0.50% for DES2.DE.