DS2P.L vs. 3SPY.L
DS2P.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) and 3SPY.L (Leverage Shares 3x Long US 500 ETP Securities) are both Leveraged Equities funds. DS2P.L is passively managed, while 3SPY.L is actively managed. Over the past 3 years, DS2P.L returned -24.61%/yr vs 35.42%/yr for 3SPY.L. At a correlation of -0.58, they often move in opposite directions. DS2P.L charges 0.50%/yr vs 0.01%/yr for 3SPY.L.
Performance
DS2P.L vs. 3SPY.L - Performance Comparison
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Different Trading Currencies
DS2P.L is traded in GBp, while 3SPY.L is traded in USD. To make them comparable, the 3SPY.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, DS2P.L achieves a -11.43% return, which is significantly lower than 3SPY.L's 21.58% return.
DS2P.L
- 1D
- 1.26%
- 1M
- -1.25%
- 6M
- -1.25%
- YTD
- -11.43%
- 1Y
- -10.34%
- 3Y*
- -24.61%
- 5Y*
- -20.24%
- 10Y*
- -23.26%
3SPY.L
- 1D
- 0.00%
- 1M
- -1.28%
- 6M
- 20.49%
- YTD
- 21.58%
- 1Y
- 46.62%
- 3Y*
- 35.42%
- 5Y*
- —
- 10Y*
- —
DS2P.L vs. 3SPY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DS2P.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc) | -11.43% | -29.68% | -28.35% | -29.73% | 2.11% |
3SPY.L Leverage Shares 3x Long US 500 ETP Securities | 21.58% | 4.37% | 66.60% | 50.33% | -39.40% |
Correlation
The correlation between DS2P.L and 3SPY.L 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 (All Time) Calculated using the full available price history since Jun 6, 2022 | -0.58 |
The correlation between DS2P.L and 3SPY.L has been stable across timeframes, ranging from -0.58 to -0.55 - a consistent structural relationship.
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Return for Risk
DS2P.L vs. 3SPY.L — Risk / Return Rank
DS2P.L
3SPY.L
DS2P.L vs. 3SPY.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) (DS2P.L) and Leverage Shares 3x Long US 500 ETP Securities (3SPY.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.
| DS2P.L | 3SPY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.84 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.26 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 1.14 | -1.52 |
| Martin ratioReturn relative to average drawdown | -0.82 | 2.23 | -3.05 |
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Drawdowns
DS2P.L vs. 3SPY.L - Drawdown Comparison
The maximum DS2P.L drawdown since its inception was -99.62%, which is greater than 3SPY.L's maximum drawdown of -58.02%. Use the drawdown chart below to compare losses from any high point for DS2P.L and 3SPY.L.
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Drawdown Indicators
| DS2P.L | 3SPY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.62% | -58.02% | -41.60% |
Max Drawdown (1Y)Largest decline over 1 year | -27.26% | -41.04% | +13.78% |
Max Drawdown (3Y)Largest decline over 3 years | -67.63% | -58.02% | -9.61% |
Max Drawdown (5Y)Largest decline over 5 years | -78.85% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -93.76% | — | — |
Current DrawdownCurrent decline from peak | -99.60% | -10.25% | -89.35% |
Average DrawdownAverage peak-to-trough decline | -89.22% | -20.28% | -68.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.75% | 20.91% | -8.16% |
Volatility
DS2P.L vs. 3SPY.L - Volatility Comparison
L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.L) has a higher volatility of 9.55% compared to Leverage Shares 3x Long US 500 ETP Securities (3SPY.L) at 8.37%. This indicates that DS2P.L's price experiences larger fluctuations and is considered to be riskier than 3SPY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DS2P.L | 3SPY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.55% | 8.37% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 28.12% | 25.97% | +2.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.11% | 55.82% | -21.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.75% | 51.08% | -14.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.73% | 51.08% | -12.35% |
DS2P.L vs. 3SPY.L - Expense Ratio Comparison
DS2P.L has a 0.50% expense ratio, which is higher than 3SPY.L's 0.01% expense ratio.
Dividends
DS2P.L vs. 3SPY.L - Dividend Comparison
Neither DS2P.L nor 3SPY.L has paid dividends to shareholders.
Frequently Asked Questions
DS2P.L and 3SPY.L 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, 3SPY.L is cheaper at 0.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.
3SPY.L is cheaper with a 0.01% expense ratio, compared with 0.50% for DS2P.L.
They also come from different issuers: L&G and Leverage Shares. Their fees differ too: 0.50% for DS2P.L and 0.01% for 3SPY.L.
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