DXS3.DE vs. DXSN.DE
DXS3.DE (Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc)) and DXSN.DE (Xtrackers ShortDAX Daily Swap UCITS ETF (Acc)) are both Inverse Equities funds from Xtrackers - DXS3.DE tracks the S&P 500 Short Index while DXSN.DE tracks the ShortDAX Index. Both are passively managed. Over the past 10 years, DXS3.DE returned -12.32%/yr vs -11.19%/yr for DXSN.DE. A 0.65 correlation means they provide meaningful diversification when combined. DXS3.DE charges 0.50%/yr vs 0.40%/yr for DXSN.DE.
Performance
DXS3.DE vs. DXSN.DE - Performance Comparison
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Returns By Period
In the year-to-date period, DXS3.DE achieves a -2.95% return, which is significantly higher than DXSN.DE's -4.46% return. Over the past 10 years, DXS3.DE has underperformed DXSN.DE with an annualized return of -12.32%, while DXSN.DE has yielded a comparatively higher -11.19% annualized return.
DXS3.DE
- 1D
- 0.00%
- 1M
- 2.92%
- 6M
- -3.90%
- YTD
- -2.95%
- 1Y
- -8.70%
- 3Y*
- -11.94%
- 5Y*
- -6.72%
- 10Y*
- -12.32%
DXSN.DE
- 1D
- -0.77%
- 1M
- -3.54%
- 6M
- -4.36%
- YTD
- -4.46%
- 1Y
- -5.37%
- 3Y*
- -11.18%
- 5Y*
- -8.40%
- 10Y*
- -11.19%
DXS3.DE vs. DXSN.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) | -2.95% | -20.25% | -7.55% | -17.29% | 27.96% | -17.91% | -30.56% | -19.86% | 11.68% | -27.38% |
DXSN.DE Xtrackers ShortDAX Daily Swap UCITS ETF (Acc) | -4.46% | -17.17% | -10.34% | -12.80% | 7.55% | -16.40% | -14.50% | -22.67% | 17.84% | -13.51% |
Correlation
The correlation between DXS3.DE and DXSN.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 | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2008 | 0.65 |
The correlation between DXS3.DE and DXSN.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. DXSN.DE — Risk / Return Rank
DXS3.DE
DXSN.DE
DXS3.DE vs. DXSN.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 Xtrackers ShortDAX Daily Swap UCITS ETF (Acc) (DXSN.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 | DXSN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.96 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | -0.40 | -0.12 |
| Martin ratioReturn relative to average drawdown | -1.00 | -0.92 | -0.08 |
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Drawdowns
DXS3.DE vs. DXSN.DE - Drawdown Comparison
The maximum DXS3.DE drawdown since its inception was -93.76%, roughly equal to the maximum DXSN.DE drawdown of -92.04%. Use the drawdown chart below to compare losses from any high point for DXS3.DE and DXSN.DE.
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Drawdown Indicators
| DXS3.DE | DXSN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.76% | -92.04% | -1.72% |
Max Drawdown (1Y)Largest decline over 1 year | -16.67% | -13.39% | -3.28% |
Max Drawdown (3Y)Largest decline over 3 years | -42.14% | -37.00% | -5.14% |
Max Drawdown (5Y)Largest decline over 5 years | -51.28% | -46.93% | -4.35% |
Max Drawdown (10Y)Largest decline over 10 years | -74.13% | -69.91% | -4.22% |
Current DrawdownCurrent decline from peak | -93.52% | -92.04% | -1.48% |
Average DrawdownAverage peak-to-trough decline | -73.65% | -67.57% | -6.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.69% | 5.80% | +2.89% |
Volatility
DXS3.DE vs. DXSN.DE - Volatility Comparison
Xtrackers S&P 500 Inverse Daily Swap UCITS ETF (Acc) (DXS3.DE) has a higher volatility of 4.92% compared to Xtrackers ShortDAX Daily Swap UCITS ETF (Acc) (DXSN.DE) at 4.41%. This indicates that DXS3.DE's price experiences larger fluctuations and is considered to be riskier than DXSN.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 | DXSN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.92% | 4.41% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 12.21% | 13.54% | -1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.19% | 16.23% | -1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.99% | 17.22% | +2.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.20% | 18.10% | +1.10% |
DXS3.DE vs. DXSN.DE - Expense Ratio Comparison
DXS3.DE has a 0.50% expense ratio, which is higher than DXSN.DE's 0.40% expense ratio.
Dividends
DXS3.DE vs. DXSN.DE - Dividend Comparison
Neither DXS3.DE nor DXSN.DE has paid dividends to shareholders.
Frequently Asked Questions
DXS3.DE and DXSN.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.
On fees, DXSN.DE is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DXSN.DE is cheaper with a 0.40% expense ratio, compared with 0.50% for DXS3.DE.
DXS3.DE tracks S&P 500 Short Index, while DXSN.DE tracks ShortDAX Index. Their fees differ too: 0.50% for DXS3.DE and 0.40% for DXSN.DE.
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