DS2P.L vs. DES2.L

Last updated Jul 16, 2026

DS2P.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) and DES2.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) are both exchange-traded funds - DS2P.L is a Leveraged Equities fund tracking the ShortDAX x2 Index Gross TR EUR, while DES2.L is a Inverse Equities fund tracking the ShortDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 10 years, DS2P.L returned -23.26%/yr vs -23.44%/yr for DES2.L. With a 0.95 correlation, they move nearly in lockstep. DS2P.L charges 0.50%/yr vs 0.60%/yr for DES2.L.

Performance

DS2P.L vs. DES2.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.L) and L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DES2.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DS2P.L is traded in GBp, while DES2.L is traded in EUR. To make them comparable, the DES2.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 DES2.L's -8.25% return. Both investments have delivered pretty close results over the past 10 years, with DS2P.L having a -23.26% annualized return and DES2.L not far behind at -23.44%.

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%

DES2.L

• 1D: 0.34%
• 1M: -2.80%
• 6M: -2.63%
• YTD: -8.25%
• 1Y: -11.64%
• 3Y*: -24.83%
• 5Y*: -20.49%
• 10Y*: -23.44%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DS2P.L vs. DES2.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DS2P.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc)	-11.43%	-29.68%	-28.35%	-29.73%	13.75%	-35.96%	-31.61%	-42.13%	34.26%	-24.13%
DES2.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc)	-8.25%	-32.75%	-28.61%	-29.73%	13.40%	-35.60%	-31.58%	-42.45%	37.44%	-25.37%

Correlation

The correlation between DS2P.L and DES2.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 18, 2009	0.95

The correlation between DS2P.L and DES2.L has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

DS2P.L vs. DES2.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DS2P.L

DS2P.L Risk / Return Rank: 6
DS2P.L Sharpe Ratio Rank: 6
DS2P.L Sortino Ratio Rank: 7
DS2P.L Omega Ratio Rank: 7
DS2P.L Calmar Ratio Rank: 6
DS2P.L Martin Ratio Rank: 5

DES2.L

DES2.L Risk / Return Rank: 6
DES2.L Sharpe Ratio Rank: 6
DES2.L Sortino Ratio Rank: 7
DES2.L Omega Ratio Rank: 7
DES2.L Calmar Ratio Rank: 6
DES2.L Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DS2P.L vs. DES2.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 L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DES2.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	DES2.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	-0.35	+0.05
Sortino ratio: Return per unit of downside risk	-0.22	-0.30	+0.08
Omega ratio: Gain probability vs. loss probability	0.97	0.96	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.38	-0.43	+0.05
Martin ratio: Return relative to average drawdown	-0.82	-0.93	+0.11

DS2P.L vs. DES2.L - Sharpe Ratio Comparison

The current DS2P.L Sharpe Ratio is -0.31, which is comparable to the DES2.L Sharpe Ratio of -0.35. The chart below compares the historical Sharpe Ratios of DS2P.L and DES2.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DS2P.L vs. DES2.L - Drawdown Comparison

The maximum DS2P.L drawdown since its inception was -99.62%, roughly equal to the maximum DES2.L drawdown of -99.58%. Use the drawdown chart below to compare losses from any high point for DS2P.L and DES2.L.

Drawdown Indicators

	DS2P.L	DES2.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.62%	-99.58%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-27.26%	-26.97%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-67.63%	-67.64%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-78.85%	-78.74%	-0.11%
Max Drawdown (10Y) Largest decline over 10 years	-93.76%	-93.77%	+0.01%
Current Drawdown Current decline from peak	-99.60%	-99.55%	-0.05%
Average Drawdown Average peak-to-trough decline	-89.22%	-87.91%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.75%	12.51%	+0.24%

Volatility

DS2P.L vs. DES2.L - Volatility Comparison

L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.L) and L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DES2.L) have volatilities of 9.55% and 9.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DS2P.L	DES2.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.55%	9.33%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	28.12%	27.28%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	34.11%	32.84%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.75%	35.40%	+1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.73%	37.81%	+0.92%

DS2P.L vs. DES2.L - Expense Ratio Comparison

DS2P.L has a 0.50% expense ratio, which is lower than DES2.L's 0.60% expense ratio.

Dividends

DS2P.L vs. DES2.L - Dividend Comparison

Neither DS2P.L nor DES2.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DS2P.L and DES2.L in my portfolio?

With a correlation of 0.96, DS2P.L and DES2.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, DS2P.L or DES2.L?

On fees, DS2P.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DS2P.L or DES2.L?

DS2P.L is cheaper with a 0.50% expense ratio, compared with 0.60% for DES2.L.

What is the main difference between DS2P.L and DES2.L?

DS2P.L is categorized as Leveraged Equities, while DES2.L is Inverse Equities. Both ETFs track ShortDAX x2 Index Gross TR EUR. Their fees differ too: 0.50% for DS2P.L and 0.60% for DES2.L.