ISPY.L vs. LUK2.L

Last updated Jul 16, 2026

ISPY.L (L&G Cyber Security UCITS ETF) and LUK2.L (L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF) are both exchange-traded funds - ISPY.L is a Cybersecurity fund tracking the ISE Cyber Security UCITS Index, while LUK2.L is a Technology Equities fund tracking the L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF. Both are passively managed. Over the past 10 years, ISPY.L returned 17.12%/yr vs 10.28%/yr for LUK2.L. At a 0.43 correlation, their price movements are largely independent. ISPY.L charges 0.69%/yr vs 0.50%/yr for LUK2.L.

Performance

ISPY.L vs. LUK2.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 FTSE 100 Leveraged (Daily 2x) UCITS ETF (LUK2.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 47.11% return, which is significantly higher than LUK2.L's 10.52% return. Over the past 10 years, ISPY.L has outperformed LUK2.L with an annualized return of 17.12%, while LUK2.L has yielded a comparatively lower 10.28% annualized return.

ISPY.L

• 1D: -2.96%
• 1M: 11.14%
• 6M: 50.18%
• YTD: 47.11%
• 1Y: 44.59%
• 3Y*: 28.79%
• 5Y*: 13.16%
• 10Y*: 17.12%

LUK2.L

• 1D: -0.45%
• 1M: 0.70%
• 6M: 5.28%
• YTD: 10.52%
• 1Y: 34.49%
• 3Y*: 23.66%
• 5Y*: 16.82%
• 10Y*: 10.28%

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

ISPY.L vs. LUK2.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISPY.L L&G Cyber Security UCITS ETF	47.11%	0.28%	19.68%	34.35%	-24.57%	9.18%	37.24%	25.65%	14.46%	13.11%
LUK2.L L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF	10.52%	43.73%	9.81%	6.59%	3.75%	34.76%	-30.43%	32.52%	-20.70%	22.28%

Correlation

The correlation between ISPY.L and LUK2.L is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.30
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	0.43

Over the past year, the correlation between ISPY.L and LUK2.L has dropped to 0.10 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

Return for Risk

ISPY.L vs. LUK2.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: 53
ISPY.L Sharpe Ratio Rank: 58
ISPY.L Sortino Ratio Rank: 55
ISPY.L Omega Ratio Rank: 60
ISPY.L Calmar Ratio Rank: 53
ISPY.L Martin Ratio Rank: 41

LUK2.L

LUK2.L Risk / Return Rank: 49
LUK2.L Sharpe Ratio Rank: 54
LUK2.L Sortino Ratio Rank: 52
LUK2.L Omega Ratio Rank: 54
LUK2.L Calmar Ratio Rank: 44
LUK2.L Martin Ratio Rank: 41

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. LUK2.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 FTSE 100 Leveraged (Daily 2x) UCITS ETF (LUK2.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	LUK2.L	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.51	+0.08
Sortino ratio: Return per unit of downside risk	2.17	2.09	+0.08
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	2.18	1.84	+0.34
Martin ratio: Return relative to average drawdown	5.43	5.39	+0.04

ISPY.L vs. LUK2.L - Sharpe Ratio Comparison

The current ISPY.L Sharpe Ratio is 1.59, which is comparable to the LUK2.L Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of ISPY.L and LUK2.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. LUK2.L - Drawdown Comparison

The maximum ISPY.L drawdown since its inception was -50.17%, smaller than the maximum LUK2.L drawdown of -58.84%. Use the drawdown chart below to compare losses from any high point for ISPY.L and LUK2.L.

Drawdown Indicators

	ISPY.L	LUK2.L	Difference
Max Drawdown Largest peak-to-trough decline	-50.17%	-58.84%	+8.67%
Max Drawdown (1Y) Largest decline over 1 year	-20.33%	-18.55%	-1.78%
Max Drawdown (3Y) Largest decline over 3 years	-28.19%	-25.42%	-2.77%
Max Drawdown (5Y) Largest decline over 5 years	-31.77%	-25.42%	-6.35%
Max Drawdown (10Y) Largest decline over 10 years	-31.77%	-58.84%	+27.07%
Current Drawdown Current decline from peak	-2.96%	-8.09%	+5.13%
Average Drawdown Average peak-to-trough decline	-12.86%	-10.68%	-2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.19%	6.34%	+1.85%

Volatility

ISPY.L vs. LUK2.L - Volatility Comparison

L&G Cyber Security UCITS ETF (ISPY.L) has a higher volatility of 10.58% compared to L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF (LUK2.L) at 6.11%. This indicates that ISPY.L's price experiences larger fluctuations and is considered to be riskier than LUK2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY.L	LUK2.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.58%	6.11%	+4.47%
Volatility (6M) Calculated over the trailing 6-month period	24.94%	19.64%	+5.30%
Volatility (1Y) Calculated over the trailing 1-year period	27.86%	22.61%	+5.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.58%	25.61%	+1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.47%	29.65%	-5.18%

ISPY.L vs. LUK2.L - Expense Ratio Comparison

ISPY.L has a 0.69% expense ratio, which is higher than LUK2.L's 0.50% expense ratio.

Dividends

ISPY.L vs. LUK2.L - Dividend Comparison

Neither ISPY.L nor LUK2.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ISPY.L and LUK2.L in my portfolio?

ISPY.L and LUK2.L have a correlation of 0.10, 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 LUK2.L?

On fees, LUK2.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 LUK2.L?

LUK2.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 LUK2.L?

ISPY.L is categorized as Cybersecurity, while LUK2.L is Technology Equities. ISPY.L tracks ISE Cyber Security UCITS Index, while LUK2.L tracks L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF. Their fees differ too: 0.69% for ISPY.L and 0.50% for LUK2.L.