ISPY.L vs. DS2P.L

Last updated Jul 18, 2026

ISPY.L (L&G Cyber Security UCITS ETF) and DS2P.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) are both exchange-traded funds - ISPY.L is a Cybersecurity fund tracking the ISE Cyber Security UCITS Index, while DS2P.L is a Leveraged Equities fund tracking the ShortDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 10 years, ISPY.L returned 16.73%/yr vs -23.39%/yr for DS2P.L. At a correlation of -0.42, they often move in opposite directions. ISPY.L charges 0.69%/yr vs 0.50%/yr for DS2P.L.

Performance

ISPY.L vs. DS2P.L - Performance Comparison

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

Returns By Period

In the year-to-date period, ISPY.L achieves a 43.67% return, which is significantly higher than DS2P.L's -11.00% return. Over the past 10 years, ISPY.L has outperformed DS2P.L with an annualized return of 16.73%, while DS2P.L has yielded a comparatively lower -23.39% annualized return.

ISPY.L

• 1D: -1.05%
• 1M: 9.88%
• 6M: 45.94%
• YTD: 43.67%
• 1Y: 40.14%
• 3Y*: 26.90%
• 5Y*: 12.62%
• 10Y*: 16.73%

DS2P.L

• 1D: 0.56%
• 1M: -1.79%
• 6M: -1.11%
• YTD: -11.00%
• 1Y: -7.47%
• 3Y*: -24.32%
• 5Y*: -20.16%
• 10Y*: -23.39%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISPY.L L&G Cyber Security UCITS ETF	43.67%	0.28%	19.68%	34.35%	-24.57%	9.18%	37.24%	25.65%	14.46%	13.11%
DS2P.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc)	-11.00%	-29.68%	-28.35%	-29.73%	13.75%	-35.96%	-31.61%	-42.13%	34.26%	-24.13%

Correlation

The correlation between ISPY.L and DS2P.L is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.28
Correlation (3Y) Calculated over the trailing 3-year period	-0.39
Correlation (5Y) Calculated over the trailing 5-year period	-0.43
Correlation (10Y) Calculated over the trailing 10-year period	-0.42
Correlation (All Time) Calculated using the full available price history since Sep 23, 2015	-0.42

The correlation between ISPY.L and DS2P.L shifts across timeframes, from -0.43 (5 years) to -0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

ISPY.L

ISPY.L Risk / Return Rank: 51
ISPY.L Sharpe Ratio Rank: 55
ISPY.L Sortino Ratio Rank: 53
ISPY.L Omega Ratio Rank: 58
ISPY.L Calmar Ratio Rank: 50
ISPY.L Martin Ratio Rank: 40

DS2P.L

DS2P.L Risk / Return Rank: 8
DS2P.L Sharpe Ratio Rank: 8
DS2P.L Sortino Ratio Rank: 8
DS2P.L Omega Ratio Rank: 8
DS2P.L Calmar Ratio Rank: 7
DS2P.L Martin Ratio Rank: 7

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.

ISPY.L vs. DS2P.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Cyber Security UCITS ETF (ISPY.L) and L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.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.

	ISPY.L	DS2P.L	Difference
Sharpe ratio: Return per unit of total volatility	1.44	-0.22	+1.66
Sortino ratio: Return per unit of downside risk	2.00	-0.08	+2.09
Omega ratio: Gain probability vs. loss probability	1.27	0.99	+0.28
Calmar ratio: Return relative to maximum drawdown	1.97	-0.27	+2.24
Martin ratio: Return relative to average drawdown	4.88	-0.58	+5.46

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

The current ISPY.L Sharpe Ratio is 1.44, which is higher than the DS2P.L Sharpe Ratio of -0.22. The chart below compares the historical Sharpe Ratios of ISPY.L and DS2P.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

ISPY.L vs. DS2P.L - Drawdown Comparison

The maximum ISPY.L drawdown since its inception was -50.17%, smaller than the maximum DS2P.L drawdown of -99.62%. Use the drawdown chart below to compare losses from any high point for ISPY.L and DS2P.L.

Drawdown Indicators

	ISPY.L	DS2P.L	Difference
Max Drawdown Largest peak-to-trough decline	-50.17%	-99.62%	+49.45%
Max Drawdown (1Y) Largest decline over 1 year	-20.33%	-27.26%	+6.93%
Max Drawdown (3Y) Largest decline over 3 years	-28.19%	-67.63%	+39.44%
Max Drawdown (5Y) Largest decline over 5 years	-31.77%	-78.85%	+47.08%
Max Drawdown (10Y) Largest decline over 10 years	-31.77%	-93.76%	+61.99%
Current Drawdown Current decline from peak	-5.22%	-99.59%	+94.37%
Average Drawdown Average peak-to-trough decline	-12.85%	-89.22%	+76.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.20%	12.82%	-4.62%

Volatility

ISPY.L vs. DS2P.L - Volatility Comparison

L&G Cyber Security UCITS ETF (ISPY.L) has a higher volatility of 10.69% compared to L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.L) at 9.45%. This indicates that ISPY.L's price experiences larger fluctuations and is considered to be riskier than DS2P.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY.L	DS2P.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.69%	9.45%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	24.97%	28.11%	-3.14%
Volatility (1Y) Calculated over the trailing 1-year period	27.87%	34.11%	-6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.58%	36.73%	-9.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.47%	38.73%	-14.26%

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

ISPY.L has a 0.69% expense ratio, which is higher than DS2P.L's 0.50% expense ratio.

Dividends

ISPY.L vs. DS2P.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

ISPY.L and DS2P.L have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

DS2P.L is cheaper with a 0.50% expense ratio, compared with 0.69% for ISPY.L.

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

ISPY.L is categorized as Cybersecurity, while DS2P.L is Leveraged Equities. ISPY.L tracks ISE Cyber Security UCITS Index, while DS2P.L tracks ShortDAX x2 Index Gross TR EUR. Their fees differ too: 0.69% for ISPY.L and 0.50% for DS2P.L.