EURL vs. DBE

Last updated Jun 4, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 10 years, EURL returned 8.24%/yr vs 12.03%/yr for DBE. At a 0.22 correlation, their price movements are largely independent. EURL charges 1.07%/yr vs 0.78%/yr for DBE.

Performance

EURL vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Invesco DB Energy Fund (DBE). 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 DBE's 83.68% return. Over the past 10 years, EURL has underperformed DBE with an annualized return of 8.24%, while DBE has yielded a comparatively higher 12.03% 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%

DBE

• 1D: 2.33%
• 1M: -5.45%
• YTD: 83.68%
• 6M: 74.95%
• 1Y: 84.41%
• 3Y*: 23.42%
• 5Y*: 19.66%
• 10Y*: 12.03%

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

EURL vs. DBE - 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%
DBE Invesco DB Energy Fund	83.68%	-2.17%	2.96%	-12.14%	33.77%	57.56%	-25.91%	19.72%	-12.95%	5.21%

Correlation

The correlation between EURL and DBE is -0.41, 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	-0.41
Correlation (3Y) Calculated over the trailing 3-year period	-0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jan 23, 2014	0.22

The correlation between EURL and DBE shifts across timeframes, from -0.41 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EURL vs. DBE — 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

DBE

DBE Risk / Return Rank: 71
DBE Sharpe Ratio Rank: 74
DBE Sortino Ratio Rank: 63
DBE Omega Ratio Rank: 65
DBE Calmar Ratio Rank: 91
DBE Martin Ratio Rank: 63

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. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Invesco DB Energy Fund (DBE). 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	DBE	Difference
Sharpe ratio: Return per unit of total volatility	0.82	2.43	-1.60
Sortino ratio: Return per unit of downside risk	1.37	2.96	-1.58
Omega ratio: Gain probability vs. loss probability	1.17	1.40	-0.23
Calmar ratio: Return relative to maximum drawdown	1.15	5.89	-4.74
Martin ratio: Return relative to average drawdown	3.68	11.53	-7.85
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. DBE - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.82, which is lower than the DBE Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of EURL and DBE, 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	DBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	2.43	-1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.67	-0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.15	0.43	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.09	-0.06

Drawdowns

EURL vs. DBE - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, roughly equal to the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for EURL and DBE.

Drawdown Indicators

	EURL	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-86.69%	+2.04%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-14.41%	-18.64%
Max Drawdown (3Y) Largest decline over 3 years	-38.81%	-23.89%	-14.92%
Max Drawdown (5Y) Largest decline over 5 years	-75.24%	-38.74%	-36.50%
Max Drawdown (10Y) Largest decline over 10 years	-84.65%	-60.84%	-23.81%
Current Drawdown Current decline from peak	-13.12%	-30.27%	+17.15%
Average Drawdown Average peak-to-trough decline	-36.98%	-57.31%	+20.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.33%	7.35%	+2.98%

Volatility

EURL vs. DBE - Volatility Comparison

Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 16.61% compared to Invesco DB Energy Fund (DBE) at 12.95%. This indicates that EURL's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURL	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.61%	12.95%	+3.66%
Volatility (6M) Calculated over the trailing 6-month period	38.49%	30.86%	+7.63%
Volatility (1Y) Calculated over the trailing 1-year period	46.27%	34.97%	+11.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.24%	29.39%	+23.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.80%	28.33%	+27.47%

EURL vs. DBE - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is higher than DBE's 0.78% expense ratio.

Dividends

EURL vs. DBE - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.44%, less than DBE's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBE Invesco DB Energy Fund	2.10%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%	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 DBE in my portfolio?

EURL and DBE have a correlation of -0.41, 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 DBE?

EURL has higher volatility (16.61%) compared to DBE (12.95%). In terms of maximum drawdown, EURL dropped -84.65% vs DBE's -86.69%.

Which ETF is better, EURL or DBE?

On 10-year performance, DBE leads with 12.03% vs 8.24% for EURL. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 12.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EURL or DBE?

Over the 10-year period, DBE has performed better with a 12.03% 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 DBE?

DBE is cheaper with a 0.78% expense ratio, compared with 1.07% for EURL.

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

DBE has the higher dividend yield at 2.10%, compared with 1.44% for EURL.

What is the main difference between EURL and DBE?

EURL is categorized as Leveraged Equities, while DBE is Oil & Gas. EURL tracks FTSE Developed Europe Index (300%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.07% for EURL and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (2.43 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.