DES2.DE vs. DBPK.DE
DES2.DE (L&G DAX Daily 2x Short UCITS ETF) and DBPK.DE (Xtrackers S&P 500 2x Inverse Daily Swap UCITS ETF (Acc)) are both Inverse Equities funds - DES2.DE tracks the ShortDAX x2 Index while DBPK.DE tracks the S&P 500 Short Leverage (-2x) Index. Both are passively managed. Over the past 10 years, DES2.DE returned -23.52%/yr vs -26.74%/yr for DBPK.DE. A 0.69 correlation means they provide meaningful diversification when combined. DES2.DE charges 0.50%/yr vs 0.70%/yr for DBPK.DE.
Performance
DES2.DE vs. DBPK.DE - Performance Comparison
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Returns By Period
In the year-to-date period, DES2.DE achieves a -6.55% return, which is significantly higher than DBPK.DE's -12.16% return. Over the past 10 years, DES2.DE has outperformed DBPK.DE with an annualized return of -23.52%, while DBPK.DE has yielded a comparatively lower -26.74% annualized return.
DES2.DE
- 1D
- -0.04%
- 1M
- -0.78%
- 6M
- -0.76%
- YTD
- -6.55%
- 1Y
- -9.77%
- 3Y*
- -24.72%
- 5Y*
- -20.23%
- 10Y*
- -23.52%
DBPK.DE
- 1D
- -0.36%
- 1M
- 2.20%
- 6M
- -13.31%
- YTD
- -12.16%
- 1Y
- -26.09%
- 3Y*
- -25.38%
- 5Y*
- -19.20%
- 10Y*
- -26.74%
DES2.DE vs. DBPK.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DES2.DE L&G DAX Daily 2x Short UCITS ETF | -6.55% | -35.92% | -24.73% | -28.32% | 8.81% | -31.47% | -34.46% | -41.49% | 35.04% | -25.95% |
DBPK.DE Xtrackers S&P 500 2x Inverse Daily Swap UCITS ETF (Acc) | -12.16% | -34.12% | -24.20% | -33.54% | 42.87% | -39.02% | -53.09% | -40.00% | 12.72% | -40.55% |
Correlation
The correlation between DES2.DE and DBPK.DE is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | 0.69 |
The correlation between DES2.DE and DBPK.DE has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.
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Return for Risk
DES2.DE vs. DBPK.DE — Risk / Return Rank
DES2.DE
DBPK.DE
DES2.DE vs. DBPK.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G DAX Daily 2x Short UCITS ETF (DES2.DE) and Xtrackers S&P 500 2x Inverse Daily Swap UCITS ETF (Acc) (DBPK.DE). 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.
| DES2.DE | DBPK.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.85 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | -0.86 | +0.47 |
| Martin ratioReturn relative to average drawdown | -0.82 | -1.51 | +0.69 |
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Drawdowns
DES2.DE vs. DBPK.DE - Drawdown Comparison
The maximum DES2.DE drawdown since its inception was -99.34%, roughly equal to the maximum DBPK.DE drawdown of -99.58%. Use the drawdown chart below to compare losses from any high point for DES2.DE and DBPK.DE.
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Drawdown Indicators
| DES2.DE | DBPK.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.34% | -99.58% | +0.24% |
Max Drawdown (1Y)Largest decline over 1 year | -26.29% | -30.27% | +3.98% |
Max Drawdown (3Y)Largest decline over 3 years | -66.97% | -69.12% | +2.15% |
Max Drawdown (5Y)Largest decline over 5 years | -77.94% | -77.98% | +0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -93.68% | -95.87% | +2.19% |
Current DrawdownCurrent decline from peak | -99.30% | -99.56% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -83.29% | -86.95% | +3.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.43% | 17.28% | -4.85% |
Volatility
DES2.DE vs. DBPK.DE - Volatility Comparison
L&G DAX Daily 2x Short UCITS ETF (DES2.DE) has a higher volatility of 9.14% compared to Xtrackers S&P 500 2x Inverse Daily Swap UCITS ETF (Acc) (DBPK.DE) at 6.01%. This indicates that DES2.DE's price experiences larger fluctuations and is considered to be riskier than DBPK.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DES2.DE | DBPK.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.14% | 6.01% | +3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 27.38% | 21.07% | +6.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.32% | 26.69% | +5.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.54% | 35.46% | -0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.31% | 34.85% | +1.46% |
DES2.DE vs. DBPK.DE - Expense Ratio Comparison
DES2.DE has a 0.50% expense ratio, which is lower than DBPK.DE's 0.70% expense ratio.
Dividends
DES2.DE vs. DBPK.DE - Dividend Comparison
Neither DES2.DE nor DBPK.DE has paid dividends to shareholders.
Frequently Asked Questions
DES2.DE and DBPK.DE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DES2.DE is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DES2.DE is cheaper with a 0.50% expense ratio, compared with 0.70% for DBPK.DE.
DES2.DE tracks ShortDAX x2 Index, while DBPK.DE tracks S&P 500 Short Leverage (-2x) Index. They also come from different issuers: L&G and Xtrackers. Their fees differ too: 0.50% for DES2.DE and 0.70% for DBPK.DE.
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