EURL vs. NUGT

Last updated Jun 3, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and NUGT (Direxion Daily Gold Miners Bull 2X Shares) are both Leveraged Equities funds from Direxion - EURL tracks the FTSE Developed Europe Index (300%) while NUGT tracks the NYSE Arca Gold Miners Index (300%). Both are passively managed. Over the past 10 years, EURL returned 8.63%/yr vs -7.91%/yr for NUGT. At a 0.26 correlation, their price movements are largely independent. EURL charges 1.07%/yr vs 1.23%/yr for NUGT.

Performance

EURL vs. NUGT - 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 Gold Miners Bull 2X Shares (NUGT). 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 NUGT's -10.08% return. Over the past 10 years, EURL has outperformed NUGT with an annualized return of 8.63%, while NUGT has yielded a comparatively lower -7.91% 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%

NUGT

• 1D: 2.75%
• 1M: -0.61%
• YTD: -10.08%
• 6M: -0.84%
• 1Y: 106.27%
• 3Y*: 64.69%
• 5Y*: 18.60%
• 10Y*: -7.91%

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

EURL vs. NUGT - 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%
NUGT Direxion Daily Gold Miners Bull 2X Shares	-10.08%	425.05%	2.89%	2.60%	-32.10%	-26.31%	-60.16%	100.73%	-44.52%	3.73%

Correlation

The correlation between EURL and NUGT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 23, 2014	0.26

The correlation between EURL and NUGT shifts across timeframes, from 0.26 (all time) to 0.43 (3 years), reflecting how their relationship changes across market environments.

EURL vs. NUGT - Sectors Allocation Comparison

Sectors	EURL	NUGT
Financial Services	23.0%	-
Industrials	19.8%	-
Healthcare	13.2%	-
Consumer Defensive	8.2%	-
Technology	7.9%	-
Consumer Cyclical	7.2%	-
Energy	5.7%	-
Basic Materials	5.5%	100.0%
Utilities	4.8%	-
Communication Services	3.3%	-
Real Estate	1.6%	-

Return for Risk

EURL vs. NUGT — 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

NUGT

NUGT Risk / Return Rank: 37
NUGT Sharpe Ratio Rank: 33
NUGT Sortino Ratio Rank: 32
NUGT Omega Ratio Rank: 37
NUGT Calmar Ratio Rank: 49
NUGT Martin Ratio Rank: 36

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. NUGT - 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 Gold Miners Bull 2X Shares (NUGT). 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	NUGT	Difference
Sharpe ratio Return per unit of total volatility	0.85	1.19	-0.34
Sortino ratio Return per unit of downside risk	1.40	1.74	-0.34
Omega ratio Gain probability vs. loss probability	1.17	1.24	-0.07
Calmar ratio Return relative to maximum drawdown	1.29	2.45	-1.17
Martin ratio Return relative to average drawdown	4.13	5.67	-1.55
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. NUGT - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.85, which is comparable to the NUGT Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of EURL and NUGT, 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	NUGT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	1.19	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.26	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	-0.09	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	-0.33	+0.37

Drawdowns

EURL vs. NUGT - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, smaller than the maximum NUGT drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for EURL and NUGT.

Drawdown Indicators

	EURL	NUGT	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-99.97%	+15.32%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-53.58%	+20.53%
Max Drawdown (3Y) Largest decline over 3 years	-38.81%	-53.58%	+14.77%
Max Drawdown (5Y) Largest decline over 5 years	-75.24%	-73.72%	-1.52%
Max Drawdown (10Y) Largest decline over 10 years	-84.65%	-96.91%	+12.26%
Current Drawdown Current decline from peak	-10.00%	-99.79%	+89.79%
Average Drawdown Average peak-to-trough decline	-36.99%	-91.52%	+54.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.29%	23.18%	-12.89%

Volatility

EURL vs. NUGT - Volatility Comparison

The current volatility for Direxion Daily FTSE Europe Bull 3x Shares (EURL) is 17.40%, while Direxion Daily Gold Miners Bull 2X Shares (NUGT) has a volatility of 29.69%. This indicates that EURL experiences smaller price fluctuations and is considered to be less risky than NUGT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURL	NUGT	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.40%	29.69%	-12.29%
Volatility (6M) Calculated over the trailing 6-month period	38.33%	74.87%	-36.54%
Volatility (1Y) Calculated over the trailing 1-year period	46.18%	90.50%	-44.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.23%	71.97%	-18.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.80%	87.90%	-32.10%

EURL vs. NUGT - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is lower than NUGT's 1.23% expense ratio.

Dividends

EURL vs. NUGT - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.39%, more than NUGT's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
NUGT Direxion Daily Gold Miners Bull 2X Shares	0.34%	0.22%	1.79%	1.67%	0.70%	0.00%	0.00%	0.63%	0.57%	0.00%

Frequently Asked Questions

Can I hold both EURL and NUGT in my portfolio?

EURL and NUGT have a correlation of 0.42, 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 NUGT?

NUGT has higher volatility (29.69%) compared to EURL (17.40%). In terms of maximum drawdown, EURL dropped -84.65% vs NUGT's -99.97%.

Which ETF is better, EURL or NUGT?

On 10-year performance, EURL leads with 8.63% vs -7.91% for NUGT. On fees, EURL is cheaper at 1.07% per year. On volatility, EURL has been the lower-risk option at 17.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EURL or NUGT?

Over the 10-year period, EURL has performed better with a 8.63% return vs -7.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EURL or NUGT?

EURL is cheaper with a 1.07% expense ratio, compared with 1.23% for NUGT.

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

EURL has the higher dividend yield at 1.39%, compared with 0.34% for NUGT.

What is the main difference between EURL and NUGT?

EURL tracks FTSE Developed Europe Index (300%), while NUGT tracks NYSE Arca Gold Miners Index (300%). Their fees differ too: 1.07% for EURL and 1.23% for NUGT.

Which has better risk-adjusted returns?

NUGT currently has the higher Sharpe Ratio (1.19 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.