HTWO.L vs. DEL2.L

Last updated Jul 16, 2026

HTWO.L (L&G Hydrogen Economy UCITS ETF) and DEL2.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) are both exchange-traded funds - HTWO.L is a Global Equities fund tracking the L&G Hydrogen Economy UCITS ETF, while DEL2.L is a Leveraged Equities fund tracking the LevDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 5 years, HTWO.L returned -0.51%/yr vs 11.75%/yr for DEL2.L. A 0.65 correlation means they provide meaningful diversification when combined. HTWO.L charges 0.49%/yr vs 0.40%/yr for DEL2.L.

Performance

HTWO.L vs. DEL2.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G Hydrogen Economy UCITS ETF (HTWO.L) and L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HTWO.L is traded in USD, while DEL2.L is traded in EUR. To make them comparable, the DEL2.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HTWO.L achieves a 29.27% return, which is significantly higher than DEL2.L's -2.76% return.

HTWO.L

• 1D: 0.09%
• 1M: -10.01%
• 6M: 17.06%
• YTD: 29.27%
• 1Y: 59.38%
• 3Y*: 13.91%
• 5Y*: -0.51%
• 10Y*: —

DEL2.L

• 1D: 0.00%
• 1M: -0.78%
• 6M: -8.13%
• YTD: -2.76%
• 1Y: -1.54%
• 3Y*: 24.53%
• 5Y*: 11.75%
• 10Y*: 13.20%

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

HTWO.L vs. DEL2.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HTWO.L L&G Hydrogen Economy UCITS ETF	29.27%	40.50%	-8.00%	-3.49%	-37.13%	-33.03%
DEL2.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc)	-2.76%	55.69%	23.51%	38.94%	-32.05%	16.82%

Correlation

The correlation between HTWO.L and DEL2.L is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 10, 2021	0.65

The correlation between HTWO.L and DEL2.L has been stable across timeframes, ranging from 0.56 to 0.66 - a consistent structural relationship.

Return for Risk

HTWO.L vs. DEL2.L — Risk / Return Rank

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

HTWO.L

HTWO.L Risk / Return Rank: 66
HTWO.L Sharpe Ratio Rank: 73
HTWO.L Sortino Ratio Rank: 68
HTWO.L Omega Ratio Rank: 63
HTWO.L Calmar Ratio Rank: 71
HTWO.L Martin Ratio Rank: 57

DEL2.L

DEL2.L Risk / Return Rank: 9
DEL2.L Sharpe Ratio Rank: 9
DEL2.L Sortino Ratio Rank: 10
DEL2.L Omega Ratio Rank: 9
DEL2.L Calmar Ratio Rank: 9
DEL2.L Martin Ratio Rank: 9

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.

HTWO.L vs. DEL2.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Hydrogen Economy UCITS ETF (HTWO.L) and L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.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.

	HTWO.L	DEL2.L	Difference
Sharpe ratio: Return per unit of total volatility	1.87	-0.05	+1.92
Sortino ratio: Return per unit of downside risk	2.51	0.16	+2.34
Omega ratio: Gain probability vs. loss probability	1.31	1.02	+0.29
Calmar ratio: Return relative to maximum drawdown	2.88	-0.07	+2.95
Martin ratio: Return relative to average drawdown	7.98	-0.21	+8.19

HTWO.L vs. DEL2.L - Sharpe Ratio Comparison

The current HTWO.L Sharpe Ratio is 1.87, which is higher than the DEL2.L Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of HTWO.L and DEL2.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

HTWO.L vs. DEL2.L - Drawdown Comparison

The maximum HTWO.L drawdown since its inception was -68.35%, roughly equal to the maximum DEL2.L drawdown of -68.93%. Use the drawdown chart below to compare losses from any high point for HTWO.L and DEL2.L.

Drawdown Indicators

	HTWO.L	DEL2.L	Difference
Max Drawdown Largest peak-to-trough decline	-68.35%	-68.93%	+0.58%
Max Drawdown (1Y) Largest decline over 1 year	-20.94%	-27.05%	+6.11%
Max Drawdown (3Y) Largest decline over 3 years	-32.36%	-29.73%	-2.63%
Max Drawdown (5Y) Largest decline over 5 years	-59.35%	-56.47%	-2.88%
Max Drawdown (10Y) Largest decline over 10 years	—	-68.93%	—
Current Drawdown Current decline from peak	-32.10%	-8.94%	-23.16%
Average Drawdown Average peak-to-trough decline	-48.84%	-18.99%	-29.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.58%	8.86%	-1.28%

Volatility

HTWO.L vs. DEL2.L - Volatility Comparison

L&G Hydrogen Economy UCITS ETF (HTWO.L) has a higher volatility of 10.34% compared to L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.L) at 9.63%. This indicates that HTWO.L's price experiences larger fluctuations and is considered to be riskier than DEL2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTWO.L	DEL2.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	9.63%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	23.43%	28.89%	-5.46%
Volatility (1Y) Calculated over the trailing 1-year period	32.34%	33.93%	-1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.25%	36.96%	-7.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.35%	37.64%	-8.29%

HTWO.L vs. DEL2.L - Expense Ratio Comparison

HTWO.L has a 0.49% expense ratio, which is higher than DEL2.L's 0.40% expense ratio.

Dividends

HTWO.L vs. DEL2.L - Dividend Comparison

Neither HTWO.L nor DEL2.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HTWO.L and DEL2.L in my portfolio?

HTWO.L and DEL2.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HTWO.L or DEL2.L?

On fees, DEL2.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HTWO.L or DEL2.L?

DEL2.L is cheaper with a 0.40% expense ratio, compared with 0.49% for HTWO.L.

What is the main difference between HTWO.L and DEL2.L?

HTWO.L is categorized as Global Equities, while DEL2.L is Leveraged Equities. HTWO.L tracks L&G Hydrogen Economy UCITS ETF, while DEL2.L tracks LevDAX x2 Index Gross TR EUR. Their fees differ too: 0.49% for HTWO.L and 0.40% for DEL2.L.