EURL vs. CMGG

Last updated Jun 25, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and CMGG (Leverage Shares 2X Long CMG Daily ETF) are both Leveraged Equities funds. EURL is passively managed, while CMGG is actively managed. At a 0.35 correlation, their price movements are largely independent. EURL charges 1.07%/yr vs 0.75%/yr for CMGG.

Performance

EURL vs. CMGG - Performance Comparison

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

Returns By Period

In the year-to-date period, EURL achieves a 7.83% return, which is significantly higher than CMGG's -34.81% return.

EURL

• 1D: -0.32%
• 1M: -2.99%
• YTD: 7.83%
• 6M: 6.90%
• 1Y: 34.40%
• 3Y*: 31.66%
• 5Y*: 5.37%
• 10Y*: 11.91%

CMGG

• 1D: 4.34%
• 1M: -9.17%
• YTD: -34.81%
• 6M: -37.93%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EURL vs. CMGG - Yearly Performance Comparison

	2026 (YTD)	2025
EURL Direxion Daily FTSE Europe Bull 3x Shares	7.83%	11.33%
CMGG Leverage Shares 2X Long CMG Daily ETF	-34.81%	36.20%

Correlation

The correlation between EURL and CMGG is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	0.35

Return for Risk

EURL vs. CMGG — Risk / Return Rank

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

EURL

EURL Risk / Return Rank: 24
EURL Sharpe Ratio Rank: 22
EURL Sortino Ratio Rank: 25
EURL Omega Ratio Rank: 24
EURL Calmar Ratio Rank: 24
EURL Martin Ratio Rank: 27

CMGG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. CMGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Leverage Shares 2X Long CMG Daily ETF (CMGG). 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	CMGG	Difference
Sharpe ratio: Return per unit of total volatility	0.73	—	—
Sortino ratio: Return per unit of downside risk	1.28	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	1.05	—	—
Martin ratio: Return relative to average drawdown	3.25	—	—

Drawdowns

EURL vs. CMGG - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, which is greater than CMGG's maximum drawdown of -56.75%. Use the drawdown chart below to compare losses from any high point for EURL and CMGG.

Drawdown Indicators

	EURL	CMGG	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-56.75%	-27.90%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-38.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-75.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-84.65%	—	—
Current Drawdown Current decline from peak	-13.49%	-45.94%	+32.45%
Average Drawdown Average peak-to-trough decline	-36.85%	-23.52%	-13.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.62%	—	—

Volatility

Volatility by Period

	EURL	CMGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	40.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	47.83%	68.93%	-21.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.49%	68.93%	-15.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.71%	68.93%	-14.22%

EURL vs. CMGG - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is higher than CMGG's 0.75% expense ratio.

Dividends

EURL vs. CMGG - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.67%, while CMGG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMGG Leverage Shares 2X Long CMG Daily ETF	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	1.67%	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 CMGG in my portfolio?

EURL and CMGG have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EURL or CMGG?

On fees, CMGG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EURL or CMGG?

CMGG is cheaper with a 0.75% expense ratio, compared with 1.07% for EURL.

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

EURL has the higher dividend yield at 1.67%, compared with 0.00% for CMGG.

What is the main difference between EURL and CMGG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.07% for EURL and 0.75% for CMGG.