EURL vs. USOY

Last updated Jun 3, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%), while USOY is a Derivative Income fund actively managed by Defiance. EURL is passively managed, while USOY is actively managed. Over the past year, EURL returned 39.22% vs 55.52% for USOY. At a correlation of -0.15, they often move in opposite directions. EURL charges 1.07%/yr vs 1.22%/yr for USOY.

Performance

EURL vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Defiance Oil Enhanced Options Income ETF (USOY). 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 USOY's 59.86% 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%

USOY

• 1D: 1.63%
• 1M: -1.93%
• YTD: 59.86%
• 6M: 58.33%
• 1Y: 55.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EURL vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EURL Direxion Daily FTSE Europe Bull 3x Shares	12.18%	105.85%	-24.44%
USOY Defiance Oil Enhanced Options Income ETF	59.86%	-7.93%	7.27%

Correlation

The correlation between EURL and USOY is -0.37, 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	-0.37
Correlation (All Time) Calculated using the full available price history since May 13, 2024	-0.15

Over the past year, the inverse relationship between EURL and USOY has strengthened: their correlation has moved from -0.15 to -0.37, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

EURL vs. USOY — 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

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 53
USOY Sortino Ratio Rank: 45
USOY Omega Ratio Rank: 54
USOY Calmar Ratio Rank: 79
USOY Martin Ratio Rank: 47

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio Return per unit of total volatility	0.85	1.83	-0.98
Sortino ratio Return per unit of downside risk	1.40	2.25	-0.84
Omega ratio Gain probability vs. loss probability	1.17	1.34	-0.17
Calmar ratio Return relative to maximum drawdown	1.29	4.10	-2.82
Martin ratio Return relative to average drawdown	4.13	7.91	-3.78
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. USOY - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.85, which is lower than the USOY Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of EURL and USOY, 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	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	1.83	-0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.96	-0.91

Drawdowns

EURL vs. USOY - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for EURL and USOY.

Drawdown Indicators

	EURL	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-17.46%	-67.19%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-14.29%	-18.76%
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	-10.00%	-6.47%	-3.53%
Average Drawdown Average peak-to-trough decline	-36.99%	-6.47%	-30.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.29%	7.42%	+2.87%

Volatility

EURL vs. USOY - Volatility Comparison

Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 17.40% compared to Defiance Oil Enhanced Options Income ETF (USOY) at 11.94%. This indicates that EURL's price experiences larger fluctuations and is considered to be riskier than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURL	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.40%	11.94%	+5.46%
Volatility (6M) Calculated over the trailing 6-month period	38.33%	27.16%	+11.17%
Volatility (1Y) Calculated over the trailing 1-year period	46.18%	30.46%	+15.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.23%	26.14%	+27.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.80%	26.14%	+29.66%

EURL vs. USOY - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

EURL vs. USOY - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.39%, less than USOY's 54.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
USOY Defiance Oil Enhanced Options Income ETF	54.95%	104.32%	48.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EURL and USOY in my portfolio?

EURL and USOY have a correlation of -0.37, 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 USOY?

EURL has higher volatility (17.40%) compared to USOY (11.94%). In terms of maximum drawdown, EURL dropped -84.65% vs USOY's -17.46%.

Which ETF is better, EURL or USOY?

On 1-year performance, USOY leads with 55.52% vs 39.22% for EURL. On fees, EURL is cheaper at 1.07% per year. On volatility, USOY has been the lower-risk option at 11.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EURL or USOY?

Over the 1-year period, USOY has performed better with a 55.52% return vs 39.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EURL or USOY?

EURL is cheaper with a 1.07% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.95%, compared with 1.39% for EURL.

What is the main difference between EURL and USOY?

EURL is categorized as Leveraged Equities, while USOY is Derivative Income. They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.07% for EURL and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.83 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.