EURL vs. GUSH

Last updated Aug 2, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and GUSH (Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares) are both Leveraged Equities funds from Direxion - EURL tracks the FTSE Developed Europe Index (300%) while GUSH tracks the S&P Oil & Gas Exploration & Production Select Industry Index (300%). Both are passively managed. Over the past 10 years, EURL returned 11.21%/yr vs -34.13%/yr for GUSH. Their 0.39 correlation means their historical movements had little consistent relationship. EURL charges 1.07%/yr vs 1.17%/yr for GUSH.

Performance

EURL vs. GUSH - 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 S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EURL achieves a 19.99% return, which is significantly lower than GUSH's 84.27% return. Over the past 10 years, EURL has outperformed GUSH with an annualized return of 11.21%, while GUSH has yielded a comparatively lower -34.13% annualized return.

EURL

• 1D: -1.39%
• 1M: 3.10%
• 6M: 5.68%
• YTD: 19.99%
• 1Y: 59.89%
• 3Y*: 31.34%
• 5Y*: 7.64%
• 10Y*: 11.21%
• ALL TIME*: 2.97%

GUSH

• 1D: 2.66%
• 1M: 29.75%
• 6M: 50.64%
• YTD: 84.27%
• 1Y: 87.82%
• 3Y*: 5.22%
• 5Y*: 20.49%
• 10Y*: -34.13%
• ALL TIME*: -41.90%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EURL Direxion Daily FTSE Europe Bull 3x Shares	$543.36K	$647.46K	$1.03M
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	$34.81M	$32.68M	$31.93M

EURL vs. GUSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EURL Direxion Daily FTSE Europe Bull 3x Shares	19.99%	105.85%	-11.42%	44.19%	-54.41%	46.59%	-23.19%	72.61%	-46.39%	91.32%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	84.27%	-19.39%	-12.73%	-7.23%	66.47%	129.94%	-97.38%	-52.68%	-74.28%	-40.21%

Correlation

The correlation between EURL and GUSH is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.18
Correlation (3Y) Balances recent behavior with more history.	0.10
Correlation (5Y) Shows whether the relationship held over a longer period.	0.27
Correlation (10Y) Provides a long-term view across more market conditions.	0.37
Correlation (All Time) Calculated using the full available price history since May 29, 2015	0.39

The correlation between EURL and GUSH shifts across timeframes, from -0.18 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

EURL vs. GUSH - Sectors Allocation Comparison

Sectors	EURL	GUSH
Financial Services	23.5%	-
Industrials	20.3%	0.7%
Healthcare	12.4%	-
Technology	9.4%	0.6%
Consumer Defensive	7.7%	-
Consumer Cyclical	7.1%	-
Basic Materials	5.6%	4.3%
Energy	5.0%	95.1%
Utilities	4.4%	-
Communication Services	3.1%	-
Real Estate	1.6%	-

Return for Risk

EURL vs. GUSH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EURL

EURL Risk / Return Rank: 49
EURL Sharpe Ratio Rank: 49
EURL Sortino Ratio Rank: 50
EURL Omega Ratio Rank: 47
EURL Calmar Ratio Rank: 49
EURL Martin Ratio Rank: 47

GUSH

GUSH Risk / Return Rank: 52
GUSH Sharpe Ratio Rank: 55
GUSH Sortino Ratio Rank: 51
GUSH Omega Ratio Rank: 50
GUSH Calmar Ratio Rank: 59
GUSH Martin Ratio Rank: 42

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EURL vs. GUSH - 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 S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH). 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	GUSH	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.32	-0.11
Sortino ratio: Return per unit of downside risk	1.80	1.80	0.00
Omega ratio: Gain probability vs. loss probability	1.22	1.22	-0.01
Calmar ratio: Return relative to maximum drawdown	1.74	2.07	-0.33
Martin ratio: Return relative to average drawdown	5.37	4.68	+0.68

EURL vs. GUSH - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 1.21, which is comparable to the GUSH Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of EURL and GUSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EURL vs. GUSH - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, smaller than the maximum GUSH drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for EURL and GUSH.

Drawdown Indicators

	EURL	GUSH	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-99.98%	+15.33%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-36.18%	+3.13%
Max Drawdown (3Y) Largest decline over 3 years	-38.81%	-63.59%	+24.78%
Max Drawdown (5Y) Largest decline over 5 years	-75.24%	-73.64%	-1.60%
Max Drawdown (10Y) Largest decline over 10 years	-84.65%	-99.94%	+15.29%
Current Drawdown Current decline from peak	-3.74%	-99.77%	+96.03%
Average Drawdown Average peak-to-trough decline	-36.62%	-92.98%	+56.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.71%	16.04%	-5.33%

Volatility

EURL vs. GUSH - Volatility Comparison

The current volatility for Direxion Daily FTSE Europe Bull 3x Shares (EURL) is 13.53%, while Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares (GUSH) has a volatility of 16.40%. This indicates that EURL experiences smaller price fluctuations and is considered to be less risky than GUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURL	GUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.53%	16.40%	-2.87%
Volatility (6M) Calculated over the trailing 6-month period	41.54%	45.15%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	47.83%	56.92%	-9.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.54%	67.48%	-13.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.48%	92.83%	-38.35%

EURL vs. GUSH - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is lower than GUSH's 1.17% expense ratio.

Dividends

EURL vs. GUSH - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.50%, more than GUSH's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EURL Direxion Daily FTSE Europe Bull 3x Shares	1.50%	1.50%	3.51%	2.50%	1.80%	0.33%	0.41%	1.17%	3.07%	0.38%	0.00%
GUSH Direxion Daily S&P Oil & Gas Exploration & Production Bull 2x Shares	1.18%	2.60%	2.96%	3.00%	0.47%	0.00%	0.20%	1.68%	0.17%	0.00%	3.26%

Frequently Asked Questions

Can I hold both EURL and GUSH in my portfolio?

EURL and GUSH have a correlation of -0.18, 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 GUSH?

GUSH has higher volatility (16.40%) compared to EURL (13.53%). In terms of maximum drawdown, EURL dropped -84.65% vs GUSH's -99.98%.

Which ETF is better, EURL or GUSH?

On 10-year performance, EURL leads with 11.21% vs -34.13% for GUSH. On fees, EURL is cheaper at 1.07% per year. On volatility, EURL has been the lower-risk option at 13.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EURL or GUSH?

Over the 10-year period, EURL has performed better with a 11.21% return vs -34.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EURL or GUSH?

EURL is cheaper with a 1.07% expense ratio, compared with 1.17% for GUSH.

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

EURL has the higher dividend yield at 1.50%, compared with 1.18% for GUSH.

What is the main difference between EURL and GUSH?

EURL tracks FTSE Developed Europe Index (300%), while GUSH tracks S&P Oil & Gas Exploration & Production Select Industry Index (300%). Their fees differ too: 1.07% for EURL and 1.17% for GUSH.

Which has better risk-adjusted returns?

GUSH currently has the higher Sharpe Ratio (1.32 vs 1.21), 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.