EURL vs. HFGM

Last updated Jun 13, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and HFGM (Unlimited HFGM Global Macro ETF) are both exchange-traded funds - EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%), while HFGM is a Macro Trading fund actively managed by Unlimited. EURL is passively managed, while HFGM is actively managed. Over the past year, EURL returned 36.64% vs 31.50% for HFGM. A 0.61 correlation means they provide meaningful diversification when combined. EURL charges 1.07%/yr vs 0.95%/yr for HFGM.

Performance

EURL vs. HFGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Unlimited HFGM Global Macro ETF (HFGM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EURL achieves a 13.73% return, which is significantly higher than HFGM's 10.94% return.

EURL

• 1D: -0.06%
• 1M: 5.44%
• YTD: 13.73%
• 6M: 19.84%
• 1Y: 36.64%
• 3Y*: 31.61%
• 5Y*: 5.43%
• 10Y*: 11.27%

HFGM

• 1D: 0.91%
• 1M: -7.19%
• YTD: 10.94%
• 6M: 10.72%
• 1Y: 31.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EURL vs. HFGM - Yearly Performance Comparison

	2026 (YTD)	2025
EURL Direxion Daily FTSE Europe Bull 3x Shares	13.73%	73.39%
HFGM Unlimited HFGM Global Macro ETF	10.94%	26.88%

Correlation

The correlation between EURL and HFGM is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.61

The correlation between EURL and HFGM has been stable across timeframes, ranging from 0.61 to 0.61 - a consistent structural relationship.

Return for Risk

EURL vs. HFGM — 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: 27
EURL Omega Ratio Rank: 26
EURL Calmar Ratio Rank: 26
EURL Martin Ratio Rank: 28

HFGM

HFGM Risk / Return Rank: 49
HFGM Sharpe Ratio Rank: 45
HFGM Sortino Ratio Rank: 42
HFGM Omega Ratio Rank: 44
HFGM Calmar Ratio Rank: 66
HFGM 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. HFGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Unlimited HFGM Global Macro ETF (HFGM). 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	HFGM	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.38	-0.62
Sortino ratio: Return per unit of downside risk	1.33	1.91	-0.58
Omega ratio: Gain probability vs. loss probability	1.16	1.25	-0.09
Calmar ratio: Return relative to maximum drawdown	1.11	2.88	-1.77
Martin ratio: Return relative to average drawdown	3.50	7.47	-3.97

EURL vs. HFGM - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.77, which is lower than the HFGM Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of EURL and HFGM, 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. HFGM - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, which is greater than HFGM's maximum drawdown of -10.97%. Use the drawdown chart below to compare losses from any high point for EURL and HFGM.

Drawdown Indicators

	EURL	HFGM	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-10.97%	-73.68%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-10.97%	-22.08%
Max Drawdown (3Y) Largest decline over 3 years	-38.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-75.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-84.65%	—	—
Current Drawdown Current decline from peak	-8.76%	-8.59%	-0.17%
Average Drawdown Average peak-to-trough decline	-36.91%	-2.82%	-34.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.56%	4.24%	+6.32%

Volatility

EURL vs. HFGM - Volatility Comparison

Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 17.98% compared to Unlimited HFGM Global Macro ETF (HFGM) at 5.17%. This indicates that EURL's price experiences larger fluctuations and is considered to be riskier than HFGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURL	HFGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.98%	5.17%	+12.81%
Volatility (6M) Calculated over the trailing 6-month period	40.51%	17.78%	+22.73%
Volatility (1Y) Calculated over the trailing 1-year period	48.09%	22.89%	+25.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.55%	21.78%	+31.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.82%	21.78%	+34.04%

EURL vs. HFGM - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is higher than HFGM's 0.95% expense ratio.

Dividends

EURL vs. HFGM - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.37%, less than HFGM's 10.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
HFGM Unlimited HFGM Global Macro ETF	10.13%	11.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EURL and HFGM in my portfolio?

EURL and HFGM have a correlation of 0.61, 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 HFGM?

EURL has higher volatility (17.98%) compared to HFGM (5.17%). In terms of maximum drawdown, EURL dropped -84.65% vs HFGM's -10.97%.

Which ETF is better, EURL or HFGM?

On 1-year performance, EURL leads with 36.64% vs 31.50% for HFGM. On fees, HFGM is cheaper at 0.95% per year. On volatility, HFGM has been the lower-risk option at 5.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EURL or HFGM?

Over the 1-year period, EURL has performed better with a 36.64% return vs 31.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EURL or HFGM?

HFGM is cheaper with a 0.95% expense ratio, compared with 1.07% for EURL.

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

HFGM has the higher dividend yield at 10.13%, compared with 1.37% for EURL.

What is the main difference between EURL and HFGM?

EURL is categorized as Leveraged Equities, while HFGM is Macro Trading. They also come from different issuers: Direxion and Unlimited. Their fees differ too: 1.07% for EURL and 0.95% for HFGM.

Which has better risk-adjusted returns?

HFGM currently has the higher Sharpe Ratio (1.38 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.