DES2.L vs. 3BAB.L
DES2.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) and 3BAB.L (Leverage Shares 3x Alibaba ETC) are both exchange-traded funds - DES2.L is a Inverse Equities fund tracking the ShortDAX x2 Index Gross TR EUR, while 3BAB.L is a Leveraged Equities fund tracking the iSTOXX Leveraged 3x BABA Index. Both are passively managed. Over the past 3 years, DES2.L returned -24.09%/yr vs -33.62%/yr for 3BAB.L. At a correlation of -0.30, they often move in opposite directions. DES2.L charges 0.60%/yr vs 0.75%/yr for 3BAB.L.
Performance
DES2.L vs. 3BAB.L - Performance Comparison
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Different Trading Currencies
DES2.L is traded in EUR, while 3BAB.L is traded in GBp. To make them comparable, the 3BAB.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, DES2.L achieves a -3.94% return, which is significantly higher than 3BAB.L's -65.13% return.
DES2.L
- 1D
- 0.49%
- 1M
- 1.13%
- 6M
- 0.91%
- YTD
- -3.94%
- 1Y
- -5.81%
- 3Y*
- -24.09%
- 5Y*
- -20.02%
- 10Y*
- -23.50%
3BAB.L
- 1D
- -8.74%
- 1M
- 8.57%
- 6M
- -73.94%
- YTD
- -65.13%
- 1Y
- -52.67%
- 3Y*
- -33.62%
- 5Y*
- —
- 10Y*
- —
DES2.L vs. 3BAB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DES2.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc) | -3.94% | -36.17% | -25.21% | -3.46% |
3BAB.L Leverage Shares 3x Alibaba ETC | -65.13% | 98.11% | -14.47% | -40.26% |
Correlation
The correlation between DES2.L and 3BAB.L is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.29 |
Correlation (All Time) Calculated using the full available price history since May 24, 2023 | -0.30 |
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Return for Risk
DES2.L vs. 3BAB.L — Risk / Return Rank
DES2.L
3BAB.L
DES2.L vs. 3BAB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DES2.L) and Leverage Shares 3x Alibaba ETC (3BAB.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.
| DES2.L | 3BAB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.01 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | -0.57 | +0.35 |
| Martin ratioReturn relative to average drawdown | -0.47 | -0.90 | +0.43 |
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Drawdowns
DES2.L vs. 3BAB.L - Drawdown Comparison
The maximum DES2.L drawdown since its inception was -99.57%, which is greater than 3BAB.L's maximum drawdown of -91.96%. Use the drawdown chart below to compare losses from any high point for DES2.L and 3BAB.L.
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Drawdown Indicators
| DES2.L | 3BAB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.57% | -91.96% | -7.61% |
Max Drawdown (1Y)Largest decline over 1 year | -25.84% | -91.96% | +66.12% |
Max Drawdown (3Y)Largest decline over 3 years | -66.96% | -91.96% | +25.00% |
Max Drawdown (5Y)Largest decline over 5 years | -78.04% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -93.45% | — | — |
Current DrawdownCurrent decline from peak | -99.54% | -86.37% | -13.17% |
Average DrawdownAverage peak-to-trough decline | -87.79% | -54.95% | -32.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.24% | 58.34% | -46.10% |
Volatility
DES2.L vs. 3BAB.L - Volatility Comparison
The current volatility for L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DES2.L) is 9.36%, while Leverage Shares 3x Alibaba ETC (3BAB.L) has a volatility of 44.29%. This indicates that DES2.L experiences smaller price fluctuations and is considered to be less risky than 3BAB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DES2.L | 3BAB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.36% | 44.29% | -34.93% |
Volatility (6M)Calculated over the trailing 6-month period | 27.01% | 90.24% | -63.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.05% | 130.76% | -98.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.21% | 127.81% | -93.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.12% | 127.81% | -91.69% |
DES2.L vs. 3BAB.L - Expense Ratio Comparison
DES2.L has a 0.60% expense ratio, which is lower than 3BAB.L's 0.75% expense ratio.
Dividends
DES2.L vs. 3BAB.L - Dividend Comparison
Neither DES2.L nor 3BAB.L has paid dividends to shareholders.
Frequently Asked Questions
DES2.L and 3BAB.L have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DES2.L is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DES2.L is cheaper with a 0.60% expense ratio, compared with 0.75% for 3BAB.L.
DES2.L is categorized as Inverse Equities, while 3BAB.L is Leveraged Equities. DES2.L tracks ShortDAX x2 Index Gross TR EUR, while 3BAB.L tracks iSTOXX Leveraged 3x BABA Index. They also come from different issuers: L&G and Leverage Shares. Their fees differ too: 0.60% for DES2.L and 0.75% for 3BAB.L.
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