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EURL vs. EUFN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EURL vs. EUFN

Last updated Jun 24, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and EUFN (iShares MSCI Europe Financials ETF) are both exchange-traded funds - EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%), while EUFN is a Financials Equities fund tracking the MSCI Europe Financials Index (Net). Both are passively managed. Over the past 10 years, EURL returned 11.85%/yr vs 14.20%/yr for EUFN. Their correlation of 0.87 suggests significant overlap in exposure. EURL charges 1.07%/yr vs 0.49%/yr for EUFN.

Performance

EURL vs. EUFN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily FTSE Europe Bull 3x Shares (EURL) and iShares MSCI Europe Financials ETF (EUFN). 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 investments are quite close, with EURL having a 7.25% return and EUFN slightly higher at 7.49%. Over the past 10 years, EURL has underperformed EUFN with an annualized return of 11.85%, while EUFN has yielded a comparatively higher 14.20% annualized return.

EURL

1D
-4.78%
1M
-3.51%
YTD
7.25%
6M
6.76%
1Y
40.13%
3Y*
31.43%
5Y*
5.36%
10Y*
11.85%

EUFN

1D
-1.02%
1M
4.47%
YTD
7.49%
6M
7.23%
1Y
32.41%
3Y*
33.90%
5Y*
19.66%
10Y*
14.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EURL vs. EUFN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EURL
Direxion Daily FTSE Europe Bull 3x Shares		7.25%105.85%-11.42%44.19%-54.41%46.59%-23.19%72.61%-46.39%91.32%
EUFN
iShares MSCI Europe Financials ETF		7.49%65.73%17.20%26.15%-8.78%19.13%-8.55%20.73%-23.14%26.94%

Correlation

The correlation between EURL and EUFN is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.86

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

0.88

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

0.89

Correlation (10Y)
Calculated over the trailing 10-year period

0.86

Correlation (All Time)
Calculated using the full available price history since Jan 22, 2014

0.87

The correlation between EURL and EUFN has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

EURL vs. EUFN - Sectors Allocation Comparison

Sectors
EURL
EUFN

Financial Services

23.5%
97.8%

Industrials

20.4%
0.4%

Healthcare

12.5%

-

Technology

8.5%
1.0%

Consumer Defensive

7.9%

-

Consumer Cyclical

7.0%
0.2%

Basic Materials

5.5%

-

Energy

5.4%

-

Utilities

4.7%

-

Communication Services

3.1%

-

Real Estate

1.6%

-

Financial Services

EURL
23.5%
EUFN
97.8%

Industrials

EURL
20.4%
EUFN
0.4%

Healthcare

EURL
12.5%
EUFN

-

Technology

EURL
8.5%
EUFN
1.0%

Consumer Defensive

EURL
7.9%
EUFN

-

Consumer Cyclical

EURL
7.0%
EUFN
0.2%

Basic Materials

EURL
5.5%
EUFN

-

Energy

EURL
5.4%
EUFN

-

Utilities

EURL
4.7%
EUFN

-

Communication Services

EURL
3.1%
EUFN

-

Real Estate

EURL
1.6%
EUFN

-

Compare stocks, funds, or ETFs

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Direxion Daily FTSE Europe Bull 3x Shares

iShares MSCI Europe Financials ETF

Often compared with EURL:
EURL vs. UPVEURL vs. QQQEURL vs. SOXLEURL vs. VGKEURL vs. TQQQEURL vs. SPYEURL vs. VYMI
Often compared with EUFN:
EUFN vs. FDDEUFN vs. XLFEUFN vs. SPYEUFN vs. GSIBEUFN vs. EIRLEUFN vs. IEUREUFN vs. SPAX

Return for Risk

EURL vs. EUFN — 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: 2525
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: 2929
Martin Ratio Rank
EUFN
EUFN Risk / Return Rank: 4747
Overall Rank
EUFN Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
EUFN Sortino Ratio Rank: 4949
Sortino Ratio Rank
EUFN Omega Ratio Rank: 4545
Omega Ratio Rank
EUFN Calmar Ratio Rank: 4646
Calmar Ratio Rank
EUFN Martin Ratio Rank: 4848
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. EUFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily FTSE Europe Bull 3x Shares (EURL) and iShares MSCI Europe Financials ETF (EUFN). 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.

