DEL2.L vs. DL2P.L
DEL2.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) and DL2P.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) are both Leveraged Equities funds from L&G tracking the LevDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 10 years, DEL2.L returned 12.72%/yr vs 12.85%/yr for DL2P.L. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.40% expense ratio.
Performance
DEL2.L vs. DL2P.L - Performance Comparison
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Different Trading Currencies
DEL2.L is traded in EUR, while DL2P.L is traded in GBp. To make them comparable, the DL2P.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 -1.16% return, which is significantly lower than DL2P.L's -0.41% return. Both investments have delivered pretty close results over the past 10 years, with DEL2.L having a 12.72% annualized return and DL2P.L not far ahead at 12.85%.
DEL2.L
- 1D
- -0.71%
- 1M
- -0.49%
- 6M
- -7.41%
- YTD
- -1.16%
- 1Y
- -1.14%
- 3Y*
- 23.36%
- 5Y*
- 12.22%
- 10Y*
- 12.72%
DL2P.L
- 1D
- 0.00%
- 1M
- 0.32%
- 6M
- -6.72%
- YTD
- -0.41%
- 1Y
- -0.36%
- 3Y*
- 23.70%
- 5Y*
- 12.44%
- 10Y*
- 12.85%
DEL2.L vs. DL2P.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) | -1.16% | 37.26% | 31.65% | 34.68% | -27.71% | 30.03% | -4.00% | 46.12% | -35.64% | 27.78% |
DL2P.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc) | -0.41% | 36.75% | 31.86% | 34.64% | -27.53% | 29.53% | -4.16% | 47.74% | -34.26% | 23.97% |
Correlation
The correlation between DEL2.L and DL2P.L is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2009 | 0.95 |
The correlation between DEL2.L and DL2P.L has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
DEL2.L vs. DL2P.L — Risk / Return Rank
DEL2.L
DL2P.L
DEL2.L vs. DL2P.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 DAX Daily 2x Long UCITS ETF EUR (Acc) (DL2P.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 | DL2P.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.02 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | -0.02 | -0.02 |
| Martin ratioReturn relative to average drawdown | -0.13 | -0.06 | -0.07 |
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Drawdowns
DEL2.L vs. DL2P.L - Drawdown Comparison
The maximum DEL2.L drawdown since its inception was -64.67%, roughly equal to the maximum DL2P.L drawdown of -65.28%. Use the drawdown chart below to compare losses from any high point for DEL2.L and DL2P.L.
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Drawdown Indicators
| DEL2.L | DL2P.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.67% | -65.28% | +0.61% |
Max Drawdown (1Y)Largest decline over 1 year | -26.77% | -23.99% | -2.78% |
Max Drawdown (3Y)Largest decline over 3 years | -30.23% | -29.78% | -0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -49.13% | -49.05% | -0.08% |
Max Drawdown (10Y)Largest decline over 10 years | -64.67% | -65.28% | +0.61% |
Current DrawdownCurrent decline from peak | -8.15% | -7.39% | -0.76% |
Average DrawdownAverage peak-to-trough decline | -16.34% | -16.68% | +0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.68% | 8.61% | +0.07% |
Volatility
DEL2.L vs. DL2P.L - Volatility Comparison
L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.L) and L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DL2P.L) have volatilities of 9.31% and 9.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DEL2.L | DL2P.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.31% | 9.36% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 27.88% | 26.62% | +1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.04% | 31.63% | +1.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.41% | 34.15% | +0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.20% | 36.20% | 0.00% |
DEL2.L vs. DL2P.L - Expense Ratio Comparison
Both DEL2.L and DL2P.L have an expense ratio of 0.40%.
Dividends
DEL2.L vs. DL2P.L - Dividend Comparison
Neither DEL2.L nor DL2P.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, DEL2.L and DL2P.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.
Both ETFs have the same 0.40% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
DEL2.L and DL2P.L have the same expense ratio: 0.40% per year.
Both ETFs track LevDAX x2 Index Gross TR EUR.
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