DEL2.L vs. LDME.L

Last updated Jul 18, 2026

DEL2.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) and LDME.L (L&G Emerging Markets Quality Dividends Equal Weight UCITS ETF USD (Dist)) are both exchange-traded funds - DEL2.L is a Leveraged Equities fund tracking the LevDAX x2 Index Gross TR EUR, while LDME.L is a Emerging Markets Equities fund tracking the FTSE Emerging All Cap ex CW ex TC ex REITS Dividend Growth with Quality Index. Both are passively managed. Over the past 5 years, DEL2.L returned 12.03%/yr vs 9.77%/yr for LDME.L. At a 0.43 correlation, their price movements are largely independent. DEL2.L charges 0.40%/yr vs 0.45%/yr for LDME.L.

Performance

DEL2.L vs. LDME.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 Emerging Markets Quality Dividends Equal Weight UCITS ETF USD (Dist) (LDME.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DEL2.L is traded in EUR, while LDME.L is traded in GBp. To make them comparable, the LDME.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 LDME.L's 13.65% 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%

LDME.L

• 1D: -1.14%
• 1M: -3.51%
• 6M: 8.35%
• YTD: 13.65%
• 1Y: 22.02%
• 3Y*: 16.02%
• 5Y*: 9.77%
• 10Y*: —

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

DEL2.L vs. LDME.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DEL2.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc)	-2.00%	37.26%	31.65%	34.68%	-27.71%	-1.24%
LDME.L L&G Emerging Markets Quality Dividends Equal Weight UCITS ETF USD (Dist)	13.65%	10.46%	16.70%	12.98%	-7.37%	7,478.59%

Correlation

The correlation between DEL2.L and LDME.L is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021	0.43

The correlation between DEL2.L and LDME.L has been stable across timeframes, ranging from 0.43 to 0.50 - a consistent structural relationship.

Return for Risk

DEL2.L vs. LDME.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

LDME.L

LDME.L Risk / Return Rank: 68
LDME.L Sharpe Ratio Rank: 69
LDME.L Sortino Ratio Rank: 66
LDME.L Omega Ratio Rank: 65
LDME.L Calmar Ratio Rank: 80
LDME.L Martin Ratio Rank: 62

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. LDME.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 Emerging Markets Quality Dividends Equal Weight UCITS ETF USD (Dist) (LDME.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	LDME.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	1.74	-1.87
Sortino ratio: Return per unit of downside risk	0.05	2.46	-2.41
Omega ratio: Gain probability vs. loss probability	1.01	1.30	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.16	3.80	-3.95
Martin ratio: Return relative to average drawdown	-0.49	10.45	-10.94

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

The current DEL2.L Sharpe Ratio is -0.13, which is lower than the LDME.L Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DEL2.L and LDME.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. LDME.L - Drawdown Comparison

The maximum DEL2.L drawdown since its inception was -64.67%, which is greater than LDME.L's maximum drawdown of -16.73%. Use the drawdown chart below to compare losses from any high point for DEL2.L and LDME.L.

Drawdown Indicators

	DEL2.L	LDME.L	Difference
Max Drawdown Largest peak-to-trough decline	-64.67%	-16.73%	-47.94%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-5.78%	-20.99%
Max Drawdown (3Y) Largest decline over 3 years	-30.23%	-16.73%	-13.50%
Max Drawdown (5Y) Largest decline over 5 years	-49.13%	-16.73%	-32.40%
Max Drawdown (10Y) Largest decline over 10 years	-64.67%	—	—
Current Drawdown Current decline from peak	-8.93%	-5.01%	-3.92%
Average Drawdown Average peak-to-trough decline	-16.34%	-3.74%	-12.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.70%	2.10%	+6.60%

Volatility

DEL2.L vs. LDME.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 Emerging Markets Quality Dividends Equal Weight UCITS ETF USD (Dist) (LDME.L) at 4.36%. This indicates that DEL2.L's price experiences larger fluctuations and is considered to be riskier than LDME.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEL2.L	LDME.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.34%	4.36%	+4.98%
Volatility (6M) Calculated over the trailing 6-month period	27.89%	10.08%	+17.81%
Volatility (1Y) Calculated over the trailing 1-year period	33.05%	12.65%	+20.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.40%	13.19%	+21.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.20%	3,214.30%	-3,178.10%

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

DEL2.L has a 0.40% expense ratio, which is lower than LDME.L's 0.45% expense ratio.

Dividends

DEL2.L vs. LDME.L - Dividend Comparison

DEL2.L has not paid dividends to shareholders, while LDME.L's dividend yield for the trailing twelve months is around 2.88%.

Position	TTM	2025	2024	2023	2022	2021
DEL2.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LDME.L L&G Emerging Markets Quality Dividends Equal Weight UCITS ETF USD (Dist)	2.88%	3.04%	3.67%	3.56%	4.57%	1.55%

Frequently Asked Questions

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

DEL2.L and LDME.L have a correlation of 0.50, 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 LDME.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 LDME.L?

DEL2.L is cheaper with a 0.40% expense ratio, compared with 0.45% for LDME.L.

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

DEL2.L is categorized as Leveraged Equities, while LDME.L is Emerging Markets Equities. DEL2.L tracks LevDAX x2 Index Gross TR EUR, while LDME.L tracks FTSE Emerging All Cap ex CW ex TC ex REITS Dividend Growth with Quality Index. Their fees differ too: 0.40% for DEL2.L and 0.45% for LDME.L.