PQVG.L vs. XS2D.L

Last updated Jul 16, 2026

PQVG.L (Invesco S&P 500 QVM UCITS ETF) and XS2D.L (Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C) are both exchange-traded funds - PQVG.L is a S&P 500 fund tracking the S&P 500 Quality, Value, and Momentum Multi-Factor Index (Net Total Return), while XS2D.L is a Leveraged Equities fund tracking the S&P 500 2x Leveraged Daily Index. Both are passively managed. Over the past 5 years, PQVG.L returned 14.86%/yr vs 19.19%/yr for XS2D.L. A 0.74 correlation means they provide meaningful diversification when combined. PQVG.L charges 0.35%/yr vs 0.60%/yr for XS2D.L.

Performance

PQVG.L vs. XS2D.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 QVM UCITS ETF (PQVG.L) and Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PQVG.L is traded in GBp, while XS2D.L is traded in USD. To make them comparable, the XS2D.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, PQVG.L achieves a 14.32% return, which is significantly lower than XS2D.L's 17.14% return.

PQVG.L

• 1D: -3.17%
• 1M: -4.70%
• 6M: 12.49%
• YTD: 14.32%
• 1Y: 20.36%
• 3Y*: 20.93%
• 5Y*: 14.86%
• 10Y*: —

XS2D.L

• 1D: -0.59%
• 1M: -1.25%
• 6M: 16.31%
• YTD: 17.14%
• 1Y: 37.73%
• 3Y*: 32.04%
• 5Y*: 19.19%
• 10Y*: 23.29%

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

PQVG.L vs. XS2D.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQVG.L Invesco S&P 500 QVM UCITS ETF	14.32%	5.84%	32.29%	0.98%	12.54%	27.78%	4.44%	21.16%	-1.98%	-10.66%
XS2D.L Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C	17.14%	17.56%	48.20%	41.43%	-31.85%	64.57%	17.41%	56.67%	-10.94%	23.86%

Correlation

The correlation between PQVG.L and XS2D.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since May 18, 2017	0.74

Over the past year, the correlation between PQVG.L and XS2D.L has dropped to 0.43 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

PQVG.L vs. XS2D.L - Sectors Allocation Comparison

Sectors	PQVG.L	XS2D.L
Technology	31.0%	56.8%
Industrials	21.2%	5.9%
Financial Services	13.0%	6.0%
Energy	12.1%	-
Communication Services	5.3%	6.6%
Healthcare	5.2%	5.7%
Consumer Cyclical	5.1%	9.3%
Basic Materials	4.3%	2.2%
Consumer Defensive	2.2%	0.0%
Utilities	0.3%	4.9%
Real Estate	0.2%	2.4%

Return for Risk

PQVG.L vs. XS2D.L — Risk / Return Rank

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

PQVG.L

PQVG.L Risk / Return Rank: 64
PQVG.L Sharpe Ratio Rank: 58
PQVG.L Sortino Ratio Rank: 54
PQVG.L Omega Ratio Rank: 60
PQVG.L Calmar Ratio Rank: 69
PQVG.L Martin Ratio Rank: 80

XS2D.L

XS2D.L Risk / Return Rank: 59
XS2D.L Sharpe Ratio Rank: 59
XS2D.L Sortino Ratio Rank: 61
XS2D.L Omega Ratio Rank: 55
XS2D.L Calmar Ratio Rank: 56
XS2D.L Martin Ratio Rank: 63

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.

PQVG.L vs. XS2D.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 QVM UCITS ETF (PQVG.L) and Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.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.

	PQVG.L	XS2D.L	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.59	0.00
Sortino ratio: Return per unit of downside risk	2.12	2.27	-0.14
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.01
Calmar ratio: Return relative to maximum drawdown	2.81	2.38	+0.43
Martin ratio: Return relative to average drawdown	12.10	8.62	+3.48

PQVG.L vs. XS2D.L - Sharpe Ratio Comparison

The current PQVG.L Sharpe Ratio is 1.59, which is comparable to the XS2D.L Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PQVG.L and XS2D.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

PQVG.L vs. XS2D.L - Drawdown Comparison

The maximum PQVG.L drawdown since its inception was -25.88%, smaller than the maximum XS2D.L drawdown of -54.44%. Use the drawdown chart below to compare losses from any high point for PQVG.L and XS2D.L.

Drawdown Indicators

	PQVG.L	XS2D.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.88%	-54.44%	+28.56%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-15.77%	+8.55%
Max Drawdown (3Y) Largest decline over 3 years	-17.44%	-36.46%	+19.02%
Max Drawdown (5Y) Largest decline over 5 years	-17.44%	-37.20%	+19.76%
Max Drawdown (10Y) Largest decline over 10 years	—	-54.44%	—
Current Drawdown Current decline from peak	-7.22%	-2.41%	-4.81%
Average Drawdown Average peak-to-trough decline	-5.78%	-8.12%	+2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	4.36%	-2.68%

Volatility

PQVG.L vs. XS2D.L - Volatility Comparison

Invesco S&P 500 QVM UCITS ETF (PQVG.L) has a higher volatility of 7.62% compared to Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) at 5.47%. This indicates that PQVG.L's price experiences larger fluctuations and is considered to be riskier than XS2D.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQVG.L	XS2D.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.62%	5.47%	+2.15%
Volatility (6M) Calculated over the trailing 6-month period	10.93%	17.88%	-6.95%
Volatility (1Y) Calculated over the trailing 1-year period	12.79%	23.63%	-10.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.21%	30.26%	-15.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.99%	31.29%	-13.30%

PQVG.L vs. XS2D.L - Expense Ratio Comparison

PQVG.L has a 0.35% expense ratio, which is lower than XS2D.L's 0.60% expense ratio.

Dividends

PQVG.L vs. XS2D.L - Dividend Comparison

PQVG.L's dividend yield for the trailing twelve months is around 0.83%, while XS2D.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQVG.L Invesco S&P 500 QVM UCITS ETF	0.83%	0.83%	0.82%	1.61%	1.77%	0.88%	1.59%	1.41%	1.30%	0.72%
XS2D.L Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PQVG.L and XS2D.L in my portfolio?

PQVG.L and XS2D.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PQVG.L or XS2D.L?

On fees, PQVG.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PQVG.L or XS2D.L?

PQVG.L is cheaper with a 0.35% expense ratio, compared with 0.60% for XS2D.L.

What is the main difference between PQVG.L and XS2D.L?

PQVG.L is categorized as S&P 500, while XS2D.L is Leveraged Equities. PQVG.L tracks S&P 500 Quality, Value, and Momentum Multi-Factor Index (Net Total Return), while XS2D.L tracks S&P 500 2x Leveraged Daily Index. They also come from different issuers: Invesco and Xtrackers. Their fees differ too: 0.35% for PQVG.L and 0.60% for XS2D.L.