EURL vs. TMF
EURL (Direxion Daily FTSE Europe Bull 3x Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, EURL returned 11.91%/yr vs -16.47%/yr for TMF. At a correlation of -0.10, they often move in opposite directions. EURL charges 1.07%/yr vs 1.01%/yr for TMF.
Performance
EURL vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, EURL achieves a 7.83% return, which is significantly higher than TMF's 0.08% return. Over the past 10 years, EURL has outperformed TMF with an annualized return of 11.91%, while TMF has yielded a comparatively lower -16.47% annualized return.
EURL
- 1D
- -0.32%
- 1M
- -2.99%
- YTD
- 7.83%
- 6M
- 6.90%
- 1Y
- 34.40%
- 3Y*
- 31.66%
- 5Y*
- 5.37%
- 10Y*
- 11.91%
TMF
- 1D
- 3.90%
- 1M
- 10.18%
- YTD
- 0.08%
- 6M
- -2.86%
- 1Y
- -0.04%
- 3Y*
- -19.78%
- 5Y*
- -30.25%
- 10Y*
- -16.47%
EURL vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EURL Direxion Daily FTSE Europe Bull 3x Shares | 7.83% | 105.85% | -11.42% | 44.19% | -54.41% | 46.59% | -23.19% | 72.61% | -46.39% | 91.32% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 0.08% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between EURL and TMF 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 | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2014 | -0.10 |
The correlation between EURL and TMF shifts across timeframes, from -0.10 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EURL vs. TMF — Risk / Return Rank
EURL
TMF
EURL vs. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.02 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | -0.00 | +1.05 |
| Martin ratioReturn relative to average drawdown | 3.25 | -0.00 | +3.25 |
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Drawdowns
EURL vs. TMF - Drawdown Comparison
The maximum EURL drawdown since its inception was -84.65%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for EURL and TMF.
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Drawdown Indicators
| EURL | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.65% | -92.89% | +8.24% |
Max Drawdown (1Y)Largest decline over 1 year | -33.05% | -26.51% | -6.54% |
Max Drawdown (3Y)Largest decline over 3 years | -38.81% | -56.09% | +17.28% |
Max Drawdown (5Y)Largest decline over 5 years | -75.24% | -88.81% | +13.57% |
Max Drawdown (10Y)Largest decline over 10 years | -84.65% | -92.89% | +8.24% |
Current DrawdownCurrent decline from peak | -13.49% | -91.71% | +78.22% |
Average DrawdownAverage peak-to-trough decline | -36.85% | -43.78% | +6.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.62% | 12.28% | -1.66% |
Volatility
EURL vs. TMF - Volatility Comparison
Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 15.66% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.26%. This indicates that EURL's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EURL | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.66% | 7.26% | +8.40% |
Volatility (6M)Calculated over the trailing 6-month period | 40.51% | 19.68% | +20.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.83% | 28.15% | +19.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.49% | 46.63% | +6.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.71% | 43.87% | +10.84% |
EURL vs. TMF - Expense Ratio Comparison
EURL has a 1.07% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
EURL vs. TMF - Dividend Comparison
EURL's dividend yield for the trailing twelve months is around 1.67%, less than TMF's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EURL Direxion Daily FTSE Europe Bull 3x Shares | 1.67% | 1.50% | 3.51% | 2.50% | 1.80% | 0.33% | 0.41% | 1.17% | 3.07% | 0.38% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 3.95% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
EURL and TMF 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.
EURL has higher volatility (15.66%) compared to TMF (7.26%). In terms of maximum drawdown, EURL dropped -84.65% vs TMF's -92.89%.
On 10-year performance, EURL leads with 11.91% vs -16.47% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.26%. 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 11.91% return vs -16.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.07% for EURL.
TMF has the higher dividend yield at 3.95%, compared with 1.67% for EURL.
EURL is categorized as Leveraged Equities, while TMF is Leveraged Bonds. EURL tracks FTSE Developed Europe Index (300%), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.07% for EURL and 1.01% for TMF.
EURL currently has the higher Sharpe Ratio (0.73 vs -0.00), 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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