XS2D.L vs. DES2.L

Last updated Jul 16, 2026

XS2D.L (Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C) and DES2.L (L&G DAX Daily 2x Short UCITS ETF EUR (Acc)) are both exchange-traded funds - XS2D.L is a Leveraged Equities fund tracking the S&P 500 2x Leveraged Daily 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, XS2D.L returned 23.61%/yr vs -23.24%/yr for DES2.L. At a correlation of -0.69, they often move in opposite directions. Both charge a 0.60% expense ratio.

Performance

XS2D.L vs. DES2.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.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

XS2D.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, XS2D.L achieves a 17.62% return, which is significantly higher than DES2.L's -7.88% return. Over the past 10 years, XS2D.L has outperformed DES2.L with an annualized return of 23.61%, while DES2.L has yielded a comparatively lower -23.24% annualized return.

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%

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)

XS2D.L vs. DES2.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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 XS2D.L and DES2.L is -0.62, 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	-0.62
Correlation (3Y) Calculated over the trailing 3-year period	-0.60
Correlation (5Y) Calculated over the trailing 5-year period	-0.66
Correlation (10Y) Calculated over the trailing 10-year period	-0.66
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010	-0.69

The correlation between XS2D.L and DES2.L has been stable across timeframes, ranging from -0.69 to -0.60 - a consistent structural relationship.

Return for Risk

XS2D.L vs. DES2.L — Risk / Return Rank

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

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

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.

XS2D.L vs. DES2.L - Risk-Adjusted Trends Comparison

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

	XS2D.L	DES2.L	Difference
Sharpe ratio: Return per unit of total volatility	1.61	-0.33	+1.94
Sortino ratio: Return per unit of downside risk	2.34	-0.27	+2.61
Omega ratio: Gain probability vs. loss probability	1.28	0.97	+0.31
Calmar ratio: Return relative to maximum drawdown	2.31	-0.40	+2.71
Martin ratio: Return relative to average drawdown	9.10	-0.88	+9.98

XS2D.L vs. DES2.L - Sharpe Ratio Comparison

The current XS2D.L Sharpe Ratio is 1.61, which is higher than the DES2.L Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of XS2D.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

XS2D.L vs. DES2.L - Drawdown Comparison

The maximum XS2D.L drawdown since its inception was -59.31%, smaller than the maximum DES2.L drawdown of -99.65%. Use the drawdown chart below to compare losses from any high point for XS2D.L and DES2.L.

Drawdown Indicators

	XS2D.L	DES2.L	Difference
Max Drawdown Largest peak-to-trough decline	-59.31%	-99.65%	+40.34%
Max Drawdown (1Y) Largest decline over 1 year	-16.91%	-26.68%	+9.77%
Max Drawdown (3Y) Largest decline over 3 years	-34.83%	-64.39%	+29.56%
Max Drawdown (5Y) Largest decline over 5 years	-46.01%	-76.16%	+30.15%
Max Drawdown (10Y) Largest decline over 10 years	-59.31%	-93.42%	+34.11%
Current Drawdown Current decline from peak	-1.97%	-99.63%	+97.66%
Average Drawdown Average peak-to-trough decline	-8.93%	-88.43%	+79.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	12.13%	-7.83%

Volatility

XS2D.L vs. DES2.L - Volatility Comparison

The current volatility for Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) is 5.61%, while L&G DAX Daily 2x Short UCITS ETF EUR (Acc) (DES2.L) has a volatility of 9.17%. This indicates that XS2D.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

	XS2D.L	DES2.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	9.17%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	18.52%	26.51%	-7.99%
Volatility (1Y) Calculated over the trailing 1-year period	24.27%	32.21%	-7.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.89%	33.30%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.34%	36.16%	-3.82%

XS2D.L vs. DES2.L - Expense Ratio Comparison

Both XS2D.L and DES2.L have an expense ratio of 0.60%.

Dividends

XS2D.L vs. DES2.L - Dividend Comparison

Neither XS2D.L nor DES2.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XS2D.L and DES2.L in my portfolio?

XS2D.L and DES2.L have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XS2D.L or DES2.L?

Both ETFs have the same 0.60% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XS2D.L or DES2.L?

XS2D.L and DES2.L have the same expense ratio: 0.60% per year.

What is the main difference between XS2D.L and DES2.L?

XS2D.L is categorized as Leveraged Equities, while DES2.L is Inverse Equities. XS2D.L tracks S&P 500 2x Leveraged Daily Index, while DES2.L tracks ShortDAX x2 Index Gross TR EUR. They also come from different issuers: Xtrackers and L&G.