DEL2.L vs. DS2P.L

Last updated Jul 16, 2026

DEL2.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) and DS2P.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) are both Leveraged Equities funds from L&G - DEL2.L tracks the LevDAX x2 Index Gross TR EUR while DS2P.L tracks the ShortDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 10 years, DEL2.L returned 12.72%/yr vs -23.46%/yr for DS2P.L. At a correlation of -0.96, they often move in opposite directions. DEL2.L charges 0.40%/yr vs 0.50%/yr for DS2P.L.

Performance

DEL2.L vs. DS2P.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 DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DEL2.L is traded in EUR, while DS2P.L is traded in GBp. To make them comparable, the DS2P.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 higher than DS2P.L's -9.92% return. Over the past 10 years, DEL2.L has outperformed DS2P.L with an annualized return of 12.72%, while DS2P.L has yielded a comparatively lower -23.46% annualized return.

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%

DS2P.L

• 1D: 0.00%
• 1M: -0.59%
• 6M: -0.31%
• YTD: -9.92%
• 1Y: -9.43%
• 3Y*: -24.57%
• 5Y*: -20.24%
• 10Y*: -23.46%

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

DEL2.L vs. DS2P.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%
DS2P.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc)	-9.92%	-33.35%	-24.89%	-28.24%	7.88%	-31.80%	-35.33%	-38.45%	32.61%	-27.12%

Correlation

The correlation between DEL2.L and DS2P.L is -0.96, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	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	-0.98
Correlation (10Y) Calculated over the trailing 10-year period	-0.97
Correlation (All Time) Calculated using the full available price history since Jun 18, 2009	-0.96

The correlation between DEL2.L and DS2P.L has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.

Return for Risk

DEL2.L vs. DS2P.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: 10
DEL2.L Omega Ratio Rank: 9
DEL2.L Calmar Ratio Rank: 9
DEL2.L Martin Ratio Rank: 9

DS2P.L

DS2P.L Risk / Return Rank: 6
DS2P.L Sharpe Ratio Rank: 6
DS2P.L Sortino Ratio Rank: 7
DS2P.L Omega Ratio Rank: 7
DS2P.L Calmar Ratio Rank: 6
DS2P.L Martin Ratio Rank: 5

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. DS2P.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 Short UCITS ETF EUR (Acc) (DS2P.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	DS2P.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	-0.29	+0.25
Sortino ratio: Return per unit of downside risk	0.19	-0.19	+0.38
Omega ratio: Gain probability vs. loss probability	1.02	0.98	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.04	-0.37	+0.32
Martin ratio: Return relative to average drawdown	-0.13	-0.78	+0.65

DEL2.L vs. DS2P.L - Sharpe Ratio Comparison

The current DEL2.L Sharpe Ratio is -0.03, which is higher than the DS2P.L Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of DEL2.L and DS2P.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. DS2P.L - Drawdown Comparison

The maximum DEL2.L drawdown since its inception was -64.67%, smaller than the maximum DS2P.L drawdown of -99.63%. Use the drawdown chart below to compare losses from any high point for DEL2.L and DS2P.L.

Drawdown Indicators

	DEL2.L	DS2P.L	Difference
Max Drawdown Largest peak-to-trough decline	-64.67%	-99.63%	+34.96%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-26.10%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-30.23%	-66.97%	+36.74%
Max Drawdown (5Y) Largest decline over 5 years	-49.13%	-78.15%	+29.02%
Max Drawdown (10Y) Largest decline over 10 years	-64.67%	-93.64%	+28.97%
Current Drawdown Current decline from peak	-8.15%	-99.60%	+91.45%
Average Drawdown Average peak-to-trough decline	-16.34%	-89.26%	+72.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.68%	12.32%	-3.64%

Volatility

DEL2.L vs. DS2P.L - Volatility Comparison

L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.L) and L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.L) have volatilities of 9.31% and 9.46%, 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.

Volatility by Period

	DEL2.L	DS2P.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.31%	9.46%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	27.88%	27.79%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	33.04%	33.29%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.41%	35.72%	-1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.20%	37.23%	-1.03%

DEL2.L vs. DS2P.L - Expense Ratio Comparison

DEL2.L has a 0.40% expense ratio, which is lower than DS2P.L's 0.50% expense ratio.

Dividends

DEL2.L vs. DS2P.L - Dividend Comparison

Neither DEL2.L nor DS2P.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DEL2.L and DS2P.L in my portfolio?

DEL2.L and DS2P.L have a correlation of -0.96, 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 DS2P.L?

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.

Which ETF is cheaper, DEL2.L or DS2P.L?

DEL2.L is cheaper with a 0.40% expense ratio, compared with 0.50% for DS2P.L.

What is the main difference between DEL2.L and DS2P.L?

DEL2.L tracks LevDAX x2 Index Gross TR EUR, while DS2P.L tracks ShortDAX x2 Index Gross TR EUR. Their fees differ too: 0.40% for DEL2.L and 0.50% for DS2P.L.