USPY.L vs. DEL2.L

Last updated Jul 16, 2026

USPY.L (L&G Cyber Security UCITS ETF) and DEL2.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) are both exchange-traded funds - USPY.L is a Technology Equities fund tracking the L&G Cyber Security UCITS ETF, while DEL2.L is a Leveraged Equities fund tracking the LevDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 10 years, USPY.L returned 17.27%/yr vs 13.20%/yr for DEL2.L. A 0.55 correlation means they provide meaningful diversification when combined. USPY.L charges 0.69%/yr vs 0.40%/yr for DEL2.L.

Performance

USPY.L vs. DEL2.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G Cyber Security UCITS ETF (USPY.L) and L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USPY.L is traded in USD, while DEL2.L is traded in EUR. To make them comparable, the DEL2.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, USPY.L achieves a 47.19% return, which is significantly higher than DEL2.L's -2.76% return. Over the past 10 years, USPY.L has outperformed DEL2.L with an annualized return of 17.27%, while DEL2.L has yielded a comparatively lower 13.20% annualized return.

USPY.L

• 1D: -0.15%
• 1M: 11.40%
• 6M: 50.30%
• YTD: 47.19%
• 1Y: 45.45%
• 3Y*: 29.54%
• 5Y*: 12.61%
• 10Y*: 17.27%

DEL2.L

• 1D: 0.00%
• 1M: -0.78%
• 6M: -8.13%
• YTD: -2.76%
• 1Y: -1.54%
• 3Y*: 24.53%
• 5Y*: 11.75%
• 10Y*: 13.20%

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

USPY.L vs. DEL2.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USPY.L L&G Cyber Security UCITS ETF	47.19%	7.58%	17.82%	42.25%	-32.63%	7.68%	42.21%	29.64%	8.27%	24.08%
DEL2.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc)	-2.76%	55.69%	23.51%	38.94%	-32.05%	21.17%	4.49%	43.28%	-38.64%	45.85%

Correlation

The correlation between USPY.L and DEL2.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Sep 23, 2015	0.55

The correlation between USPY.L and DEL2.L shifts across timeframes, from 0.38 (1 year) to 0.55 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

USPY.L vs. DEL2.L — Risk / Return Rank

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

USPY.L

USPY.L Risk / Return Rank: 59
USPY.L Sharpe Ratio Rank: 61
USPY.L Sortino Ratio Rank: 59
USPY.L Omega Ratio Rank: 62
USPY.L Calmar Ratio Rank: 64
USPY.L Martin Ratio Rank: 49

DEL2.L

DEL2.L Risk / Return Rank: 9
DEL2.L Sharpe Ratio Rank: 9
DEL2.L Sortino Ratio Rank: 10
DEL2.L Omega Ratio Rank: 9
DEL2.L Calmar Ratio Rank: 9
DEL2.L Martin Ratio Rank: 9

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.

USPY.L vs. DEL2.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Cyber Security UCITS ETF (USPY.L) and L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.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.

	USPY.L	DEL2.L	Difference
Sharpe ratio: Return per unit of total volatility	1.65	-0.05	+1.70
Sortino ratio: Return per unit of downside risk	2.27	0.16	+2.10
Omega ratio: Gain probability vs. loss probability	1.30	1.02	+0.28
Calmar ratio: Return relative to maximum drawdown	2.57	-0.07	+2.64
Martin ratio: Return relative to average drawdown	6.67	-0.21	+6.88

USPY.L vs. DEL2.L - Sharpe Ratio Comparison

The current USPY.L Sharpe Ratio is 1.65, which is higher than the DEL2.L Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of USPY.L and DEL2.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

USPY.L vs. DEL2.L - Drawdown Comparison

The maximum USPY.L drawdown since its inception was -39.35%, smaller than the maximum DEL2.L drawdown of -68.93%. Use the drawdown chart below to compare losses from any high point for USPY.L and DEL2.L.

Drawdown Indicators

	USPY.L	DEL2.L	Difference
Max Drawdown Largest peak-to-trough decline	-39.35%	-68.93%	+29.58%
Max Drawdown (1Y) Largest decline over 1 year	-18.08%	-27.05%	+8.97%
Max Drawdown (3Y) Largest decline over 3 years	-27.03%	-29.73%	+2.70%
Max Drawdown (5Y) Largest decline over 5 years	-39.35%	-56.47%	+17.12%
Max Drawdown (10Y) Largest decline over 10 years	-39.35%	-68.93%	+29.58%
Current Drawdown Current decline from peak	-2.42%	-8.94%	+6.52%
Average Drawdown Average peak-to-trough decline	-9.82%	-18.99%	+9.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.98%	8.86%	-1.88%

Volatility

USPY.L vs. DEL2.L - Volatility Comparison

L&G Cyber Security UCITS ETF (USPY.L) has a higher volatility of 11.34% compared to L&G DAX Daily 2x Long UCITS ETF EUR (Acc) (DEL2.L) at 9.63%. This indicates that USPY.L's price experiences larger fluctuations and is considered to be riskier than DEL2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USPY.L	DEL2.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.34%	9.63%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	25.24%	28.89%	-3.65%
Volatility (1Y) Calculated over the trailing 1-year period	28.22%	33.93%	-5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.09%	36.96%	-10.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.56%	37.64%	-14.08%

USPY.L vs. DEL2.L - Expense Ratio Comparison

USPY.L has a 0.69% expense ratio, which is higher than DEL2.L's 0.40% expense ratio.

Dividends

USPY.L vs. DEL2.L - Dividend Comparison

Neither USPY.L nor DEL2.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both USPY.L and DEL2.L in my portfolio?

USPY.L and DEL2.L have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USPY.L or DEL2.L?

On fees, DEL2.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, USPY.L or DEL2.L?

DEL2.L is cheaper with a 0.40% expense ratio, compared with 0.69% for USPY.L.

What is the main difference between USPY.L and DEL2.L?

USPY.L is categorized as Technology Equities, while DEL2.L is Leveraged Equities. USPY.L tracks L&G Cyber Security UCITS ETF, while DEL2.L tracks LevDAX x2 Index Gross TR EUR. Their fees differ too: 0.69% for USPY.L and 0.40% for DEL2.L.