DXS3.DE vs. DES2.DE
DXS3.DE (Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc)) and DES2.DE (L&G DAX Daily 2x Short UCITS ETF) are both Inverse Equities funds - DXS3.DE tracks the S&P 500 Short Index while DES2.DE tracks the ShortDAX x2 Index. Both are passively managed. Over the past 10 years, DXS3.DE returned -12.00%/yr vs -23.54%/yr for DES2.DE. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.
Performance
DXS3.DE vs. DES2.DE - Performance Comparison
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Returns By Period
In the year-to-date period, DXS3.DE achieves a -2.36% return, which is significantly higher than DES2.DE's -5.08% return. Over the past 10 years, DXS3.DE has outperformed DES2.DE with an annualized return of -12.00%, while DES2.DE has yielded a comparatively lower -23.54% annualized return.
DXS3.DE
- 1D
- 1.43%
- 1M
- 2.48%
- 6M
- -3.31%
- YTD
- -2.36%
- 1Y
- -9.65%
- 3Y*
- -10.46%
- 5Y*
- -6.60%
- 10Y*
- -12.00%
DES2.DE
- 1D
- 0.69%
- 1M
- 1.00%
- 6M
- 0.85%
- YTD
- -5.08%
- 1Y
- -6.12%
- 3Y*
- -24.13%
- 5Y*
- -19.98%
- 10Y*
- -23.54%
DXS3.DE vs. DES2.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DXS3.DE Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc) | -2.36% | -20.25% | -7.55% | -17.29% | 27.96% | -17.91% | -30.56% | -19.86% | 11.68% | -27.38% |
DES2.DE L&G DAX Daily 2x Short UCITS ETF | -5.08% | -35.92% | -24.73% | -28.32% | 8.81% | -31.47% | -34.46% | -41.49% | 35.04% | -25.95% |
Correlation
The correlation between DXS3.DE and DES2.DE is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2009 | 0.64 |
The correlation between DXS3.DE and DES2.DE has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.
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Return for Risk
DXS3.DE vs. DES2.DE — Risk / Return Rank
DXS3.DE
DES2.DE
DXS3.DE vs. DES2.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc) (DXS3.DE) and L&G DAX Daily 2x Short UCITS ETF (DES2.DE). 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.
| DXS3.DE | DES2.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.99 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.58 | -0.23 | -0.35 |
| Martin ratioReturn relative to average drawdown | -1.06 | -0.49 | -0.57 |
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Drawdowns
DXS3.DE vs. DES2.DE - Drawdown Comparison
The maximum DXS3.DE drawdown since its inception was -93.76%, smaller than the maximum DES2.DE drawdown of -99.34%. Use the drawdown chart below to compare losses from any high point for DXS3.DE and DES2.DE.
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Drawdown Indicators
| DXS3.DE | DES2.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.76% | -99.34% | +5.58% |
Max Drawdown (1Y)Largest decline over 1 year | -16.67% | -26.29% | +9.62% |
Max Drawdown (3Y)Largest decline over 3 years | -42.14% | -66.97% | +24.83% |
Max Drawdown (5Y)Largest decline over 5 years | -51.28% | -77.94% | +26.66% |
Max Drawdown (10Y)Largest decline over 10 years | -73.80% | -93.47% | +19.67% |
Current DrawdownCurrent decline from peak | -93.48% | -99.29% | +5.81% |
Average DrawdownAverage peak-to-trough decline | -73.70% | -83.30% | +9.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.10% | 12.50% | -3.40% |
Volatility
DXS3.DE vs. DES2.DE - Volatility Comparison
The current volatility for Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc) (DXS3.DE) is 3.38%, while L&G DAX Daily 2x Short UCITS ETF (DES2.DE) has a volatility of 9.19%. This indicates that DXS3.DE experiences smaller price fluctuations and is considered to be less risky than DES2.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DXS3.DE | DES2.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.38% | 9.19% | -5.81% |
Volatility (6M)Calculated over the trailing 6-month period | 12.29% | 27.27% | -14.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.31% | 32.34% | -17.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.00% | 34.53% | -14.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.20% | 36.31% | -17.11% |
DXS3.DE vs. DES2.DE - Expense Ratio Comparison
Both DXS3.DE and DES2.DE have an expense ratio of 0.50%.
Dividends
DXS3.DE vs. DES2.DE - Dividend Comparison
Neither DXS3.DE nor DES2.DE has paid dividends to shareholders.
Frequently Asked Questions
DXS3.DE and DES2.DE have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
DXS3.DE and DES2.DE have the same expense ratio: 0.50% per year.
DXS3.DE tracks S&P 500 Short Index, while DES2.DE tracks ShortDAX x2 Index. They also come from different issuers: Xtrackers and L&G.
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