DEL2.L vs. 2MSF.L
DEL2.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) and 2MSF.L (Leverage Shares 2x Microsoft ETC A GBP) are both Leveraged Equities funds - DEL2.L tracks the LevDAX x2 Index Gross TR EUR while 2MSF.L tracks the NYSE Leveraged 2x MSFT Index. Both are passively managed. Over the past 5 years, DEL2.L returned 12.03%/yr vs 0.98%/yr for 2MSF.L. At a 0.44 correlation, their price movements are largely independent. DEL2.L charges 0.40%/yr vs 0.75%/yr for 2MSF.L.
Performance
DEL2.L vs. 2MSF.L - Performance Comparison
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Different Trading Currencies
DEL2.L is traded in EUR, while 2MSF.L is traded in GBp. To make them comparable, the 2MSF.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, DEL2.L achieves a -2.00% return, which is significantly higher than 2MSF.L's -40.21% return.
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%
2MSF.L
- 1D
- -4.12%
- 1M
- 2.49%
- 6M
- -33.24%
- YTD
- -40.21%
- 1Y
- -49.45%
- 3Y*
- -5.42%
- 5Y*
- 0.98%
- 10Y*
- —
DEL2.L vs. 2MSF.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DEL2.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc) | -2.00% | 37.26% | 31.65% | 34.68% | -27.71% | 30.03% | -4.00% | 46.12% | -35.64% | 0.41% |
2MSF.L Leverage Shares 2x Microsoft ETC A GBP | -40.21% | -0.95% | 23.43% | 110.94% | -54.02% | 136.30% | 48.20% | 136.27% | -0.31% | -0.52% |
Correlation
The correlation between DEL2.L and 2MSF.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 | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2017 | 0.44 |
Over the past year, the correlation between DEL2.L and 2MSF.L has dropped to 0.18 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.
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Return for Risk
DEL2.L vs. 2MSF.L — Risk / Return Rank
DEL2.L
2MSF.L
DEL2.L vs. 2MSF.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.L) and Leverage Shares 2x Microsoft ETC A GBP (2MSF.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.
| DEL2.L | 2MSF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.85 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.16 | -0.80 | +0.64 |
| Martin ratioReturn relative to average drawdown | -0.49 | -1.32 | +0.83 |
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Drawdowns
DEL2.L vs. 2MSF.L - Drawdown Comparison
The maximum DEL2.L drawdown since its inception was -64.67%, roughly equal to the maximum 2MSF.L drawdown of -62.76%. Use the drawdown chart below to compare losses from any high point for DEL2.L and 2MSF.L.
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Drawdown Indicators
| DEL2.L | 2MSF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.67% | -62.76% | -1.91% |
Max Drawdown (1Y)Largest decline over 1 year | -26.77% | -61.52% | +34.75% |
Max Drawdown (3Y)Largest decline over 3 years | -30.23% | -61.52% | +31.29% |
Max Drawdown (5Y)Largest decline over 5 years | -49.13% | -62.76% | +13.63% |
Max Drawdown (10Y)Largest decline over 10 years | -64.67% | — | — |
Current DrawdownCurrent decline from peak | -8.93% | -54.41% | +45.48% |
Average DrawdownAverage peak-to-trough decline | -16.34% | -19.65% | +3.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.70% | 37.52% | -28.82% |
Volatility
DEL2.L vs. 2MSF.L - Volatility Comparison
The current volatility for L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.L) is 9.34%, while Leverage Shares 2x Microsoft ETC A GBP (2MSF.L) has a volatility of 19.83%. This indicates that DEL2.L experiences smaller price fluctuations and is considered to be less risky than 2MSF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DEL2.L | 2MSF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.34% | 19.83% | -10.49% |
Volatility (6M)Calculated over the trailing 6-month period | 27.89% | 52.02% | -24.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.05% | 57.16% | -24.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.40% | 51.65% | -17.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.20% | 52.31% | -16.11% |
DEL2.L vs. 2MSF.L - Expense Ratio Comparison
DEL2.L has a 0.40% expense ratio, which is lower than 2MSF.L's 0.75% expense ratio.
Dividends
DEL2.L vs. 2MSF.L - Dividend Comparison
Neither DEL2.L nor 2MSF.L has paid dividends to shareholders.
Frequently Asked Questions
DEL2.L and 2MSF.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, 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 2MSF.L.
DEL2.L tracks LevDAX x2 Index Gross TR EUR, while 2MSF.L tracks NYSE Leveraged 2x MSFT Index. They also come from different issuers: L&G and Leverage Shares. Their fees differ too: 0.40% for DEL2.L and 0.75% for 2MSF.L.
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