XS2D.L vs. DL2P.L

Last updated Jul 16, 2026

XS2D.L (Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C) and DL2P.L (L&G DAX Daily 2x Long UCITS ETF EUR (Acc)) are both Leveraged Equities funds - XS2D.L tracks the S&P 500 2x Leveraged Daily Index while DL2P.L tracks the LevDAX x2 Index Gross TR EUR. Both are passively managed. Over the past 10 years, XS2D.L returned 23.61%/yr vs 13.24%/yr for DL2P.L. A 0.74 correlation means they provide meaningful diversification when combined. XS2D.L charges 0.60%/yr vs 0.40%/yr for DL2P.L.

Performance

XS2D.L vs. DL2P.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 Long UCITS ETF EUR (Acc) (DL2P.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XS2D.L is traded in USD, while DL2P.L is traded in GBp. To make them comparable, the DL2P.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 DL2P.L's -2.75% return. Over the past 10 years, XS2D.L has outperformed DL2P.L with an annualized return of 23.61%, while DL2P.L has yielded a comparatively lower 13.24% 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%

DL2P.L

• 1D: 0.00%
• 1M: -0.70%
• 6M: -8.11%
• YTD: -2.75%
• 1Y: -1.46%
• 3Y*: 24.56%
• 5Y*: 11.79%
• 10Y*: 13.24%

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

XS2D.L vs. DL2P.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%
DL2P.L L&G DAX Daily 2x Long UCITS ETF EUR (Acc)	-2.75%	55.16%	23.69%	38.80%	-31.75%	20.51%	4.45%	44.47%	-37.21%	41.34%

Correlation

The correlation between XS2D.L and DL2P.L is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010	0.74

The correlation between XS2D.L and DL2P.L has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

Return for Risk

XS2D.L vs. DL2P.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

DL2P.L

DL2P.L Risk / Return Rank: 8
DL2P.L Sharpe Ratio Rank: 8
DL2P.L Sortino Ratio Rank: 8
DL2P.L Omega Ratio Rank: 8
DL2P.L Calmar Ratio Rank: 8
DL2P.L Martin Ratio Rank: 7

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. DL2P.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 Long UCITS ETF EUR (Acc) (DL2P.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	DL2P.L	Difference
Sharpe ratio: Return per unit of total volatility	1.61	-0.06	+1.67
Sortino ratio: Return per unit of downside risk	2.34	0.15	+2.19
Omega ratio: Gain probability vs. loss probability	1.28	1.02	+0.26
Calmar ratio: Return relative to maximum drawdown	2.31	-0.08	+2.38
Martin ratio: Return relative to average drawdown	9.10	-0.22	+9.31

XS2D.L vs. DL2P.L - Sharpe Ratio Comparison

The current XS2D.L Sharpe Ratio is 1.61, which is higher than the DL2P.L Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of XS2D.L and DL2P.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. DL2P.L - Drawdown Comparison

The maximum XS2D.L drawdown since its inception was -59.31%, smaller than the maximum DL2P.L drawdown of -69.19%. Use the drawdown chart below to compare losses from any high point for XS2D.L and DL2P.L.

Drawdown Indicators

	XS2D.L	DL2P.L	Difference
Max Drawdown Largest peak-to-trough decline	-59.31%	-69.19%	+9.88%
Max Drawdown (1Y) Largest decline over 1 year	-16.91%	-25.01%	+8.10%
Max Drawdown (3Y) Largest decline over 3 years	-34.83%	-29.30%	-5.53%
Max Drawdown (5Y) Largest decline over 5 years	-46.01%	-56.32%	+10.31%
Max Drawdown (10Y) Largest decline over 10 years	-59.31%	-69.19%	+9.88%
Current Drawdown Current decline from peak	-1.97%	-8.93%	+6.96%
Average Drawdown Average peak-to-trough decline	-8.93%	-19.23%	+10.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	8.83%	-4.53%

Volatility

XS2D.L vs. DL2P.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 Long UCITS ETF EUR (Acc) (DL2P.L) has a volatility of 9.65%. This indicates that XS2D.L experiences smaller price fluctuations and is considered to be less risky than DL2P.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XS2D.L	DL2P.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	9.65%	-4.04%
Volatility (6M) Calculated over the trailing 6-month period	18.52%	27.78%	-9.26%
Volatility (1Y) Calculated over the trailing 1-year period	24.27%	32.55%	-8.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.89%	36.67%	-4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.34%	37.54%	-5.20%

XS2D.L vs. DL2P.L - Expense Ratio Comparison

XS2D.L has a 0.60% expense ratio, which is higher than DL2P.L's 0.40% expense ratio.

Dividends

XS2D.L vs. DL2P.L - Dividend Comparison

Neither XS2D.L nor DL2P.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XS2D.L and DL2P.L in my portfolio?

XS2D.L and DL2P.L have a correlation of 0.69, 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 DL2P.L?

On fees, DL2P.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, XS2D.L or DL2P.L?

DL2P.L is cheaper with a 0.40% expense ratio, compared with 0.60% for XS2D.L.

What is the main difference between XS2D.L and DL2P.L?

XS2D.L tracks S&P 500 2x Leveraged Daily Index, while DL2P.L tracks LevDAX x2 Index Gross TR EUR. They also come from different issuers: Xtrackers and L&G. Their fees differ too: 0.60% for XS2D.L and 0.40% for DL2P.L.