XS2D.L vs. PQVG.L

Last updated Jul 16, 2026

XS2D.L (Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C) and PQVG.L (Invesco S&P 500 QVM UCITS ETF) are both exchange-traded funds - XS2D.L is a Leveraged Equities fund tracking the S&P 500 2x Leveraged Daily Index, while PQVG.L is a S&P 500 fund tracking the S&P 500 Quality, Value, and Momentum Multi-Factor Index (Net Total Return). Both are passively managed. Over the past 5 years, XS2D.L returned 18.77%/yr vs 14.49%/yr for PQVG.L. A 0.77 correlation means they provide meaningful diversification when combined. XS2D.L charges 0.60%/yr vs 0.35%/yr for PQVG.L.

Performance

XS2D.L vs. PQVG.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 Invesco S&P 500 QVM UCITS ETF (PQVG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XS2D.L is traded in USD, while PQVG.L is traded in GBp. To make them comparable, the PQVG.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 PQVG.L's 14.98% 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%

PQVG.L

• 1D: -2.07%
• 1M: -3.84%
• 6M: 13.28%
• YTD: 14.98%
• 1Y: 21.75%
• 3Y*: 22.28%
• 5Y*: 14.49%
• 10Y*: —

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

XS2D.L vs. PQVG.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%	29.02%
PQVG.L Invesco S&P 500 QVM UCITS ETF	14.98%	13.83%	30.09%	6.31%	0.51%	26.62%	7.64%	26.02%	-7.53%	-6.78%

Correlation

The correlation between XS2D.L and PQVG.L is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since May 18, 2017	0.77

Over the past year, the correlation between XS2D.L and PQVG.L has dropped to 0.50 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

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

Sectors	XS2D.L	PQVG.L
Technology	56.8%	31.0%
Consumer Cyclical	9.3%	5.1%
Communication Services	6.6%	5.3%
Financial Services	6.0%	13.0%
Industrials	5.9%	21.2%
Healthcare	5.7%	5.2%
Utilities	4.9%	0.3%
Real Estate	2.4%	0.2%
Basic Materials	2.2%	4.3%
Consumer Defensive	0.0%	2.2%
Energy	-	12.1%

Return for Risk

XS2D.L vs. PQVG.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

PQVG.L

PQVG.L Risk / Return Rank: 64
PQVG.L Sharpe Ratio Rank: 58
PQVG.L Sortino Ratio Rank: 54
PQVG.L Omega Ratio Rank: 60
PQVG.L Calmar Ratio Rank: 69
PQVG.L Martin Ratio Rank: 80

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. PQVG.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 Invesco S&P 500 QVM UCITS ETF (PQVG.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	PQVG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.70	-0.10
Sortino ratio: Return per unit of downside risk	2.34	2.42	-0.08
Omega ratio: Gain probability vs. loss probability	1.28	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	2.31	3.68	-1.37
Martin ratio: Return relative to average drawdown	9.10	13.34	-4.24

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

The current XS2D.L Sharpe Ratio is 1.61, which is comparable to the PQVG.L Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of XS2D.L and PQVG.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. PQVG.L - Drawdown Comparison

The maximum XS2D.L drawdown since its inception was -59.31%, which is greater than PQVG.L's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for XS2D.L and PQVG.L.

Drawdown Indicators

	XS2D.L	PQVG.L	Difference
Max Drawdown Largest peak-to-trough decline	-59.31%	-33.94%	-25.37%
Max Drawdown (1Y) Largest decline over 1 year	-16.91%	-5.88%	-11.03%
Max Drawdown (3Y) Largest decline over 3 years	-34.83%	-15.73%	-19.10%
Max Drawdown (5Y) Largest decline over 5 years	-46.01%	-17.27%	-28.74%
Max Drawdown (10Y) Largest decline over 10 years	-59.31%	—	—
Current Drawdown Current decline from peak	-1.97%	-5.29%	+3.32%
Average Drawdown Average peak-to-trough decline	-8.93%	-5.15%	-3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	1.63%	+2.67%

Volatility

XS2D.L vs. PQVG.L - Volatility Comparison

The current volatility for Xtrackers S&P 500 2x Leveraged Daily Swap UCITS ETF 1C (XS2D.L) is 5.61%, while Invesco S&P 500 QVM UCITS ETF (PQVG.L) has a volatility of 7.36%. This indicates that XS2D.L experiences smaller price fluctuations and is considered to be less risky than PQVG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XS2D.L	PQVG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	7.36%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	18.52%	10.97%	+7.55%
Volatility (1Y) Calculated over the trailing 1-year period	24.27%	12.73%	+11.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.89%	16.15%	+15.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.34%	18.61%	+13.73%

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

XS2D.L has a 0.60% expense ratio, which is higher than PQVG.L's 0.35% expense ratio.

Dividends

XS2D.L vs. PQVG.L - Dividend Comparison

XS2D.L has not paid dividends to shareholders, while PQVG.L's dividend yield for the trailing twelve months is around 0.83%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQVG.L Invesco S&P 500 QVM UCITS ETF	0.83%	0.83%	0.82%	1.61%	1.77%	0.88%	1.59%	1.41%	1.30%	0.72%
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%

Frequently Asked Questions

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

XS2D.L and PQVG.L have a correlation of 0.50, 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 PQVG.L?

On fees, PQVG.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

PQVG.L is cheaper with a 0.35% expense ratio, compared with 0.60% for XS2D.L.

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

XS2D.L is categorized as Leveraged Equities, while PQVG.L is S&P 500. XS2D.L tracks S&P 500 2x Leveraged Daily Index, while PQVG.L tracks S&P 500 Quality, Value, and Momentum Multi-Factor Index (Net Total Return). They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.60% for XS2D.L and 0.35% for PQVG.L.