DEL2.L vs. COMF.L

Last updated Jul 18, 2026

DEL2.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) and COMF.L (L&G Longer Dated All Commodities UCITS ETF) are both exchange-traded funds - DEL2.L is a Leveraged Equities fund tracking the LevDAX x2 Index Gross TR EUR, while COMF.L is a Commodities fund tracking the Bloomberg Commodity Index 3 Month Forward Total Return. Both are passively managed. Over the past 10 years, DEL2.L returned 12.82%/yr vs 7.82%/yr for COMF.L. At a 0.21 correlation, their price movements are largely independent. DEL2.L charges 0.40%/yr vs 0.30%/yr for COMF.L.

Performance

DEL2.L vs. COMF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.L) and L&G Longer Dated All Commodities UCITS ETF (COMF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DEL2.L is traded in EUR, while COMF.L is traded in USD. To make them comparable, the COMF.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 lower than COMF.L's 18.73% return. Over the past 10 years, DEL2.L has outperformed COMF.L with an annualized return of 12.82%, while COMF.L has yielded a comparatively lower 7.82% annualized 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%

COMF.L

• 1D: 0.53%
• 1M: 1.92%
• 6M: 13.89%
• YTD: 18.73%
• 1Y: 26.10%
• 3Y*: 10.62%
• 5Y*: 11.94%
• 10Y*: 7.82%

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

DEL2.L vs. COMF.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%	27.78%
COMF.L L&G Longer Dated All Commodities UCITS ETF	18.73%	2.62%	12.07%	-9.18%	26.09%	42.90%	-5.93%	9.79%	-4.13%	-9.57%

Correlation

The correlation between DEL2.L and COMF.L is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Mar 15, 2010	0.21

The correlation between DEL2.L and COMF.L shifts across timeframes, from -0.07 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DEL2.L vs. COMF.L — Risk / Return Rank

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

DEL2.L

DEL2.L Risk / Return Rank: 9
DEL2.L Sharpe Ratio Rank: 9
DEL2.L Sortino Ratio Rank: 9
DEL2.L Omega Ratio Rank: 9
DEL2.L Calmar Ratio Rank: 9
DEL2.L Martin Ratio Rank: 8

COMF.L

COMF.L Risk / Return Rank: 63
COMF.L Sharpe Ratio Rank: 73
COMF.L Sortino Ratio Rank: 66
COMF.L Omega Ratio Rank: 72
COMF.L Calmar Ratio Rank: 52
COMF.L Martin Ratio Rank: 51

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.

DEL2.L vs. COMF.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 L&G Longer Dated All Commodities UCITS ETF (COMF.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	COMF.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	1.76	-1.89
Sortino ratio: Return per unit of downside risk	0.05	2.37	-2.32
Omega ratio: Gain probability vs. loss probability	1.01	1.31	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.16	2.60	-2.76
Martin ratio: Return relative to average drawdown	-0.49	7.89	-8.38

DEL2.L vs. COMF.L - Sharpe Ratio Comparison

The current DEL2.L Sharpe Ratio is -0.13, which is lower than the COMF.L Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of DEL2.L and COMF.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

DEL2.L vs. COMF.L - Drawdown Comparison

The maximum DEL2.L drawdown since its inception was -64.67%, which is greater than COMF.L's maximum drawdown of -47.32%. Use the drawdown chart below to compare losses from any high point for DEL2.L and COMF.L.

Drawdown Indicators

	DEL2.L	COMF.L	Difference
Max Drawdown Largest peak-to-trough decline	-64.67%	-47.32%	-17.35%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-9.99%	-16.78%
Max Drawdown (3Y) Largest decline over 3 years	-30.23%	-14.56%	-15.67%
Max Drawdown (5Y) Largest decline over 5 years	-49.13%	-23.23%	-25.90%
Max Drawdown (10Y) Largest decline over 10 years	-64.67%	-27.02%	-37.65%
Current Drawdown Current decline from peak	-8.93%	-4.88%	-4.05%
Average Drawdown Average peak-to-trough decline	-16.34%	-21.41%	+5.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.70%	3.29%	+5.41%

Volatility

DEL2.L vs. COMF.L - Volatility Comparison

L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.L) has a higher volatility of 9.34% compared to L&G Longer Dated All Commodities UCITS ETF (COMF.L) at 3.41%. This indicates that DEL2.L's price experiences larger fluctuations and is considered to be riskier than COMF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEL2.L	COMF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.34%	3.41%	+5.93%
Volatility (6M) Calculated over the trailing 6-month period	27.89%	12.13%	+15.76%
Volatility (1Y) Calculated over the trailing 1-year period	33.05%	14.73%	+18.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.40%	15.57%	+18.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.20%	14.08%	+22.12%

DEL2.L vs. COMF.L - Expense Ratio Comparison

DEL2.L has a 0.40% expense ratio, which is higher than COMF.L's 0.30% expense ratio.

Dividends

DEL2.L vs. COMF.L - Dividend Comparison

Neither DEL2.L nor COMF.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DEL2.L and COMF.L in my portfolio?

DEL2.L and COMF.L have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DEL2.L or COMF.L?

On fees, COMF.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DEL2.L or COMF.L?

COMF.L is cheaper with a 0.30% expense ratio, compared with 0.40% for DEL2.L.

What is the main difference between DEL2.L and COMF.L?

DEL2.L is categorized as Leveraged Equities, while COMF.L is Commodities. DEL2.L tracks LevDAX x2 Index Gross TR EUR, while COMF.L tracks Bloomberg Commodity Index 3 Month Forward Total Return. Their fees differ too: 0.40% for DEL2.L and 0.30% for COMF.L.