EURL vs. VEA

Last updated Jun 3, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and VEA (Vanguard FTSE Developed Markets ETF) are both exchange-traded funds - EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%), while VEA is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index. Both are passively managed. Over the past 10 years, EURL returned 8.63%/yr vs 10.27%/yr for VEA. With a 0.95 correlation, they move nearly in lockstep. EURL charges 1.07%/yr vs 0.03%/yr for VEA.

Performance

EURL vs. VEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Vanguard FTSE Developed Markets ETF (VEA). 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 VEA's 15.96% return. Over the past 10 years, EURL has underperformed VEA with an annualized return of 8.63%, while VEA has yielded a comparatively higher 10.27% 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%

VEA

• 1D: 0.63%
• 1M: 5.24%
• YTD: 15.96%
• 6M: 19.86%
• 1Y: 32.71%
• 3Y*: 20.13%
• 5Y*: 10.01%
• 10Y*: 10.27%

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

EURL vs. VEA - 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%
VEA Vanguard FTSE Developed Markets ETF	15.96%	35.16%	3.15%	17.93%	-15.34%	11.66%	9.71%	22.62%	-14.75%	26.42%

Correlation

The correlation between EURL and VEA is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 23, 2014	0.95

The correlation between EURL and VEA has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

EURL vs. VEA - Sectors Allocation Comparison

Sectors	EURL	VEA
Financial Services	23.0%	23.3%
Industrials	19.8%	19.2%
Healthcare	13.2%	8.2%
Consumer Defensive	8.2%	5.6%
Technology	7.9%	13.8%
Consumer Cyclical	7.2%	7.5%
Energy	5.7%	5.4%
Basic Materials	5.5%	7.5%
Utilities	4.8%	3.3%
Communication Services	3.3%	3.4%
Real Estate	1.6%	2.7%

Return for Risk

EURL vs. VEA — 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

VEA

VEA Risk / Return Rank: 61
VEA Sharpe Ratio Rank: 62
VEA Sortino Ratio Rank: 61
VEA Omega Ratio Rank: 62
VEA Calmar Ratio Rank: 59
VEA Martin Ratio Rank: 63

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. VEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily FTSE Europe Bull 3x Shares (EURL) and Vanguard FTSE Developed Markets ETF (VEA). 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	VEA	Difference
Sharpe ratio Return per unit of total volatility	0.85	2.10	-1.25
Sortino ratio Return per unit of downside risk	1.40	2.89	-1.49
Omega ratio Gain probability vs. loss probability	1.17	1.38	-0.21
Calmar ratio Return relative to maximum drawdown	1.29	2.94	-1.66
Martin ratio Return relative to average drawdown	4.13	11.50	-7.38
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. VEA - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.85, which is lower than the VEA Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of EURL and VEA, 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	VEA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	2.10	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.61	-0.49
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	0.25	-0.20

Drawdowns

EURL vs. VEA - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, which is greater than VEA's maximum drawdown of -60.68%. Use the drawdown chart below to compare losses from any high point for EURL and VEA.

Drawdown Indicators

	EURL	VEA	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-60.68%	-23.97%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-11.63%	-21.42%
Max Drawdown (3Y) Largest decline over 3 years	-38.81%	-13.45%	-25.36%
Max Drawdown (5Y) Largest decline over 5 years	-75.24%	-29.71%	-45.53%
Max Drawdown (10Y) Largest decline over 10 years	-84.65%	-35.73%	-48.92%
Current Drawdown Current decline from peak	-10.00%	0.00%	-10.00%
Average Drawdown Average peak-to-trough decline	-36.99%	-13.29%	-23.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.29%	2.98%	+7.31%

Volatility

EURL vs. VEA - Volatility Comparison

Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 17.40% compared to Vanguard FTSE Developed Markets ETF (VEA) at 5.73%. This indicates that EURL's price experiences larger fluctuations and is considered to be riskier than VEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURL	VEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.40%	5.73%	+11.67%
Volatility (6M) Calculated over the trailing 6-month period	38.33%	13.30%	+25.03%
Volatility (1Y) Calculated over the trailing 1-year period	46.18%	15.66%	+30.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.23%	16.55%	+36.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.80%	17.36%	+38.44%

EURL vs. VEA - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is higher than VEA's 0.03% expense ratio.

Dividends

EURL vs. VEA - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.39%, less than VEA's 2.59% 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%
VEA Vanguard FTSE Developed Markets ETF	2.59%	3.22%	3.35%	3.15%	2.91%	3.16%	2.04%	3.04%	3.35%	2.77%	3.05%	2.92%

Frequently Asked Questions

Can I hold both EURL and VEA in my portfolio?

With a correlation of 0.92, EURL and VEA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EURL or VEA?

EURL has higher volatility (17.40%) compared to VEA (5.73%). In terms of maximum drawdown, EURL dropped -84.65% vs VEA's -60.68%.

Which ETF is better, EURL or VEA?

On 10-year performance, VEA leads with 10.27% vs 8.63% for EURL. On fees, VEA is cheaper at 0.03% per year. On volatility, VEA has been the lower-risk option at 5.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EURL or VEA?

Over the 10-year period, VEA has performed better with a 10.27% return vs 8.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EURL or VEA?

VEA is cheaper with a 0.03% expense ratio, compared with 1.07% for EURL.

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

VEA has the higher dividend yield at 2.59%, compared with 1.39% for EURL.

What is the main difference between EURL and VEA?

EURL is categorized as Leveraged Equities, while VEA is Foreign Large Cap Equities. EURL tracks FTSE Developed Europe Index (300%), while VEA tracks FTSE Developed All Cap ex US Index. They also come from different issuers: Direxion and Vanguard. Their fees differ too: 1.07% for EURL and 0.03% for VEA.

Which has better risk-adjusted returns?

VEA currently has the higher Sharpe Ratio (2.10 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.