EURL vs. BRZU

Last updated Aug 2, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and BRZU (Direxion Daily Brazil Bull 2X Shares) are both Leveraged Equities funds from Direxion - EURL tracks the FTSE Developed Europe Index (300%) while BRZU tracks the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, EURL returned 11.21%/yr vs -19.05%/yr for BRZU. Their 0.50 correlation means they have sometimes moved together and sometimes differently. EURL charges 1.07%/yr vs 1.29%/yr for BRZU.

Performance

EURL vs. BRZU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Direxion Daily Brazil Bull 2X Shares (BRZU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EURL achieves a 19.99% return, which is significantly lower than BRZU's 25.69% return. Over the past 10 years, EURL has outperformed BRZU with an annualized return of 11.21%, while BRZU has yielded a comparatively lower -19.05% annualized return.

EURL

• 1D: -1.39%
• 1M: 3.10%
• 6M: 5.68%
• YTD: 19.99%
• 1Y: 59.89%
• 3Y*: 31.34%
• 5Y*: 7.64%
• 10Y*: 11.21%
• ALL TIME*: 2.97%

BRZU

• 1D: 0.98%
• 1M: 12.57%
• 6M: -6.32%
• YTD: 25.69%
• 1Y: 83.60%
• 3Y*: 6.48%
• 5Y*: 2.33%
• 10Y*: -19.05%
• ALL TIME*: -29.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BRZU Direxion Daily Brazil Bull 2X Shares	$1.63M	$1.55M	$2.54M
EURL Direxion Daily FTSE Europe Bull 3x Shares	$543.36K	$647.46K	$1.03M

EURL vs. BRZU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EURL Direxion Daily FTSE Europe Bull 3x Shares	19.99%	105.85%	-11.42%	44.19%	-54.41%	46.59%	-23.19%	72.61%	-46.39%	91.32%
BRZU Direxion Daily Brazil Bull 2X Shares	25.69%	97.99%	-57.07%	55.48%	8.30%	-39.23%	-91.34%	57.02%	-37.21%	30.80%

Correlation

The correlation between EURL and BRZU is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.57
Correlation (3Y) Balances recent behavior with more history.	0.52
Correlation (5Y) Shows whether the relationship held over a longer period.	0.48
Correlation (10Y) Provides a long-term view across more market conditions.	0.48
Correlation (All Time) Calculated using the full available price history since Jan 22, 2014	0.50

The correlation between EURL and BRZU has been stable across timeframes, ranging from 0.48 to 0.57 - a consistent structural relationship.

EURL vs. BRZU - Sectors Allocation Comparison

Sectors	EURL	BRZU
Financial Services	23.5%	34.5%
Industrials	20.3%	11.6%
Healthcare	12.4%	2.2%
Technology	9.4%	0.4%
Consumer Defensive	7.7%	4.7%
Consumer Cyclical	7.1%	1.4%
Basic Materials	5.6%	14.5%
Energy	5.0%	15.1%
Utilities	4.4%	13.5%
Communication Services	3.1%	2.1%
Real Estate	1.6%	-

Return for Risk

EURL vs. BRZU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EURL

EURL Risk / Return Rank: 49
EURL Sharpe Ratio Rank: 49
EURL Sortino Ratio Rank: 50
EURL Omega Ratio Rank: 47
EURL Calmar Ratio Rank: 49
EURL Martin Ratio Rank: 47

BRZU

BRZU Risk / Return Rank: 65
BRZU Sharpe Ratio Rank: 75
BRZU Sortino Ratio Rank: 67
BRZU Omega Ratio Rank: 66
BRZU Calmar Ratio Rank: 68
BRZU Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EURL vs. BRZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Direxion Daily Brazil Bull 2X Shares (BRZU). 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.

	EURL	BRZU	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.70	-0.50
Sortino ratio: Return per unit of downside risk	1.80	2.19	-0.38
Omega ratio: Gain probability vs. loss probability	1.22	1.28	-0.06
Calmar ratio: Return relative to maximum drawdown	1.74	2.36	-0.62
Martin ratio: Return relative to average drawdown	5.37	5.48	-0.12

EURL vs. BRZU - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 1.21, which is comparable to the BRZU Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of EURL and BRZU, 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

EURL vs. BRZU - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, smaller than the maximum BRZU drawdown of -99.71%. Use the drawdown chart below to compare losses from any high point for EURL and BRZU.

Drawdown Indicators

	EURL	BRZU	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-99.71%	+15.06%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-35.97%	+2.92%
Max Drawdown (3Y) Largest decline over 3 years	-38.81%	-58.25%	+19.44%
Max Drawdown (5Y) Largest decline over 5 years	-75.24%	-62.89%	-12.35%
Max Drawdown (10Y) Largest decline over 10 years	-84.65%	-98.11%	+13.46%
Current Drawdown Current decline from peak	-3.74%	-99.10%	+95.36%
Average Drawdown Average peak-to-trough decline	-36.62%	-89.64%	+53.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.71%	15.49%	-4.78%

Volatility

EURL vs. BRZU - Volatility Comparison

Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Direxion Daily Brazil Bull 2X Shares (BRZU) have volatilities of 13.53% and 13.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURL	BRZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.53%	13.30%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	41.54%	38.80%	+2.74%
Volatility (1Y) Calculated over the trailing 1-year period	47.83%	50.02%	-2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.54%	54.96%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.48%	82.21%	-27.73%

EURL vs. BRZU - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is lower than BRZU's 1.29% expense ratio.

Dividends

EURL vs. BRZU - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.50%, less than BRZU's 1.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	1.79%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%
EURL Direxion Daily FTSE Europe Bull 3x Shares	1.50%	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 BRZU in my portfolio?

EURL and BRZU have a correlation of 0.57, 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 BRZU?

EURL has higher volatility (13.53%) compared to BRZU (13.30%). In terms of maximum drawdown, EURL dropped -84.65% vs BRZU's -99.71%.

Which ETF is better, EURL or BRZU?

On 10-year performance, EURL leads with 11.21% vs -19.05% for BRZU. On fees, EURL is cheaper at 1.07% per year. On volatility, BRZU has been the lower-risk option at 13.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EURL or BRZU?

Over the 10-year period, EURL has performed better with a 11.21% return vs -19.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EURL or BRZU?

EURL is cheaper with a 1.07% expense ratio, compared with 1.29% for BRZU.

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

BRZU has the higher dividend yield at 1.79%, compared with 1.50% for EURL.

What is the main difference between EURL and BRZU?

EURL tracks FTSE Developed Europe Index (300%), while BRZU tracks MSCI Brazil 25/50 Index. Their fees differ too: 1.07% for EURL and 1.29% for BRZU.

Which has better risk-adjusted returns?

BRZU currently has the higher Sharpe Ratio (1.70 vs 1.21), 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.