LUK2.L vs. LDAP.L

Last updated Jul 18, 2026

LUK2.L (L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc)) and LDAP.L (L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist)) are both exchange-traded funds - LUK2.L is a Leveraged Equities fund tracking the FTSE 100 Daily Leveraged Index, while LDAP.L is a Asia Pacific Equities fund tracking the FTSE Developed Asia Pacific ex Japan All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index. Both are passively managed. Over the past 5 years, LUK2.L returned 17.31%/yr vs 9.98%/yr for LDAP.L. A 0.52 correlation means they provide meaningful diversification when combined. LUK2.L charges 0.50%/yr vs 0.40%/yr for LDAP.L.

Performance

LUK2.L vs. LDAP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc) (LUK2.L) and L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist) (LDAP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

LUK2.L is traded in GBp, while LDAP.L is traded in USD. To make them comparable, the LDAP.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, LUK2.L achieves a 12.85% return, which is significantly lower than LDAP.L's 16.41% return.

LUK2.L

• 1D: 0.67%
• 1M: 1.34%
• 6M: 6.53%
• YTD: 12.85%
• 1Y: 36.06%
• 3Y*: 24.04%
• 5Y*: 17.31%
• 10Y*: 10.51%

LDAP.L

• 1D: -0.15%
• 1M: -2.82%
• 6M: 13.36%
• YTD: 16.41%
• 1Y: 23.45%
• 3Y*: 18.54%
• 5Y*: 9.98%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
LUK2.L L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc)	12.85%	43.73%	9.81%	6.59%	3.75%	16.16%
LDAP.L L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist)	16.41%	25.93%	5.62%	3.68%	1.90%	-98.99%

Correlation

The correlation between LUK2.L and LDAP.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	0.52

The correlation between LUK2.L and LDAP.L shifts across timeframes, from 0.40 (1 year) to 0.53 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

LUK2.L vs. LDAP.L — Risk / Return Rank

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

LUK2.L

LUK2.L Risk / Return Rank: 57
LUK2.L Sharpe Ratio Rank: 65
LUK2.L Sortino Ratio Rank: 61
LUK2.L Omega Ratio Rank: 64
LUK2.L Calmar Ratio Rank: 50
LUK2.L Martin Ratio Rank: 46

LDAP.L

LDAP.L Risk / Return Rank: 56
LDAP.L Sharpe Ratio Rank: 60
LDAP.L Sortino Ratio Rank: 59
LDAP.L Omega Ratio Rank: 56
LDAP.L Calmar Ratio Rank: 58
LDAP.L Martin Ratio Rank: 47

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.

LUK2.L vs. LDAP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc) (LUK2.L) and L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist) (LDAP.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.

	LUK2.L	LDAP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.57	+0.02
Sortino ratio: Return per unit of downside risk	2.18	2.20	-0.02
Omega ratio: Gain probability vs. loss probability	1.29	1.28	0.00
Calmar ratio: Return relative to maximum drawdown	1.94	2.43	-0.49
Martin ratio: Return relative to average drawdown	5.67	6.19	-0.52

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

The current LUK2.L Sharpe Ratio is 1.59, which is comparable to the LDAP.L Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of LUK2.L and LDAP.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

LUK2.L vs. LDAP.L - Drawdown Comparison

The maximum LUK2.L drawdown since its inception was -58.84%, smaller than the maximum LDAP.L drawdown of -99.19%. Use the drawdown chart below to compare losses from any high point for LUK2.L and LDAP.L.

Drawdown Indicators

	LUK2.L	LDAP.L	Difference
Max Drawdown Largest peak-to-trough decline	-58.84%	-99.19%	+40.35%
Max Drawdown (1Y) Largest decline over 1 year	-18.55%	-9.62%	-8.93%
Max Drawdown (3Y) Largest decline over 3 years	-25.42%	-20.15%	-5.27%
Max Drawdown (5Y) Largest decline over 5 years	-25.42%	-26.81%	+1.39%
Max Drawdown (10Y) Largest decline over 10 years	-58.84%	—	—
Current Drawdown Current decline from peak	-6.16%	-98.35%	+92.19%
Average Drawdown Average peak-to-trough decline	-10.67%	-98.64%	+87.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.34%	3.78%	+2.56%

Volatility

LUK2.L vs. LDAP.L - Volatility Comparison

L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc) (LUK2.L) has a higher volatility of 5.83% compared to L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist) (LDAP.L) at 5.20%. This indicates that LUK2.L's price experiences larger fluctuations and is considered to be riskier than LDAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LUK2.L	LDAP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	5.20%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	19.66%	12.51%	+7.15%
Volatility (1Y) Calculated over the trailing 1-year period	22.62%	14.86%	+7.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.60%	26.52%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.65%	50.33%	-20.68%

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

LUK2.L has a 0.50% expense ratio, which is higher than LDAP.L's 0.40% expense ratio.

Dividends

LUK2.L vs. LDAP.L - Dividend Comparison

LUK2.L has not paid dividends to shareholders, while LDAP.L's dividend yield for the trailing twelve months is around 3.86%.

Position	TTM	2025	2024	2023	2022	2021
LDAP.L L&G APAC ex-Japan Quality Dividends Equal Weight UCITS ETF USD (Dist)	3.86%	4.23%	4.86%	5.25%	4.92%	2.23%
LUK2.L L&G FTSE 100 Leveraged (Daily 2x) UCITS ETF GBP (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

LUK2.L and LDAP.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LUK2.L or LDAP.L?

On fees, LDAP.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, LUK2.L or LDAP.L?

LDAP.L is cheaper with a 0.40% expense ratio, compared with 0.50% for LUK2.L.

What is the main difference between LUK2.L and LDAP.L?

LUK2.L is categorized as Leveraged Equities, while LDAP.L is Asia Pacific Equities. LUK2.L tracks FTSE 100 Daily Leveraged Index, while LDAP.L tracks FTSE Developed Asia Pacific ex Japan All Cap ex CW ex TC ex REITS Dividend Growth with Quality Net Tax Index. Their fees differ too: 0.50% for LUK2.L and 0.40% for LDAP.L.