EURL vs. SPXS
EURL (Direxion Daily FTSE Europe Bull 3x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, EURL returned 11.21%/yr vs -41.22%/yr for SPXS. Their -0.74 correlation means they have often moved in opposite directions in the past. EURL charges 1.07%/yr vs 1.08%/yr for SPXS.
Performance
EURL vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, EURL achieves a 19.99% return, which is significantly higher than SPXS's -23.70% return. Over the past 10 years, EURL has outperformed SPXS with an annualized return of 11.21%, while SPXS has yielded a comparatively lower -41.22% 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%
SPXS
- 1D
- -2.06%
- 1M
- -0.49%
- 6M
- -20.89%
- YTD
- -23.70%
- 1Y
- -41.03%
- 3Y*
- -38.58%
- 5Y*
- -32.70%
- 10Y*
- -41.22%
- ALL TIME*
- -44.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $543.36K | $647.46K | $1.03M | |
| $303.07M | $277.28M | $339.89M |
EURL vs. SPXS - 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -23.70% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between EURL and SPXS is -0.71, 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. | -0.71 |
Correlation (3Y) Balances recent behavior with more history. | -0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.73 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2014 | -0.74 |
The correlation between EURL and SPXS has been stable across timeframes, ranging from -0.74 to -0.67 - a consistent structural relationship.
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Return for Risk
EURL vs. SPXS — Risk / Return Rank
EURL
SPXS
EURL vs. SPXS - 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 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.20 | ||
| Sortino ratioReturn per unit of downside risk | +3.28 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.84 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | -0.88 | +2.62 |
| Martin ratioReturn relative to average drawdown | 5.37 | -1.43 | +6.80 |
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Drawdowns
EURL vs. SPXS - Drawdown Comparison
The maximum EURL drawdown since its inception was -84.65%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EURL and SPXS.
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Drawdown Indicators
| EURL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.65% | -100.00% | +15.35% |
Max Drawdown (1Y)Largest decline over 1 year | -33.05% | -43.64% | +10.59% |
Max Drawdown (3Y)Largest decline over 3 years | -38.81% | -84.13% | +45.32% |
Max Drawdown (5Y)Largest decline over 5 years | -75.24% | -90.11% | +14.87% |
Max Drawdown (10Y)Largest decline over 10 years | -84.65% | -99.56% | +14.91% |
Current DrawdownCurrent decline from peak | -3.74% | -100.00% | +96.26% |
Average DrawdownAverage peak-to-trough decline | -36.62% | -96.31% | +59.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.71% | 26.70% | -15.99% |
Volatility
EURL vs. SPXS - Volatility Comparison
Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 13.53% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.76%. This indicates that EURL's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EURL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.53% | 10.76% | +2.77% |
Volatility (6M)Calculated over the trailing 6-month period | 41.54% | 30.49% | +11.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.83% | 38.59% | +9.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.54% | 50.77% | +2.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.48% | 53.58% | +0.90% |
EURL vs. SPXS - Expense Ratio Comparison
EURL has a 1.07% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
EURL vs. SPXS - Dividend Comparison
EURL's dividend yield for the trailing twelve months is around 1.50%, less than SPXS's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.45% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
EURL and SPXS have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EURL has higher volatility (13.53%) compared to SPXS (10.76%). In terms of maximum drawdown, EURL dropped -84.65% vs SPXS's -100.00%.
On 10-year performance, EURL leads with 11.21% vs -41.22% for SPXS. On fees, EURL is cheaper at 1.07% per year. On volatility, SPXS has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EURL has performed better with a 11.21% return vs -41.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EURL is cheaper with a 1.07% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.45%, compared with 1.50% for EURL.
EURL is categorized as Leveraged Equities, while SPXS is Inverse Equities. EURL tracks FTSE Developed Europe Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.07% for EURL and 1.08% for SPXS.
EURL currently has the higher Sharpe Ratio (1.21 vs -0.99), 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.
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