EURLEUFNDifference
Sharpe ratioReturn per unit of total volatility
0.84
1.63

-0.79

Sortino ratioReturn per unit of downside risk
1.41
2.33

-0.91

Omega ratioGain probability vs. loss probability

1.17

1.28

-0.11

Calmar ratioReturn relative to maximum drawdown

1.22

2.20

-0.98

Martin ratioReturn relative to average drawdown

3.80

7.71

-3.91

EURL vs. EUFN - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.84, which is lower than the EUFN Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of EURL and EUFN, 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. EUFN - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, which is greater than EUFN's maximum drawdown of -53.25%. Use the drawdown chart below to compare losses from any high point for EURL and EUFN.

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Drawdown Indicators

EURLEUFNDifference

Max Drawdown

Largest peak-to-trough decline

-84.65%

-53.25%

-31.40%

Max Drawdown (1Y)

Largest decline over 1 year

-33.05%

-14.77%

-18.28%

Max Drawdown (3Y)

Largest decline over 3 years

-38.81%

-15.95%

-22.86%

Max Drawdown (5Y)

Largest decline over 5 years

-75.24%

-35.15%

-40.09%

Max Drawdown (10Y)

Largest decline over 10 years

-84.65%

-53.25%

-31.40%

Current Drawdown

Current decline from peak

-13.96%

-1.02%

-12.94%

Average Drawdown

Average peak-to-trough decline

-36.86%

-14.51%

-22.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.59%

4.22%

+6.37%

Volatility

EURL vs. EUFN - Volatility Comparison

Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 15.92% compared to iShares MSCI Europe Financials ETF (EUFN) at 6.24%. This indicates that EURL's price experiences larger fluctuations and is considered to be riskier than EUFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EURLEUFNDifference

Volatility (1M)

Calculated over the trailing 1-month period

15.92%

6.24%

+9.68%

Volatility (6M)

Calculated over the trailing 6-month period

40.62%

17.09%

+23.53%

Volatility (1Y)

Calculated over the trailing 1-year period

47.94%

20.01%

+27.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

53.51%

21.86%

+31.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

54.72%

23.88%

+30.84%

EURL vs. EUFN - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is higher than EUFN's 0.49% expense ratio.

Dividends

EURL vs. EUFN - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.46%, less than EUFN's 4.27% yield.

PositionTTM20252024202320222021202020192018201720162015
EUFN
iShares MSCI Europe Financials ETF		4.27%3.57%5.36%5.00%4.24%4.15%1.38%4.55%6.48%3.04%4.03%3.65%
EURL
Direxion Daily FTSE Europe Bull 3x Shares		1.46%1.50%3.51%2.50%1.80%0.33%0.41%1.17%3.07%0.38%0.00%0.00%

Frequently Asked Questions

EURL and EUFN have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EURL has higher volatility (15.92%) compared to EUFN (6.24%). In terms of maximum drawdown, EURL dropped -84.65% vs EUFN's -53.25%.

On 10-year performance, EUFN leads with 14.20% vs 11.85% for EURL. On fees, EUFN is cheaper at 0.49% per year. On volatility, EUFN has been the lower-risk option at 6.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EUFN has performed better with a 14.20% return vs 11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EUFN is cheaper with a 0.49% expense ratio, compared with 1.07% for EURL.

EUFN has the higher dividend yield at 4.27%, compared with 1.46% for EURL.

EURL is categorized as Leveraged Equities, while EUFN is Financials Equities. EURL tracks FTSE Developed Europe Index (300%), while EUFN tracks MSCI Europe Financials Index (Net). They also come from different issuers: Direxion and iShares. Their fees differ too: 1.07% for EURL and 0.49% for EUFN.

EUFN currently has the higher Sharpe Ratio (1.63 vs 0.84), 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.

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