DES2.DE vs. ETLZ.DE
DES2.DE (L&G DAX Daily 2x Short UCITS ETF) and ETLZ.DE (L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc) are both exchange-traded funds - DES2.DE is a Inverse Equities fund tracking the ShortDAX x2 Index, while ETLZ.DE is a Small Cap Blend Equities fund tracking the Russell 2000 0.4 Quality Target Exposure Factor Net Tax Index. Both are passively managed. Over the past 10 years, DES2.DE returned -23.52%/yr vs 10.75%/yr for ETLZ.DE. At a correlation of -0.61, they often move in opposite directions. DES2.DE charges 0.50%/yr vs 0.30%/yr for ETLZ.DE.
Performance
DES2.DE vs. ETLZ.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 ETLZ.DE's 21.33% return. Over the past 10 years, DES2.DE has underperformed ETLZ.DE with an annualized return of -23.52%, while ETLZ.DE has yielded a comparatively higher 10.75% 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%
ETLZ.DE
- 1D
- -0.66%
- 1M
- 1.72%
- 6M
- 15.70%
- YTD
- 21.33%
- 1Y
- 34.15%
- 3Y*
- 14.90%
- 5Y*
- 9.00%
- 10Y*
- 10.75%
DES2.DE vs. ETLZ.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% |
ETLZ.DE L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc | 21.33% | 0.32% | 15.12% | 16.03% | -14.22% | 30.61% | 8.11% | 28.84% | -9.27% | 0.58% |
Correlation
The correlation between DES2.DE and ETLZ.DE is -0.57, 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 | -0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2009 | -0.61 |
The correlation between DES2.DE and ETLZ.DE has been stable across timeframes, ranging from -0.63 to -0.55 - a consistent structural relationship.
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Return for Risk
DES2.DE vs. ETLZ.DE — Risk / Return Rank
DES2.DE
ETLZ.DE
DES2.DE vs. ETLZ.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 L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc (ETLZ.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 | ETLZ.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.61 | ||
| Sortino ratioReturn per unit of downside risk | -3.44 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.39 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 5.33 | -5.72 |
| Martin ratioReturn relative to average drawdown | -0.82 | 15.94 | -16.76 |
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Drawdowns
DES2.DE vs. ETLZ.DE - Drawdown Comparison
The maximum DES2.DE drawdown since its inception was -99.34%, which is greater than ETLZ.DE's maximum drawdown of -58.36%. Use the drawdown chart below to compare losses from any high point for DES2.DE and ETLZ.DE.
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Drawdown Indicators
| DES2.DE | ETLZ.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.34% | -58.36% | -40.98% |
Max Drawdown (1Y)Largest decline over 1 year | -26.29% | -7.04% | -19.25% |
Max Drawdown (3Y)Largest decline over 3 years | -66.97% | -31.34% | -35.63% |
Max Drawdown (5Y)Largest decline over 5 years | -77.94% | -31.34% | -46.60% |
Max Drawdown (10Y)Largest decline over 10 years | -93.68% | -41.01% | -52.67% |
Current DrawdownCurrent decline from peak | -99.30% | -2.30% | -97.00% |
Average DrawdownAverage peak-to-trough decline | -83.29% | -10.71% | -72.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.43% | 2.35% | +10.08% |
Volatility
DES2.DE vs. ETLZ.DE - Volatility Comparison
L&G DAX Daily 2x Short UCITS ETF (DES2.DE) has a higher volatility of 9.14% compared to L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc (ETLZ.DE) at 4.22%. This indicates that DES2.DE's price experiences larger fluctuations and is considered to be riskier than ETLZ.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 | ETLZ.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.14% | 4.22% | +4.92% |
Volatility (6M)Calculated over the trailing 6-month period | 27.38% | 11.22% | +16.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.32% | 16.57% | +15.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.54% | 19.97% | +14.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.31% | 21.00% | +15.31% |
DES2.DE vs. ETLZ.DE - Expense Ratio Comparison
DES2.DE has a 0.50% expense ratio, which is higher than ETLZ.DE's 0.30% expense ratio.
Dividends
DES2.DE vs. ETLZ.DE - Dividend Comparison
Neither DES2.DE nor ETLZ.DE has paid dividends to shareholders.
Frequently Asked Questions
DES2.DE and ETLZ.DE have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETLZ.DE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETLZ.DE is cheaper with a 0.30% expense ratio, compared with 0.50% for DES2.DE.
DES2.DE is categorized as Inverse Equities, while ETLZ.DE is Small Cap Blend Equities. DES2.DE tracks ShortDAX x2 Index, while ETLZ.DE tracks Russell 2000 0.4 Quality Target Exposure Factor Net Tax Index. Their fees differ too: 0.50% for DES2.DE and 0.30% for ETLZ.DE.
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