DES2.L vs. 3NFE.L
DES2.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) and 3NFE.L (Leverage Shares 3x Netflix ETP Securities EUR) are both exchange-traded funds - DES2.L is a Inverse Equities fund tracking the ShortDAX x2 Index Gross TR EUR, while 3NFE.L is a Leveraged Equities fund tracking the iSTOXX Leveraged 3X NFLX Index. Both are passively managed. Over the past 5 years, DES2.L returned -20.02%/yr vs 7.49%/yr for 3NFE.L. At a correlation of -0.28, they often move in opposite directions. DES2.L charges 0.60%/yr vs 0.75%/yr for 3NFE.L.
Performance
DES2.L vs. 3NFE.L - Performance Comparison
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Returns By Period
In the year-to-date period, DES2.L achieves a -3.94% return, which is significantly higher than 3NFE.L's -71.48% 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%
3NFE.L
- 1D
- -23.60%
- 1M
- -38.04%
- 6M
- -65.95%
- YTD
- -71.48%
- 1Y
- -90.92%
- 3Y*
- 274.73%
- 5Y*
- 7.49%
- 10Y*
- —
DES2.L vs. 3NFE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DES2.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc) | -3.94% | -36.17% | -25.21% | -28.29% | 7.83% | -31.54% | -24.76% |
3NFE.L Leverage Shares 3x Netflix ETP Securities EUR | -71.48% | -42.85% | 343.46% | 23,288.32% | -99.41% | 23.97% | 31.07% |
Correlation
The correlation between DES2.L and 3NFE.L is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | -0.28 |
Over the past year, the inverse relationship between DES2.L and 3NFE.L has weakened: their correlation has moved from -0.28 to -0.08, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DES2.L vs. 3NFE.L — Risk / Return Rank
DES2.L
3NFE.L
DES2.L vs. 3NFE.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 Netflix ETP Securities EUR (3NFE.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 | 3NFE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.70 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | -1.01 | +0.78 |
| Martin ratioReturn relative to average drawdown | -0.47 | -1.51 | +1.04 |
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Drawdowns
DES2.L vs. 3NFE.L - Drawdown Comparison
The maximum DES2.L drawdown since its inception was -99.57%, roughly equal to the maximum 3NFE.L drawdown of -99.84%. Use the drawdown chart below to compare losses from any high point for DES2.L and 3NFE.L.
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Drawdown Indicators
| DES2.L | 3NFE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.57% | -99.84% | +0.27% |
Max Drawdown (1Y)Largest decline over 1 year | -25.84% | -90.12% | +64.28% |
Max Drawdown (3Y)Largest decline over 3 years | -66.96% | -92.26% | +25.30% |
Max Drawdown (5Y)Largest decline over 5 years | -78.04% | -99.84% | +21.80% |
Max Drawdown (10Y)Largest decline over 10 years | -93.45% | — | — |
Current DrawdownCurrent decline from peak | -99.54% | -92.26% | -7.28% |
Average DrawdownAverage peak-to-trough decline | -87.79% | -51.78% | -36.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.24% | 60.22% | -47.98% |
Volatility
DES2.L vs. 3NFE.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 Netflix ETP Securities EUR (3NFE.L) has a volatility of 40.15%. This indicates that DES2.L experiences smaller price fluctuations and is considered to be less risky than 3NFE.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 | 3NFE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.36% | 40.15% | -30.79% |
Volatility (6M)Calculated over the trailing 6-month period | 27.01% | 84.69% | -57.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.05% | 99.72% | -67.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.21% | 3,363.19% | -3,328.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.12% | 3,038.48% | -3,002.36% |
DES2.L vs. 3NFE.L - Expense Ratio Comparison
DES2.L has a 0.60% expense ratio, which is lower than 3NFE.L's 0.75% expense ratio.
Dividends
DES2.L vs. 3NFE.L - Dividend Comparison
Neither DES2.L nor 3NFE.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
3NFE.L Leverage Shares 3x Netflix ETP Securities EUR | 0.00% | 0.00% | 0.00% | 0.00% | 195.88% |
DES2.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DES2.L and 3NFE.L have a correlation of -0.08, 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 3NFE.L.
DES2.L is categorized as Inverse Equities, while 3NFE.L is Leveraged Equities. DES2.L tracks ShortDAX x2 Index Gross TR EUR, while 3NFE.L tracks iSTOXX Leveraged 3X NFLX 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 3NFE.L.
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