DES2.L vs. 3BAL.L
DES2.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) and 3BAL.L (WisdomTree EURO STOXX Banks 3x Daily Leveraged) are both exchange-traded funds - DES2.L is a Inverse Equities fund tracking the ShortDAX x2 Index Gross TR EUR, while 3BAL.L is a Leveraged Equities fund tracking the EURO STOXX Banks Daily Leverage 3 EUR Net Return Index. Both are passively managed. Over the past 10 years, DES2.L returned -23.50%/yr vs 17.86%/yr for 3BAL.L. At a correlation of -0.68, they often move in opposite directions. DES2.L charges 0.60%/yr vs 0.89%/yr for 3BAL.L.
Performance
DES2.L vs. 3BAL.L - Performance Comparison
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Different Trading Currencies
DES2.L is traded in EUR, while 3BAL.L is traded in GBp. To make them comparable, the 3BAL.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 lower than 3BAL.L's 29.31% return. Over the past 10 years, DES2.L has underperformed 3BAL.L with an annualized return of -23.50%, while 3BAL.L has yielded a comparatively higher 17.86% annualized 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%
3BAL.L
- 1D
- -4.61%
- 1M
- -0.33%
- 6M
- 18.66%
- YTD
- 29.31%
- 1Y
- 163.77%
- 3Y*
- 138.08%
- 5Y*
- 79.89%
- 10Y*
- 17.86%
DES2.L vs. 3BAL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DES2.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc) | -3.94% | -36.17% | -25.21% | -28.29% | 7.83% | -31.54% | -35.25% | -38.99% | 36.09% | -28.43% |
3BAL.L WisdomTree EURO STOXX Banks 3x Daily Leveraged | 29.31% | 405.26% | 76.18% | 67.32% | -28.77% | 121.82% | -80.99% | 33.77% | -71.32% | 11.23% |
Correlation
The correlation between DES2.L and 3BAL.L is -0.69, 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 | -0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.65 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2014 | -0.68 |
The correlation between DES2.L and 3BAL.L has been stable across timeframes, ranging from -0.70 to -0.65 - a consistent structural relationship.
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Return for Risk
DES2.L vs. 3BAL.L — Risk / Return Rank
DES2.L
3BAL.L
DES2.L vs. 3BAL.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 WisdomTree EURO STOXX Banks 3x Daily Leveraged (3BAL.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 | 3BAL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.33 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 3.56 | -3.78 |
| Martin ratioReturn relative to average drawdown | -0.47 | 9.48 | -9.96 |
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Drawdowns
DES2.L vs. 3BAL.L - Drawdown Comparison
The maximum DES2.L drawdown since its inception was -99.57%, roughly equal to the maximum 3BAL.L drawdown of -99.43%. Use the drawdown chart below to compare losses from any high point for DES2.L and 3BAL.L.
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Drawdown Indicators
| DES2.L | 3BAL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.57% | -99.43% | -0.14% |
Max Drawdown (1Y)Largest decline over 1 year | -25.84% | -45.71% | +19.87% |
Max Drawdown (3Y)Largest decline over 3 years | -66.96% | -51.60% | -15.36% |
Max Drawdown (5Y)Largest decline over 5 years | -78.04% | -78.06% | +0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -93.45% | -97.83% | +4.38% |
Current DrawdownCurrent decline from peak | -99.54% | -55.37% | -44.17% |
Average DrawdownAverage peak-to-trough decline | -87.79% | -83.62% | -4.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.24% | 17.20% | -4.96% |
Volatility
DES2.L vs. 3BAL.L - Volatility Comparison
The current volatility for L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DES2.L) is 9.36%, while WisdomTree EURO STOXX Banks 3x Daily Leveraged (3BAL.L) has a volatility of 17.06%. This indicates that DES2.L experiences smaller price fluctuations and is considered to be less risky than 3BAL.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 | 3BAL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.36% | 17.06% | -7.70% |
Volatility (6M)Calculated over the trailing 6-month period | 27.01% | 57.14% | -30.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.05% | 69.13% | -37.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.21% | 74.88% | -40.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.12% | 83.11% | -46.99% |
DES2.L vs. 3BAL.L - Expense Ratio Comparison
DES2.L has a 0.60% expense ratio, which is lower than 3BAL.L's 0.89% expense ratio.
Dividends
DES2.L vs. 3BAL.L - Dividend Comparison
Neither DES2.L nor 3BAL.L has paid dividends to shareholders.
Frequently Asked Questions
DES2.L and 3BAL.L have a correlation of -0.69, 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 0.89% for 3BAL.L.
DES2.L is categorized as Inverse Equities, while 3BAL.L is Leveraged Equities. DES2.L tracks ShortDAX x2 Index Gross TR EUR, while 3BAL.L tracks EURO STOXX Banks Daily Leverage 3 EUR Net Return Index. They also come from different issuers: L&G and WisdomTree. Their fees differ too: 0.60% for DES2.L and 0.89% for 3BAL.L.
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