SPY5.L vs. XS2D.L

Last updated Jul 16, 2026

SPY5.L (State Street SPDR S&P 500 UCITS ETF (Dist)) and XS2D.L (Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C) are both exchange-traded funds - SPY5.L is a S&P 500 fund tracking the S&P 500 Index, while XS2D.L is a Leveraged Equities fund tracking the S&P 500 2x Leveraged Daily Index. Both are passively managed. Over the past 10 years, SPY5.L returned 14.69%/yr vs 23.61%/yr for XS2D.L. With a 0.99 correlation, they move nearly in lockstep. SPY5.L charges 0.03%/yr vs 0.60%/yr for XS2D.L.

Performance

SPY5.L vs. XS2D.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 UCITS ETF (Dist) (SPY5.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.

Returns By Period

In the year-to-date period, SPY5.L achieves a 10.25% return, which is significantly lower than XS2D.L's 17.62% return. Over the past 10 years, SPY5.L has underperformed XS2D.L with an annualized return of 14.69%, while XS2D.L has yielded a comparatively higher 23.61% annualized return.

SPY5.L

• 1D: 0.21%
• 1M: 0.08%
• 6M: 9.84%
• YTD: 10.25%
• 1Y: 21.81%
• 3Y*: 20.01%
• 5Y*: 13.00%
• 10Y*: 14.69%

XS2D.L

• 1D: 0.45%
• 1M: -0.38%
• 6M: 17.03%
• YTD: 17.62%
• 1Y: 39.21%
• 3Y*: 33.50%
• 5Y*: 18.77%
• 10Y*: 23.61%

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

SPY5.L vs. XS2D.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY5.L State Street SPDR S&P 500 UCITS ETF (Dist)	10.25%	17.43%	25.36%	26.64%	-18.68%	29.28%	17.52%	30.43%	-6.64%	21.12%
XS2D.L Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C	17.62%	26.58%	45.65%	48.87%	-39.09%	63.03%	20.96%	62.86%	-15.93%	43.49%

Correlation

The correlation between SPY5.L and XS2D.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Mar 19, 2012	0.99

The correlation between SPY5.L and XS2D.L has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

SPY5.L vs. XS2D.L - Sectors Allocation Comparison

Sectors	SPY5.L	XS2D.L
Technology	39.1%	56.8%
Financial Services	11.1%	6.0%
Communication Services	10.8%	6.6%
Consumer Cyclical	9.9%	9.3%
Healthcare	8.4%	5.7%
Industrials	7.8%	5.9%
Consumer Defensive	4.5%	0.0%
Energy	3.2%	-
Utilities	2.1%	4.9%
Real Estate	1.8%	2.4%
Basic Materials	1.3%	2.2%

Return for Risk

SPY5.L vs. XS2D.L — Risk / Return Rank

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

SPY5.L

SPY5.L Risk / Return Rank: 71
SPY5.L Sharpe Ratio Rank: 70
SPY5.L Sortino Ratio Rank: 76
SPY5.L Omega Ratio Rank: 69
SPY5.L Calmar Ratio Rank: 66
SPY5.L Martin Ratio Rank: 73

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.

SPY5.L vs. XS2D.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 UCITS ETF (Dist) (SPY5.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.

	SPY5.L	XS2D.L	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.61	+0.20
Sortino ratio: Return per unit of downside risk	2.72	2.34	+0.38
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	2.65	2.31	+0.35
Martin ratio: Return relative to average drawdown	10.77	9.10	+1.68

SPY5.L vs. XS2D.L - Sharpe Ratio Comparison

The current SPY5.L Sharpe Ratio is 1.81, which is comparable to the XS2D.L Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SPY5.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

SPY5.L vs. XS2D.L - Drawdown Comparison

The maximum SPY5.L drawdown since its inception was -33.89%, smaller than the maximum XS2D.L drawdown of -59.31%. Use the drawdown chart below to compare losses from any high point for SPY5.L and XS2D.L.

Drawdown Indicators

	SPY5.L	XS2D.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.89%	-59.31%	+25.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-16.91%	+8.73%
Max Drawdown (3Y) Largest decline over 3 years	-18.36%	-34.83%	+16.47%
Max Drawdown (5Y) Largest decline over 5 years	-24.37%	-46.01%	+21.64%
Max Drawdown (10Y) Largest decline over 10 years	-33.89%	-59.31%	+25.42%
Current Drawdown Current decline from peak	-0.61%	-1.97%	+1.36%
Average Drawdown Average peak-to-trough decline	-3.70%	-8.93%	+5.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	4.30%	-2.28%

Volatility

SPY5.L vs. XS2D.L - Volatility Comparison

The current volatility for State Street SPDR S&P 500 UCITS ETF (Dist) (SPY5.L) is 2.85%, while Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) has a volatility of 5.61%. This indicates that SPY5.L experiences smaller price fluctuations and is considered to be less risky than XS2D.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY5.L	XS2D.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	5.61%	-2.76%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	18.52%	-9.26%
Volatility (1Y) Calculated over the trailing 1-year period	12.03%	24.27%	-12.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	31.89%	-15.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.20%	32.34%	-16.14%

SPY5.L vs. XS2D.L - Expense Ratio Comparison

SPY5.L has a 0.03% expense ratio, which is lower than XS2D.L's 0.60% expense ratio.

Dividends

SPY5.L vs. XS2D.L - Dividend Comparison

SPY5.L's dividend yield for the trailing twelve months is around 0.91%, while XS2D.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY5.L State Street SPDR S&P 500 UCITS ETF (Dist)	0.91%	0.97%	1.06%	1.19%	1.40%	0.99%	1.28%	1.44%	0.40%	1.14%	1.64%	1.73%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPY5.L and XS2D.L in my portfolio?

With a correlation of 0.99, SPY5.L and XS2D.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SPY5.L or XS2D.L?

On fees, SPY5.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPY5.L or XS2D.L?

SPY5.L is cheaper with a 0.03% expense ratio, compared with 0.60% for XS2D.L.

What is the main difference between SPY5.L and XS2D.L?

SPY5.L is categorized as S&P 500, while XS2D.L is Leveraged Equities. SPY5.L tracks S&P 500 Index, while XS2D.L tracks S&P 500 2x Leveraged Daily Index. They also come from different issuers: State Street and Xtrackers. Their fees differ too: 0.03% for SPY5.L and 0.60% for XS2D.L.