EURL vs. ORR

Last updated Jun 14, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and ORR (Militia Long/Short Equity ETF) are both exchange-traded funds - EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%), while ORR is a Long-Short fund actively managed by Militia Investments. EURL is passively managed, while ORR is actively managed. Over the past year, EURL returned 43.44% vs 24.62% for ORR. At a 0.49 correlation, their price movements are largely independent. EURL charges 1.07%/yr vs 14.19%/yr for ORR.

Performance

EURL vs. ORR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Militia Long/Short Equity ETF (ORR). 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 ORR's 5.06% return.

EURL

• 1D: -0.06%
• 1M: 12.42%
• YTD: 13.73%
• 6M: 19.84%
• 1Y: 43.44%
• 3Y*: 31.61%
• 5Y*: 5.43%
• 10Y*: 11.27%

ORR

• 1D: 0.62%
• 1M: -1.91%
• YTD: 5.06%
• 6M: 7.33%
• 1Y: 24.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EURL vs. ORR - Yearly Performance Comparison

	2026 (YTD)	2025
EURL Direxion Daily FTSE Europe Bull 3x Shares	13.73%	108.15%
ORR Militia Long/Short Equity ETF	5.06%	31.99%

Correlation

The correlation between EURL and ORR is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.49

The correlation between EURL and ORR has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.

Return for Risk

EURL vs. ORR — 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

ORR

ORR Risk / Return Rank: 57
ORR Sharpe Ratio Rank: 63
ORR Sortino Ratio Rank: 63
ORR Omega Ratio Rank: 58
ORR Calmar Ratio Rank: 57
ORR Martin Ratio Rank: 44

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. ORR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Militia Long/Short Equity ETF (ORR). 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	ORR	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.81	-1.05
Sortino ratio: Return per unit of downside risk	1.33	2.54	-1.21
Omega ratio: Gain probability vs. loss probability	1.16	1.31	-0.15
Calmar ratio: Return relative to maximum drawdown	1.11	2.51	-1.40
Martin ratio: Return relative to average drawdown	3.50	6.32	-2.82

EURL vs. ORR - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.77, which is lower than the ORR Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of EURL and ORR, 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. ORR - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, which is greater than ORR's maximum drawdown of -9.90%. Use the drawdown chart below to compare losses from any high point for EURL and ORR.

Drawdown Indicators

	EURL	ORR	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-9.90%	-74.75%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-9.90%	-23.15%
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%	-8.16%	-0.60%
Average Drawdown Average peak-to-trough decline	-36.91%	-2.31%	-34.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.56%	3.93%	+6.63%

Volatility

EURL vs. ORR - Volatility Comparison

Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 17.98% compared to Militia Long/Short Equity ETF (ORR) at 4.07%. This indicates that EURL's price experiences larger fluctuations and is considered to be riskier than ORR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURL	ORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.98%	4.07%	+13.91%
Volatility (6M) Calculated over the trailing 6-month period	40.51%	11.16%	+29.35%
Volatility (1Y) Calculated over the trailing 1-year period	48.09%	13.74%	+34.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.55%	15.34%	+38.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.82%	15.34%	+40.48%

EURL vs. ORR - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is lower than ORR's 14.19% expense ratio.

Dividends

EURL vs. ORR - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.37%, while ORR has not paid dividends to shareholders.

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%
ORR Militia Long/Short Equity ETF	0.00%	0.00%	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 ORR in my portfolio?

EURL and ORR have a correlation of 0.51, 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 ORR?

EURL has higher volatility (17.98%) compared to ORR (4.07%). In terms of maximum drawdown, EURL dropped -84.65% vs ORR's -9.90%.

Which ETF is better, EURL or ORR?

On 1-year performance, EURL leads with 43.44% vs 24.62% for ORR. On fees, EURL is cheaper at 1.07% per year. On volatility, ORR has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EURL or ORR?

Over the 1-year period, EURL has performed better with a 43.44% return vs 24.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EURL or ORR?

EURL is cheaper with a 1.07% expense ratio, compared with 14.19% for ORR.

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

EURL has the higher dividend yield at 1.37%, compared with 0.00% for ORR.

What is the main difference between EURL and ORR?

EURL is categorized as Leveraged Equities, while ORR is Long-Short. They also come from different issuers: Direxion and Militia Investments. Their fees differ too: 1.07% for EURL and 14.19% for ORR.

Which has better risk-adjusted returns?

ORR currently has the higher Sharpe Ratio (1.81 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.