EURL vs. BNO

Last updated Jun 4, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, EURL returned 8.24%/yr vs 13.60%/yr for BNO. At a 0.21 correlation, their price movements are largely independent. EURL charges 1.07%/yr vs 0.90%/yr for BNO.

Performance

EURL vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily FTSE Europe Bull 3x Shares (EURL) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EURL achieves a 8.29% return, which is significantly lower than BNO's 90.47% return. Over the past 10 years, EURL has underperformed BNO with an annualized return of 8.24%, while BNO has yielded a comparatively higher 13.60% annualized return.

EURL

• 1D: -3.47%
• 1M: 7.25%
• YTD: 8.29%
• 6M: 16.12%
• 1Y: 37.91%
• 3Y*: 30.36%
• 5Y*: 4.83%
• 10Y*: 8.24%

BNO

• 1D: 1.99%
• 1M: -10.29%
• YTD: 90.47%
• 6M: 86.00%
• 1Y: 91.89%
• 3Y*: 27.93%
• 5Y*: 24.16%
• 10Y*: 13.60%

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

EURL vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EURL Direxion Daily FTSE Europe Bull 3x Shares	8.29%	105.85%	-11.42%	44.19%	-54.41%	46.59%	-23.19%	72.61%	-46.39%	91.32%
BNO United States Brent Oil Fund LP	90.47%	-5.44%	9.67%	-3.43%	35.25%	62.34%	-38.23%	36.01%	-15.30%	15.43%

Correlation

The correlation between EURL and BNO is -0.39, 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	-0.39
Correlation (3Y) Calculated over the trailing 3-year period	-0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jan 23, 2014	0.21

The correlation between EURL and BNO shifts across timeframes, from -0.39 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EURL vs. BNO — Risk / Return Rank

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

EURL

EURL Risk / Return Rank: 25
EURL Sharpe Ratio Rank: 23
EURL Sortino Ratio Rank: 25
EURL Omega Ratio Rank: 24
EURL Calmar Ratio Rank: 24
EURL Martin Ratio Rank: 27

BNO

BNO Risk / Return Rank: 65
BNO Sharpe Ratio Rank: 66
BNO Sortino Ratio Rank: 56
BNO Omega Ratio Rank: 60
BNO Calmar Ratio Rank: 88
BNO Martin Ratio Rank: 55

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.

EURL vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily FTSE Europe Bull 3x Shares (EURL) and United States Brent Oil Fund LP (BNO). 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.

	EURL	BNO	Difference
Sharpe ratio Return per unit of total volatility	0.82	2.23	-1.40
Sortino ratio Return per unit of downside risk	1.37	2.73	-1.35
Omega ratio Gain probability vs. loss probability	1.17	1.38	-0.21
Calmar ratio Return relative to maximum drawdown	1.15	5.17	-4.02
Martin ratio Return relative to average drawdown	3.68	9.76	-6.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EURL vs. BNO - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.82, which is lower than the BNO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of EURL and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EURL	BNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	2.23	-1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.69	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	0.37	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.14	-0.10

Drawdowns

EURL vs. BNO - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, roughly equal to the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for EURL and BNO.

Drawdown Indicators

	EURL	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-87.06%	+2.41%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-17.87%	-15.18%
Max Drawdown (3Y) Largest decline over 3 years	-38.81%	-23.75%	-15.06%
Max Drawdown (5Y) Largest decline over 5 years	-75.24%	-33.70%	-41.54%
Max Drawdown (10Y) Largest decline over 10 years	-84.65%	-75.18%	-9.47%
Current Drawdown Current decline from peak	-13.12%	-10.29%	-2.83%
Average Drawdown Average peak-to-trough decline	-36.98%	-40.17%	+3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.33%	9.45%	+0.88%

Volatility

EURL vs. BNO - Volatility Comparison

Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 16.61% compared to United States Brent Oil Fund LP (BNO) at 14.22%. This indicates that EURL's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURL	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.61%	14.22%	+2.39%
Volatility (6M) Calculated over the trailing 6-month period	38.49%	36.10%	+2.39%
Volatility (1Y) Calculated over the trailing 1-year period	46.27%	41.46%	+4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.24%	35.38%	+17.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.80%	36.68%	+19.12%

EURL vs. BNO - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

EURL vs. BNO - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.44%, while BNO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BNO United States Brent Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EURL Direxion Daily FTSE Europe Bull 3x Shares	1.44%	1.50%	3.51%	2.50%	1.80%	0.33%	0.41%	1.17%	3.07%	0.38%

Frequently Asked Questions

Can I hold both EURL and BNO in my portfolio?

EURL and BNO have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EURL or BNO?

EURL has higher volatility (16.61%) compared to BNO (14.22%). In terms of maximum drawdown, EURL dropped -84.65% vs BNO's -87.06%.

Which ETF is better, EURL or BNO?

On 10-year performance, BNO leads with 13.60% vs 8.24% for EURL. On fees, BNO is cheaper at 0.90% per year. On volatility, BNO has been the lower-risk option at 14.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EURL or BNO?

Over the 10-year period, BNO has performed better with a 13.60% return vs 8.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EURL or BNO?

BNO is cheaper with a 0.90% expense ratio, compared with 1.07% for EURL.

Which ETF pays a higher dividend yield, EURL or BNO?

EURL has the higher dividend yield at 1.44%, compared with 0.00% for BNO.

What is the main difference between EURL and BNO?

EURL is categorized as Leveraged Equities, while BNO is Oil & Gas. EURL tracks FTSE Developed Europe Index (300%), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 1.07% for EURL and 0.90% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (2.23 vs 0.82), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.