EURL vs. PCEMX

Last updated Jun 3, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and PCEMX (PACE International Emerging Markets Equity Investments) are both funds - EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%), while PCEMX is a Emerging Markets Diversified fund managed by UBS. Over the past 10 years, EURL returned 8.63%/yr vs 10.28%/yr for PCEMX. A 0.60 correlation means they provide meaningful diversification when combined. EURL charges 1.07%/yr vs 1.20%/yr for PCEMX.

Performance

EURL vs. PCEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily FTSE Europe Bull 3x Shares (EURL) and PACE International Emerging Markets Equity Investments (PCEMX). 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 lower than PCEMX's 28.44% return. Over the past 10 years, EURL has underperformed PCEMX with an annualized return of 8.63%, while PCEMX has yielded a comparatively higher 10.28% 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%

PCEMX

• 1D: 1.12%
• 1M: 10.73%
• YTD: 28.44%
• 6M: 30.59%
• 1Y: 59.07%
• 3Y*: 24.16%
• 5Y*: 7.85%
• 10Y*: 10.28%

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

EURL vs. PCEMX - 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%
PCEMX PACE International Emerging Markets Equity Investments	28.44%	36.75%	4.15%	10.33%	-18.97%	-1.79%	20.13%	19.01%	-16.42%	34.14%

Correlation

The correlation between EURL and PCEMX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 23, 2014	0.60

Over the past year, the correlation between EURL and PCEMX has dropped to 0.36 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

Return for Risk

EURL vs. PCEMX — 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

PCEMX

PCEMX Risk / Return Rank: 92
PCEMX Sharpe Ratio Rank: 97
PCEMX Sortino Ratio Rank: 91
PCEMX Omega Ratio Rank: 92
PCEMX Calmar Ratio Rank: 89
PCEMX Martin Ratio Rank: 90

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. PCEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily FTSE Europe Bull 3x Shares (EURL) and PACE International Emerging Markets Equity Investments (PCEMX). 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	PCEMX	Difference
Sharpe ratio Return per unit of total volatility	0.85	3.68	-2.83
Sortino ratio Return per unit of downside risk	1.40	4.46	-3.06
Omega ratio Gain probability vs. loss probability	1.17	1.67	-0.50
Calmar ratio Return relative to maximum drawdown	1.29	4.53	-3.25
Martin ratio Return relative to average drawdown	4.13	18.25	-14.12
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. PCEMX - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.85, which is lower than the PCEMX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of EURL and PCEMX, 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	PCEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	3.68	-2.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.46	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.59	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.28	-0.23

Drawdowns

EURL vs. PCEMX - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, which is greater than PCEMX's maximum drawdown of -65.32%. Use the drawdown chart below to compare losses from any high point for EURL and PCEMX.

Drawdown Indicators

	EURL	PCEMX	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-65.32%	-19.33%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-14.42%	-18.63%
Max Drawdown (3Y) Largest decline over 3 years	-38.81%	-18.18%	-20.63%
Max Drawdown (5Y) Largest decline over 5 years	-75.24%	-36.27%	-38.97%
Max Drawdown (10Y) Largest decline over 10 years	-84.65%	-39.17%	-45.48%
Current Drawdown Current decline from peak	-10.00%	0.00%	-10.00%
Average Drawdown Average peak-to-trough decline	-36.99%	-20.88%	-16.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.29%	3.58%	+6.71%

Volatility

EURL vs. PCEMX - Volatility Comparison

Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 17.40% compared to PACE International Emerging Markets Equity Investments (PCEMX) at 6.64%. This indicates that EURL's price experiences larger fluctuations and is considered to be riskier than PCEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURL	PCEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.40%	6.64%	+10.76%
Volatility (6M) Calculated over the trailing 6-month period	38.33%	15.42%	+22.91%
Volatility (1Y) Calculated over the trailing 1-year period	46.18%	17.88%	+28.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.23%	17.46%	+35.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.80%	17.50%	+38.30%

EURL vs. PCEMX - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is lower than PCEMX's 1.20% expense ratio.

Dividends

EURL vs. PCEMX - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.39%, less than PCEMX's 3.82% 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%
PCEMX PACE International Emerging Markets Equity Investments	3.82%	4.91%	1.22%	1.44%	2.52%	11.70%	1.10%	1.04%	1.84%	1.16%	1.09%	1.09%

Frequently Asked Questions

Can I hold both EURL and PCEMX in my portfolio?

EURL and PCEMX have a correlation of 0.36, 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 PCEMX?

EURL has higher volatility (17.40%) compared to PCEMX (6.64%). In terms of maximum drawdown, EURL dropped -84.65% vs PCEMX's -65.32%.

Which has better risk-adjusted returns?

PCEMX currently has the higher Sharpe Ratio (3.68 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.