RTWO.L vs. DES2.L

Last updated Jul 16, 2026

RTWO.L (L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc) and DES2.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) are both exchange-traded funds - RTWO.L is a Small Cap Blend Equities fund tracking the Russell 2000 0.4 Quality Target Exposure Factor Index, while DES2.L is a Inverse Equities fund tracking the ShortDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 10 years, RTWO.L returned 11.21%/yr vs -23.24%/yr for DES2.L. At a correlation of -0.60, they often move in opposite directions. RTWO.L charges 0.30%/yr vs 0.60%/yr for DES2.L.

Performance

RTWO.L vs. DES2.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc (RTWO.L) and L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DES2.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

RTWO.L is traded in USD, while DES2.L is traded in EUR. To make them comparable, the DES2.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, RTWO.L achieves a 20.10% return, which is significantly higher than DES2.L's -7.88% return. Over the past 10 years, RTWO.L has outperformed DES2.L with an annualized return of 11.21%, while DES2.L has yielded a comparatively lower -23.24% annualized return.

RTWO.L

• 1D: 0.57%
• 1M: 1.17%
• 6M: 14.38%
• YTD: 20.10%
• 1Y: 33.31%
• 3Y*: 16.35%
• 5Y*: 8.50%
• 10Y*: 11.21%

DES2.L

• 1D: 1.39%
• 1M: -1.94%
• 6M: -2.03%
• YTD: -7.88%
• 1Y: -10.70%
• 3Y*: -24.00%
• 5Y*: -20.76%
• 10Y*: -23.24%

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

RTWO.L vs. DES2.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RTWO.L L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc	20.10%	11.33%	9.23%	20.05%	-18.68%	19.21%	19.82%	24.50%	-12.20%	13.96%
DES2.L L&G DAX Daily 2x Short UCITS ETF EUR (Acc)	-7.88%	-27.59%	-29.84%	-26.03%	1.35%	-36.20%	-29.51%	-40.18%	29.74%	-18.31%

Correlation

The correlation between RTWO.L and DES2.L is -0.59, 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	-0.59
Correlation (3Y) Calculated over the trailing 3-year period	-0.56
Correlation (5Y) Calculated over the trailing 5-year period	-0.62
Correlation (10Y) Calculated over the trailing 10-year period	-0.61
Correlation (All Time) Calculated using the full available price history since Jun 18, 2009	-0.60

The correlation between RTWO.L and DES2.L has been stable across timeframes, ranging from -0.62 to -0.56 - a consistent structural relationship.

Return for Risk

RTWO.L vs. DES2.L — Risk / Return Rank

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

RTWO.L

RTWO.L Risk / Return Rank: 78
RTWO.L Sharpe Ratio Rank: 75
RTWO.L Sortino Ratio Rank: 80
RTWO.L Omega Ratio Rank: 69
RTWO.L Calmar Ratio Rank: 84
RTWO.L Martin Ratio Rank: 79

DES2.L

DES2.L Risk / Return Rank: 6
DES2.L Sharpe Ratio Rank: 6
DES2.L Sortino Ratio Rank: 7
DES2.L Omega Ratio Rank: 7
DES2.L Calmar Ratio Rank: 6
DES2.L Martin Ratio Rank: 5

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.

RTWO.L vs. DES2.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc (RTWO.L) and L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DES2.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.

	RTWO.L	DES2.L	Difference
Sharpe ratio: Return per unit of total volatility	1.92	-0.33	+2.26
Sortino ratio: Return per unit of downside risk	2.87	-0.27	+3.14
Omega ratio: Gain probability vs. loss probability	1.33	0.97	+0.36
Calmar ratio: Return relative to maximum drawdown	3.65	-0.40	+4.05
Martin ratio: Return relative to average drawdown	12.05	-0.88	+12.93

RTWO.L vs. DES2.L - Sharpe Ratio Comparison

The current RTWO.L Sharpe Ratio is 1.92, which is higher than the DES2.L Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of RTWO.L and DES2.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

RTWO.L vs. DES2.L - Drawdown Comparison

The maximum RTWO.L drawdown since its inception was -53.86%, smaller than the maximum DES2.L drawdown of -99.65%. Use the drawdown chart below to compare losses from any high point for RTWO.L and DES2.L.

Drawdown Indicators

	RTWO.L	DES2.L	Difference
Max Drawdown Largest peak-to-trough decline	-53.86%	-99.65%	+45.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.08%	-26.68%	+17.60%
Max Drawdown (3Y) Largest decline over 3 years	-26.96%	-64.39%	+37.43%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-76.16%	+46.45%
Max Drawdown (10Y) Largest decline over 10 years	-42.01%	-93.42%	+51.41%
Current Drawdown Current decline from peak	-1.25%	-99.63%	+98.38%
Average Drawdown Average peak-to-trough decline	-9.95%	-88.43%	+78.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	12.13%	-9.37%

Volatility

RTWO.L vs. DES2.L - Volatility Comparison

The current volatility for L&G Russell 2000 US Small Cap Quality UCITS ETF USD Acc (RTWO.L) is 4.39%, while L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DES2.L) has a volatility of 9.17%. This indicates that RTWO.L experiences smaller price fluctuations and is considered to be less risky than DES2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RTWO.L	DES2.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	9.17%	-4.78%
Volatility (6M) Calculated over the trailing 6-month period	12.94%	26.51%	-13.57%
Volatility (1Y) Calculated over the trailing 1-year period	17.25%	32.21%	-14.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.05%	33.30%	-12.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.37%	36.16%	-14.79%

RTWO.L vs. DES2.L - Expense Ratio Comparison

RTWO.L has a 0.30% expense ratio, which is lower than DES2.L's 0.60% expense ratio.

Dividends

RTWO.L vs. DES2.L - Dividend Comparison

Neither RTWO.L nor DES2.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both RTWO.L and DES2.L in my portfolio?

RTWO.L and DES2.L have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RTWO.L or DES2.L?

On fees, RTWO.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RTWO.L or DES2.L?

RTWO.L is cheaper with a 0.30% expense ratio, compared with 0.60% for DES2.L.

What is the main difference between RTWO.L and DES2.L?

RTWO.L is categorized as Small Cap Blend Equities, while DES2.L is Inverse Equities. RTWO.L tracks Russell 2000 0.4 Quality Target Exposure Factor Index, while DES2.L tracks ShortDAX x2 Index Gross TR EUR. Their fees differ too: 0.30% for RTWO.L and 0.60% for DES2.L.