PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EURL vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EURL vs. SPXS

Last updated Jun 3, 2026

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 8.63%/yr vs -42.14%/yr for SPXS. At a correlation of -0.74, they often move in opposite directions. EURL charges 1.07%/yr vs 1.08%/yr for SPXS.

Performance

EURL vs. SPXS - 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 S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EURL achieves a 12.18% return, which is significantly higher than SPXS's -27.08% return. Over the past 10 years, EURL has outperformed SPXS with an annualized return of 8.63%, while SPXS has yielded a comparatively lower -42.14% 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%

SPXS

1D
-0.39%
1M
-14.03%
YTD
-27.08%
6M
-27.23%
1Y
-50.67%
3Y*
-43.09%
5Y*
-35.40%
10Y*
-42.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EURL vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPXS
Direxion Daily S&P 500 Bear 3X Shares		-27.08%-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 -0.69, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.69

Correlation (3Y)
Calculated over the trailing 3-year period

-0.67

Correlation (5Y)
Calculated over the trailing 5-year period

-0.71

Correlation (10Y)
Calculated over the trailing 10-year period

-0.73

Correlation (All Time)
Calculated using the full available price history since Jan 23, 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.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily FTSE Europe Bull 3x Shares

Direxion Daily S&P 500 Bear 3X Shares

Often compared with EURL:
EURL vs. EUFNEURL vs. UPVEURL vs. QQQEURL vs. SOXLEURL vs. VGKEURL vs. TQQQEURL vs. SPY
Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

EURL vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EURL
EURL Risk / Return Rank: 2626
Overall Rank
EURL Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EURL Sortino Ratio Rank: 2626
Sortino Ratio Rank
EURL Omega Ratio Rank: 2525
Omega Ratio Rank
EURL Calmar Ratio Rank: 2626
Calmar Ratio Rank
EURL Martin Ratio Rank: 2828
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 00
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 00
Calmar Ratio Rank
SPXS Martin Ratio Rank: 00
Martin Ratio Rank
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. 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.

EURLSPXSDifference

Sharpe ratio

Return per unit of total volatility

0.85

-1.43

+2.29

Sortino ratio

Return per unit of downside risk

1.40

-2.45

+3.85

Omega ratio

Gain probability vs. loss probability

1.17

0.74

+0.43

Calmar ratio

Return relative to maximum drawdown

1.29

-1.01

+2.30

Martin ratio

Return relative to average drawdown

4.13

-1.72

+5.85

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. SPXS - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.85, which is higher than the SPXS Sharpe Ratio of -1.43. The chart below compares the historical Sharpe Ratios of EURL and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

EURLSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.85

-1.43

+2.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.11

-0.71

+0.82

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

-0.79

+0.94

Sharpe Ratio (All Time)

Calculated using the full available price history

0.04

-0.84

+0.88

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.

Loading charts...

Drawdown Indicators

EURLSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-84.65%

-100.00%

+15.35%

Max Drawdown (1Y)

Largest decline over 1 year

-33.05%

-50.77%

+17.72%

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%

-99.63%

+14.98%

Current Drawdown

Current decline from peak

-10.00%

-100.00%

+90.00%

Average Drawdown

Average peak-to-trough decline

-36.99%

-96.30%

+59.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.29%

29.88%

-19.59%

Volatility

EURL vs. SPXS - Volatility Comparison

Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 17.40% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.20%. 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.

Loading charts...

Volatility by Period

EURLSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.40%

8.20%

+9.20%

Volatility (6M)

Calculated over the trailing 6-month period

38.33%

26.76%

+11.57%

Volatility (1Y)

Calculated over the trailing 1-year period

46.18%

35.48%

+10.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

53.23%

50.38%

+2.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

55.80%

53.55%

+2.25%

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 1.39%, less than SPXS's 5.02% yield.

PositionTTM202520242023202220212020201920182017
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%
SPXS
Direxion Daily S&P 500 Bear 3X Shares		5.02%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 -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EURL has higher volatility (17.40%) compared to SPXS (8.20%). In terms of maximum drawdown, EURL dropped -84.65% vs SPXS's -100.00%.

On 10-year performance, EURL leads with 8.63% vs -42.14% for SPXS. On fees, EURL is cheaper at 1.07% per year. On volatility, SPXS has been the lower-risk option at 8.20%. 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 8.63% return vs -42.14%. 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 5.02%, compared with 1.39% 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 (0.85 vs -1.43), 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.

Portfolio Optimizer

Find the right allocation for EURL and SPXS

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer