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EURL vs. DFEN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EURL vs. DFEN

Last updated Jun 14, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both Leveraged Equities funds from Direxion - EURL tracks the FTSE Developed Europe Index (300%) while DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%). Both are passively managed. Over the past 5 years, EURL returned 5.43%/yr vs 29.22%/yr for DFEN. A 0.55 correlation means they provide meaningful diversification when combined. EURL charges 1.07%/yr vs 0.99%/yr for DFEN.

Performance

EURL vs. DFEN - 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 Aerospace & Defense Bull 3X Shares (DFEN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with EURL having a 13.73% return and DFEN slightly lower at 13.12%.

EURL

1D
-0.06%
1M
12.42%
YTD
13.73%
6M
19.84%
1Y
43.44%
3Y*
31.61%
5Y*
5.43%
10Y*
11.27%

DFEN

1D
-2.71%
1M
21.79%
YTD
13.12%
6M
20.44%
1Y
75.01%
3Y*
64.38%
5Y*
29.22%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EURL vs. DFEN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EURL
Direxion Daily FTSE Europe Bull 3x Shares		13.73%105.85%-11.42%44.19%-54.41%46.59%-23.19%72.61%-46.39%32.78%
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		13.12%156.62%27.07%24.70%6.99%12.72%-70.23%95.09%-32.86%83.64%

Correlation

The correlation between EURL and DFEN is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.49

Correlation (3Y)
Calculated over the trailing 3-year period

0.44

Correlation (5Y)
Calculated over the trailing 5-year period

0.52

Correlation (All Time)
Calculated using the full available price history since May 3, 2017

0.55

The correlation between EURL and DFEN shifts across timeframes, from 0.44 (3 years) to 0.55 (all time), reflecting how their relationship changes across market environments.

EURL vs. DFEN - Sectors Allocation Comparison

Sectors
EURL
DFEN

Financial Services

23.5%

-

Industrials

20.4%
20.4%

Healthcare

12.5%

-

Technology

8.5%
0.0%

Consumer Defensive

7.9%

-

Consumer Cyclical

7.0%

-

Basic Materials

5.5%

-

Energy

5.4%

-

Utilities

4.7%

-

Communication Services

3.1%

-

Real Estate

1.6%

-

Financial Services

EURL
23.5%
DFEN

-

Industrials

EURL
20.4%
DFEN
20.4%

Healthcare

EURL
12.5%
DFEN

-

Technology

EURL
8.5%
DFEN
0.0%

Consumer Defensive

EURL
7.9%
DFEN

-

Consumer Cyclical

EURL
7.0%
DFEN

-

Basic Materials

EURL
5.5%
DFEN

-

Energy

EURL
5.4%
DFEN

-

Utilities

EURL
4.7%
DFEN

-

Communication Services

EURL
3.1%
DFEN

-

Real Estate

EURL
1.6%
DFEN

-

Compare stocks, funds, or ETFs

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Direxion Daily FTSE Europe Bull 3x Shares

Direxion Daily Aerospace & Defense Bull 3X Shares

Often compared with EURL:
EURL vs. EUFNEURL vs. UPVEURL vs. QQQEURL vs. SOXLEURL vs. VGKEURL vs. TQQQEURL vs. SPY
Often compared with DFEN:
DFEN vs. ITADFEN vs. XARDFEN vs. PPADFEN vs. SOXLDFEN vs. VOODFEN vs. SPXLDFEN vs. EUDF.DE

Return for Risk

EURL vs. DFEN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EURL
EURL Risk / Return Rank: 2626
Overall Rank
EURL Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EURL Sortino Ratio Rank: 2727
Sortino Ratio Rank
EURL Omega Ratio Rank: 2626
Omega Ratio Rank
EURL Calmar Ratio Rank: 2626
Calmar Ratio Rank
EURL Martin Ratio Rank: 2828
Martin Ratio Rank
DFEN
DFEN Risk / Return Rank: 3838
Overall Rank
DFEN Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
DFEN Sortino Ratio Rank: 4040
Sortino Ratio Rank
DFEN Omega Ratio Rank: 3636
Omega Ratio Rank
DFEN Calmar Ratio Rank: 4242
Calmar Ratio Rank
DFEN Martin Ratio Rank: 3333
Martin Ratio Rank
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. DFEN - 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 Aerospace & Defense Bull 3X Shares (DFEN). 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.

EURLDFENDifference
Sharpe ratioReturn per unit of total volatility
0.77
1.18

-0.41

Sortino ratioReturn per unit of downside risk
1.33
1.85

-0.53

Omega ratioGain probability vs. loss probability

1.16

1.22

-0.06

Calmar ratioReturn relative to maximum drawdown

1.11

1.85

-0.74

Martin ratioReturn relative to average drawdown

3.50

4.29

-0.79

EURL vs. DFEN - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.77, which is lower than the DFEN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of EURL and DFEN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EURL vs. DFEN - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for EURL and DFEN.

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Drawdown Indicators

EURLDFENDifference

Max Drawdown

Largest peak-to-trough decline

-84.65%

-91.36%

+6.71%

Max Drawdown (1Y)

Largest decline over 1 year

-33.05%

-41.75%

+8.70%

Max Drawdown (3Y)

Largest decline over 3 years

-38.81%

-43.13%

+4.32%

Max Drawdown (5Y)

Largest decline over 5 years

-75.24%

-55.30%

-19.94%

Max Drawdown (10Y)

Largest decline over 10 years

-84.65%

—

—

Current Drawdown

Current decline from peak

-8.76%

-25.87%

+17.11%

Average Drawdown

Average peak-to-trough decline

-36.91%

-45.20%

+8.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.56%

17.99%

-7.43%

Volatility

EURL vs. DFEN - Volatility Comparison

The current volatility for Direxion Daily FTSE Europe Bull 3x Shares (EURL) is 17.98%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 27.31%. This indicates that EURL experiences smaller price fluctuations and is considered to be less risky than DFEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EURLDFENDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.98%

27.31%

-9.33%

Volatility (6M)

Calculated over the trailing 6-month period

40.51%

55.81%

-15.30%

Volatility (1Y)

Calculated over the trailing 1-year period

48.09%

65.81%

-17.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

53.55%

60.74%

-7.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

55.82%

71.66%

-15.84%

EURL vs. DFEN - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is higher than DFEN's 0.99% expense ratio.

Dividends

EURL vs. DFEN - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.37%, less than DFEN's 7.89% yield.

PositionTTM202520242023202220212020201920182017
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		7.89%8.89%14.12%1.13%0.46%1.89%0.48%0.50%1.07%1.50%
EURL
Direxion Daily FTSE Europe Bull 3x Shares		1.37%1.50%3.51%2.50%1.80%0.33%0.41%1.17%3.07%0.38%

Frequently Asked Questions

EURL and DFEN have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DFEN has higher volatility (27.31%) compared to EURL (17.98%). In terms of maximum drawdown, EURL dropped -84.65% vs DFEN's -91.36%.

On 5-year performance, DFEN leads with 29.22% vs 5.43% for EURL. On fees, DFEN is cheaper at 0.99% per year. On volatility, EURL has been the lower-risk option at 17.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, DFEN has performed better with a 29.22% return vs 5.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DFEN is cheaper with a 0.99% expense ratio, compared with 1.07% for EURL.

DFEN has the higher dividend yield at 7.89%, compared with 1.37% for EURL.

EURL tracks FTSE Developed Europe Index (300%), while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%). Their fees differ too: 1.07% for EURL and 0.99% for DFEN.

DFEN currently has the higher Sharpe Ratio (1.18 vs 0.77), 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.

Portfolio Optimizer

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