EURL vs. EWI

Last updated Jun 3, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and EWI (iShares MSCI Italy ETF) are both exchange-traded funds - EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%), while EWI is a Europe Equities fund tracking the MSCI Italy Index. Both are passively managed. Over the past 10 years, EURL returned 8.63%/yr vs 13.21%/yr for EWI. Their correlation of 0.86 suggests significant overlap in exposure. EURL charges 1.07%/yr vs 0.49%/yr for EWI.

Performance

EURL vs. EWI - 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 Italy ETF (EWI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EURL achieves a 12.18% return, which is significantly higher than EWI's 9.50% return. Over the past 10 years, EURL has underperformed EWI with an annualized return of 8.63%, while EWI has yielded a comparatively higher 13.21% annualized return.

EURL

• 1D: 1.75%
• 1M: 4.57%
• YTD: 12.18%
• 6M: 22.12%
• 1Y: 39.22%
• 3Y*: 31.90%
• 5Y*: 6.08%
• 10Y*: 8.63%

EWI

• 1D: 0.37%
• 1M: 3.10%
• YTD: 9.50%
• 6M: 13.71%
• 1Y: 26.93%
• 3Y*: 29.05%
• 5Y*: 16.05%
• 10Y*: 13.21%

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

EURL vs. EWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EURL Direxion Daily FTSE Europe Bull 3x Shares	12.18%	105.85%	-11.42%	44.19%	-54.41%	46.59%	-23.19%	72.61%	-46.39%	91.32%
EWI iShares MSCI Italy ETF	9.50%	55.72%	10.23%	30.63%	-14.16%	14.38%	1.69%	26.98%	-17.18%	28.70%

Correlation

The correlation between EURL and EWI 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	0.87
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 23, 2014	0.86

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

EURL vs. EWI - Sectors Allocation Comparison

Sectors	EURL	EWI
Financial Services	23.0%	47.5%
Industrials	19.8%	12.5%
Healthcare	13.2%	1.4%
Consumer Defensive	8.2%	0.9%
Technology	7.9%	-
Consumer Cyclical	7.2%	8.7%
Energy	5.7%	7.5%
Basic Materials	5.5%	0.6%
Utilities	4.8%	18.3%
Communication Services	3.3%	2.2%
Real Estate	1.6%	-

Return for Risk

EURL vs. EWI — Risk / Return Rank

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

EURL

EURL Risk / Return Rank: 26
EURL Sharpe Ratio Rank: 24
EURL Sortino Ratio Rank: 26
EURL Omega Ratio Rank: 25
EURL Calmar Ratio Rank: 26
EURL Martin Ratio Rank: 28

EWI

EWI Risk / Return Rank: 44
EWI Sharpe Ratio Rank: 42
EWI Sortino Ratio Rank: 41
EWI Omega Ratio Rank: 40
EWI Calmar Ratio Rank: 45
EWI Martin Ratio Rank: 50

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. EWI - 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 Italy ETF (EWI). 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	EWI	Difference
Sharpe ratio Return per unit of total volatility	0.85	1.50	-0.65
Sortino ratio Return per unit of downside risk	1.40	2.11	-0.70
Omega ratio Gain probability vs. loss probability	1.17	1.26	-0.09
Calmar ratio Return relative to maximum drawdown	1.29	2.27	-0.99
Martin ratio Return relative to average drawdown	4.13	8.49	-4.36
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. EWI - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.85, which is lower than the EWI Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of EURL and EWI, 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	EWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	1.50	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.76	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.57	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.23	-0.19

Drawdowns

EURL vs. EWI - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, which is greater than EWI's maximum drawdown of -70.38%. Use the drawdown chart below to compare losses from any high point for EURL and EWI.

Drawdown Indicators

	EURL	EWI	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-70.38%	-14.27%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-12.48%	-20.57%
Max Drawdown (3Y) Largest decline over 3 years	-38.81%	-16.80%	-22.01%
Max Drawdown (5Y) Largest decline over 5 years	-75.24%	-35.25%	-39.99%
Max Drawdown (10Y) Largest decline over 10 years	-84.65%	-43.00%	-41.65%
Current Drawdown Current decline from peak	-10.00%	-0.20%	-9.80%
Average Drawdown Average peak-to-trough decline	-36.99%	-28.95%	-8.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.29%	3.34%	+6.95%

Volatility

EURL vs. EWI - Volatility Comparison

Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 17.40% compared to iShares MSCI Italy ETF (EWI) at 6.94%. This indicates that EURL's price experiences larger fluctuations and is considered to be riskier than EWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURL	EWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.40%	6.94%	+10.46%
Volatility (6M) Calculated over the trailing 6-month period	38.33%	14.59%	+23.74%
Volatility (1Y) Calculated over the trailing 1-year period	46.18%	18.01%	+28.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.23%	21.09%	+32.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.80%	23.26%	+32.54%

EURL vs. EWI - Expense Ratio Comparison

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

Dividends

EURL vs. EWI - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.39%, less than EWI's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EURL Direxion Daily FTSE Europe Bull 3x Shares	1.39%	1.50%	3.51%	2.50%	1.80%	0.33%	0.41%	1.17%	3.07%	0.38%	0.00%	0.00%
EWI iShares MSCI Italy ETF	2.56%	2.80%	4.07%	3.40%	4.57%	2.63%	1.66%	3.80%	4.71%	2.19%	3.64%	2.31%

Frequently Asked Questions

Can I hold both EURL and EWI in my portfolio?

EURL and EWI 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.

Which is riskier, EURL or EWI?

EURL has higher volatility (17.40%) compared to EWI (6.94%). In terms of maximum drawdown, EURL dropped -84.65% vs EWI's -70.38%.

Which ETF is better, EURL or EWI?

On 10-year performance, EWI leads with 13.21% vs 8.63% for EURL. On fees, EWI is cheaper at 0.49% per year. On volatility, EWI has been the lower-risk option at 6.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EURL or EWI?

Over the 10-year period, EWI has performed better with a 13.21% return vs 8.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EURL or EWI?

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

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

EWI has the higher dividend yield at 2.56%, compared with 1.39% for EURL.

What is the main difference between EURL and EWI?

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

Which has better risk-adjusted returns?

EWI currently has the higher Sharpe Ratio (1.50 vs 0.85), 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.