DES2.DE vs. DXS3.DE
DES2.DE (L&G DAX Daily 2x Short UCITS ETF) and DXS3.DE (Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc)) are both Inverse Equities funds - DES2.DE tracks the ShortDAX x2 Index while DXS3.DE tracks the S&P 500 Short Index. Both are passively managed. Over the past 10 years, DES2.DE returned -23.52%/yr vs -12.08%/yr for DXS3.DE. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.
Performance
DES2.DE vs. DXS3.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 lower than DXS3.DE's -3.54% return. Over the past 10 years, DES2.DE has underperformed DXS3.DE with an annualized return of -23.52%, while DXS3.DE has yielded a comparatively higher -12.08% 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%
DXS3.DE
- 1D
- -0.20%
- 1M
- 1.87%
- 6M
- -4.67%
- YTD
- -3.54%
- 1Y
- -10.91%
- 3Y*
- -10.83%
- 5Y*
- -6.83%
- 10Y*
- -12.08%
DES2.DE vs. DXS3.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% |
DXS3.DE Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc) | -3.54% | -20.25% | -7.55% | -17.29% | 27.96% | -17.91% | -30.56% | -19.86% | 11.68% | -27.38% |
Correlation
The correlation between DES2.DE and DXS3.DE is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2009 | 0.64 |
The correlation between DES2.DE and DXS3.DE has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.
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Return for Risk
DES2.DE vs. DXS3.DE — Risk / Return Rank
DES2.DE
DXS3.DE
DES2.DE vs. DXS3.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 Inverse Daily Swap UCITS ETF (Acc) (DXS3.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 | DXS3.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.90 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | -0.65 | +0.27 |
| Martin ratioReturn relative to average drawdown | -0.82 | -1.21 | +0.39 |
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Drawdowns
DES2.DE vs. DXS3.DE - Drawdown Comparison
The maximum DES2.DE drawdown since its inception was -99.34%, which is greater than DXS3.DE's maximum drawdown of -93.76%. Use the drawdown chart below to compare losses from any high point for DES2.DE and DXS3.DE.
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Drawdown Indicators
| DES2.DE | DXS3.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.34% | -93.76% | -5.58% |
Max Drawdown (1Y)Largest decline over 1 year | -26.29% | -16.67% | -9.62% |
Max Drawdown (3Y)Largest decline over 3 years | -66.97% | -42.14% | -24.83% |
Max Drawdown (5Y)Largest decline over 5 years | -77.94% | -51.28% | -26.66% |
Max Drawdown (10Y)Largest decline over 10 years | -93.68% | -73.80% | -19.88% |
Current DrawdownCurrent decline from peak | -99.30% | -93.56% | -5.74% |
Average DrawdownAverage peak-to-trough decline | -83.29% | -73.69% | -9.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.43% | 9.02% | +3.41% |
Volatility
DES2.DE vs. DXS3.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 Inverse Daily Swap UCITS ETF (Acc) (DXS3.DE) at 3.43%. This indicates that DES2.DE's price experiences larger fluctuations and is considered to be riskier than DXS3.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 | DXS3.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.14% | 3.43% | +5.71% |
Volatility (6M)Calculated over the trailing 6-month period | 27.38% | 12.25% | +15.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.32% | 15.25% | +17.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.54% | 20.00% | +14.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.31% | 19.20% | +17.11% |
DES2.DE vs. DXS3.DE - Expense Ratio Comparison
Both DES2.DE and DXS3.DE have an expense ratio of 0.50%.
Dividends
DES2.DE vs. DXS3.DE - Dividend Comparison
Neither DES2.DE nor DXS3.DE has paid dividends to shareholders.
Frequently Asked Questions
DES2.DE and DXS3.DE have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
DES2.DE and DXS3.DE have the same expense ratio: 0.50% per year.
DES2.DE tracks ShortDAX x2 Index, while DXS3.DE tracks S&P 500 Short Index. They also come from different issuers: L&G and Xtrackers.
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