DXSN.DE vs. DES2.DE
DXSN.DE (Xtrackers ShortDAX Daily Swap UCITS ETF (Acc)) and DES2.DE (L&G DAX Daily 2x Short UCITS ETF) are both Inverse Equities funds - DXSN.DE tracks the ShortDAX Index while DES2.DE tracks the ShortDAX x2 Index. Both are passively managed. Over the past 10 years, DXSN.DE returned -10.40%/yr vs -23.54%/yr for DES2.DE. With a 0.99 correlation, they move nearly in lockstep. DXSN.DE charges 0.40%/yr vs 0.50%/yr for DES2.DE.
Performance
DXSN.DE vs. DES2.DE - Performance Comparison
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Returns By Period
In the year-to-date period, DXSN.DE achieves a -0.64% return, which is significantly higher than DES2.DE's -5.08% return. Over the past 10 years, DXSN.DE has outperformed DES2.DE with an annualized return of -10.40%, while DES2.DE has yielded a comparatively lower -23.54% annualized return.
DXSN.DE
- 1D
- 0.43%
- 1M
- 0.75%
- 6M
- 2.30%
- YTD
- -0.64%
- 1Y
- 0.11%
- 3Y*
- -9.89%
- 5Y*
- -7.78%
- 10Y*
- -10.40%
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%
DXSN.DE vs. DES2.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DXSN.DE Xtrackers ShortDAX Daily Swap UCITS ETF (Acc) | -0.64% | -17.17% | -10.34% | -12.80% | 7.55% | -16.40% | -14.50% | -22.67% | 17.84% | -13.51% |
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 DXSN.DE and DES2.DE is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2009 | 0.99 |
The correlation between DXSN.DE and DES2.DE has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
DXSN.DE vs. DES2.DE — Risk / Return Rank
DXSN.DE
DES2.DE
DXSN.DE vs. DES2.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers ShortDAX Daily Swap UCITS ETF (Acc) (DXSN.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.
| DXSN.DE | DES2.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.99 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.01 | -0.23 | +0.24 |
| Martin ratioReturn relative to average drawdown | 0.02 | -0.49 | +0.51 |
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Drawdowns
DXSN.DE vs. DES2.DE - Drawdown Comparison
The maximum DXSN.DE drawdown since its inception was -92.05%, smaller than the maximum DES2.DE drawdown of -99.34%. Use the drawdown chart below to compare losses from any high point for DXSN.DE and DES2.DE.
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Drawdown Indicators
| DXSN.DE | DES2.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.05% | -99.34% | +7.29% |
Max Drawdown (1Y)Largest decline over 1 year | -13.49% | -26.29% | +12.80% |
Max Drawdown (3Y)Largest decline over 3 years | -37.07% | -66.97% | +29.90% |
Max Drawdown (5Y)Largest decline over 5 years | -46.99% | -77.94% | +30.95% |
Max Drawdown (10Y)Largest decline over 10 years | -68.30% | -93.47% | +25.17% |
Current DrawdownCurrent decline from peak | -91.72% | -99.29% | +7.57% |
Average DrawdownAverage peak-to-trough decline | -67.62% | -83.30% | +15.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.21% | 12.50% | -6.29% |
Volatility
DXSN.DE vs. DES2.DE - Volatility Comparison
The current volatility for Xtrackers ShortDAX Daily Swap UCITS ETF (Acc) (DXSN.DE) is 4.68%, while L&G DAX Daily 2x Short UCITS ETF (DES2.DE) has a volatility of 9.19%. This indicates that DXSN.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
| DXSN.DE | DES2.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 9.19% | -4.51% |
Volatility (6M)Calculated over the trailing 6-month period | 13.72% | 27.27% | -13.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.31% | 32.34% | -16.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.21% | 34.53% | -17.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.07% | 36.31% | -18.24% |
DXSN.DE vs. DES2.DE - Expense Ratio Comparison
DXSN.DE has a 0.40% expense ratio, which is lower than DES2.DE's 0.50% expense ratio.
Dividends
DXSN.DE vs. DES2.DE - Dividend Comparison
Neither DXSN.DE nor DES2.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, DXSN.DE and DES2.DE 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.
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 DES2.DE.
DXSN.DE tracks ShortDAX Index, while DES2.DE tracks ShortDAX x2 Index. They also come from different issuers: Xtrackers and L&G. Their fees differ too: 0.40% for DXSN.DE and 0.50% for DES2.DE.
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