DES2.DE vs. DXSP.DE
DES2.DE (L&G DAX Daily 2x Short UCITS ETF) and DXSP.DE (Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF (Acc)) are both Inverse Equities funds - DES2.DE tracks the ShortDAX x2 Index while DXSP.DE tracks the EURO STOXX 50 Short Index. Both are passively managed. Over the past 10 years, DES2.DE returned -23.52%/yr vs -11.69%/yr for DXSP.DE. Their correlation of 0.93 suggests significant overlap in exposure. DES2.DE charges 0.50%/yr vs 0.40%/yr for DXSP.DE.
Performance
DES2.DE vs. DXSP.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 DXSP.DE's -8.89% return. Over the past 10 years, DES2.DE has underperformed DXSP.DE with an annualized return of -23.52%, while DXSP.DE has yielded a comparatively higher -11.69% 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%
DXSP.DE
- 1D
- 0.19%
- 1M
- -0.38%
- 6M
- -5.77%
- YTD
- -8.89%
- 1Y
- -15.24%
- 3Y*
- -10.44%
- 5Y*
- -10.27%
- 10Y*
- -11.69%
DES2.DE vs. DXSP.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% |
DXSP.DE Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF (Acc) | -8.89% | -16.45% | -4.98% | -15.04% | 3.40% | -21.77% | -8.52% | -25.52% | 9.97% | -11.86% |
Correlation
The correlation between DES2.DE and DXSP.DE is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2009 | 0.93 |
The correlation between DES2.DE and DXSP.DE has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
DES2.DE vs. DXSP.DE — Risk / Return Rank
DES2.DE
DXSP.DE
DES2.DE vs. DXSP.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 Euro Stoxx 50 Short Daily Swap UCITS ETF (Acc) (DXSP.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 | DXSP.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.85 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | -0.76 | +0.37 |
| Martin ratioReturn relative to average drawdown | -0.82 | -1.38 | +0.56 |
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Drawdowns
DES2.DE vs. DXSP.DE - Drawdown Comparison
The maximum DES2.DE drawdown since its inception was -99.34%, which is greater than DXSP.DE's maximum drawdown of -91.81%. Use the drawdown chart below to compare losses from any high point for DES2.DE and DXSP.DE.
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Drawdown Indicators
| DES2.DE | DXSP.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.34% | -91.81% | -7.53% |
Max Drawdown (1Y)Largest decline over 1 year | -26.29% | -20.03% | -6.26% |
Max Drawdown (3Y)Largest decline over 3 years | -66.97% | -36.76% | -30.21% |
Max Drawdown (5Y)Largest decline over 5 years | -77.94% | -48.59% | -29.35% |
Max Drawdown (10Y)Largest decline over 10 years | -93.68% | -72.21% | -21.47% |
Current DrawdownCurrent decline from peak | -99.30% | -91.62% | -7.68% |
Average DrawdownAverage peak-to-trough decline | -83.29% | -65.09% | -18.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.43% | 11.01% | +1.42% |
Volatility
DES2.DE vs. DXSP.DE - Volatility Comparison
L&G DAX Daily 2x Short UCITS ETF (DES2.DE) has a higher volatility of 9.14% compared to Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF (Acc) (DXSP.DE) at 4.01%. This indicates that DES2.DE's price experiences larger fluctuations and is considered to be riskier than DXSP.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 | DXSP.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.14% | 4.01% | +5.13% |
Volatility (6M)Calculated over the trailing 6-month period | 27.38% | 13.62% | +13.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.32% | 16.15% | +16.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.54% | 17.58% | +16.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.31% | 17.94% | +18.37% |
DES2.DE vs. DXSP.DE - Expense Ratio Comparison
DES2.DE has a 0.50% expense ratio, which is higher than DXSP.DE's 0.40% expense ratio.
Dividends
DES2.DE vs. DXSP.DE - Dividend Comparison
Neither DES2.DE nor DXSP.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.90, DES2.DE and DXSP.DE 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.
On fees, DXSP.DE is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DXSP.DE is cheaper with a 0.40% expense ratio, compared with 0.50% for DES2.DE.
DES2.DE tracks ShortDAX x2 Index, while DXSP.DE tracks EURO STOXX 50 Short Index. They also come from different issuers: L&G and Xtrackers. Their fees differ too: 0.50% for DES2.DE and 0.40% for DXSP.DE.
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