LDEU.L vs. DS2P.L

Last updated Jul 18, 2026

LDEU.L (L&G Europe ex-UK Quality Dividends Equal Weight UCITS ETF EUR (Dist)) and DS2P.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) are both exchange-traded funds - LDEU.L is a Europe Equities fund tracking the FTSE Developed Europe ex UK All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index, while DS2P.L is a Leveraged Equities fund tracking the ShortDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 5 years, LDEU.L returned 17.14%/yr vs -20.02%/yr for DS2P.L. At a correlation of -0.85, they often move in opposite directions. LDEU.L charges 0.25%/yr vs 0.50%/yr for DS2P.L.

Performance

LDEU.L vs. DS2P.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in L&G Europe ex-UK Quality Dividends Equal Weight UCITS ETF EUR (Dist) (LDEU.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.

Different Trading Currencies

LDEU.L is traded in EUR, while DS2P.L is traded in GBp. To make them comparable, the DS2P.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, LDEU.L achieves a 15.44% return, which is significantly higher than DS2P.L's -8.66% return.

LDEU.L

• 1D: 0.17%
• 1M: 0.73%
• 6M: 12.07%
• YTD: 15.44%
• 1Y: 29.48%
• 3Y*: 25.10%
• 5Y*: 17.14%
• 10Y*: —

DS2P.L

• 1D: 0.38%
• 1M: -0.06%
• 6M: 0.82%
• YTD: -8.66%
• 1Y: -5.97%
• 3Y*: -24.00%
• 5Y*: -20.02%
• 10Y*: -23.48%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
LDEU.L L&G Europe ex-UK Quality Dividends Equal Weight UCITS ETF EUR (Dist)	15.44%	37.56%	14.64%	16.76%	-3.16%	9.14%
DS2P.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc)	-8.66%	-33.35%	-24.89%	-28.24%	7.88%	-12.91%

Correlation

The correlation between LDEU.L and DS2P.L is -0.76, 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	-0.76
Correlation (3Y) Calculated over the trailing 3-year period	-0.81
Correlation (5Y) Calculated over the trailing 5-year period	-0.85
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	-0.85

The correlation between LDEU.L and DS2P.L has been stable across timeframes, ranging from -0.85 to -0.76 - a consistent structural relationship.

Return for Risk

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

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

LDEU.L

LDEU.L Risk / Return Rank: 91
LDEU.L Sharpe Ratio Rank: 93
LDEU.L Sortino Ratio Rank: 91
LDEU.L Omega Ratio Rank: 91
LDEU.L Calmar Ratio Rank: 91
LDEU.L Martin Ratio Rank: 90

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.

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

This table presents a comparison of risk-adjusted performance metrics for L&G Europe ex-UK Quality Dividends Equal Weight UCITS ETF EUR (Dist) (LDEU.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.

	LDEU.L	DS2P.L	Difference
Sharpe ratio: Return per unit of total volatility	2.52	-0.18	+2.70
Sortino ratio: Return per unit of downside risk	3.40	-0.03	+3.43
Omega ratio: Gain probability vs. loss probability	1.45	1.00	+0.46
Calmar ratio: Return relative to maximum drawdown	4.32	-0.23	+4.54
Martin ratio: Return relative to average drawdown	15.09	-0.48	+15.58

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

The current LDEU.L Sharpe Ratio is 2.52, which is higher than the DS2P.L Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of LDEU.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

LDEU.L vs. DS2P.L - Drawdown Comparison

The maximum LDEU.L drawdown since its inception was -20.16%, smaller than the maximum DS2P.L drawdown of -99.63%. Use the drawdown chart below to compare losses from any high point for LDEU.L and DS2P.L.

Drawdown Indicators

	LDEU.L	DS2P.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.16%	-99.63%	+79.47%
Max Drawdown (1Y) Largest decline over 1 year	-6.80%	-26.10%	+19.30%
Max Drawdown (3Y) Largest decline over 3 years	-14.78%	-66.97%	+52.19%
Max Drawdown (5Y) Largest decline over 5 years	-20.16%	-78.15%	+57.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-93.47%	—
Current Drawdown Current decline from peak	0.00%	-99.59%	+99.59%
Average Drawdown Average peak-to-trough decline	-3.03%	-89.26%	+86.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	12.38%	-10.43%

Volatility

LDEU.L vs. DS2P.L - Volatility Comparison

The current volatility for L&G Europe ex-UK Quality Dividends Equal Weight UCITS ETF EUR (Dist) (LDEU.L) is 2.73%, while L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DS2P.L) has a volatility of 9.34%. This indicates that LDEU.L experiences smaller price fluctuations and is considered to be less risky than DS2P.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LDEU.L	DS2P.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	9.34%	-6.61%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	27.80%	-18.44%
Volatility (1Y) Calculated over the trailing 1-year period	11.64%	33.31%	-21.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	35.71%	-21.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.24%	37.23%	-22.99%

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

LDEU.L has a 0.25% expense ratio, which is lower than DS2P.L's 0.50% expense ratio.

Dividends

LDEU.L vs. DS2P.L - Dividend Comparison

LDEU.L's dividend yield for the trailing twelve months is around 3.50%, while DS2P.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
DS2P.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LDEU.L L&G Europe ex-UK Quality Dividends Equal Weight UCITS ETF EUR (Dist)	3.50%	3.47%	4.36%	4.44%	4.17%	2.93%

Frequently Asked Questions

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

LDEU.L and DS2P.L have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, LDEU.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LDEU.L or DS2P.L?

LDEU.L is cheaper with a 0.25% expense ratio, compared with 0.50% for DS2P.L.

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

LDEU.L is categorized as Europe Equities, while DS2P.L is Leveraged Equities. LDEU.L tracks FTSE Developed Europe ex UK All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index, while DS2P.L tracks ShortDAX x2 Index Gross TR EUR. Their fees differ too: 0.25% for LDEU.L and 0.50% for DS2P.L.