EURL vs. VGK

Last updated Jun 24, 2026

EURL (Direxion Daily FTSE Europe Bull 3x Shares) and VGK (Vanguard FTSE Europe ETF) are both exchange-traded funds - EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%), while VGK is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, EURL returned 11.85%/yr vs 10.38%/yr for VGK. With a 0.99 correlation, they move nearly in lockstep. EURL charges 1.07%/yr vs 0.06%/yr for VGK.

Performance

EURL vs. VGK - 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 Europe ETF (VGK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EURL achieves a 7.25% return, which is significantly higher than VGK's 6.16% return. Over the past 10 years, EURL has outperformed VGK with an annualized return of 11.85%, while VGK has yielded a comparatively lower 10.38% annualized return.

EURL

• 1D: -4.78%
• 1M: -3.51%
• YTD: 7.25%
• 6M: 6.76%
• 1Y: 40.13%
• 3Y*: 31.43%
• 5Y*: 5.36%
• 10Y*: 11.85%

VGK

• 1D: -1.24%
• 1M: -0.13%
• YTD: 6.16%
• 6M: 6.16%
• 1Y: 19.10%
• 3Y*: 16.76%
• 5Y*: 8.57%
• 10Y*: 10.38%

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

EURL vs. VGK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EURL Direxion Daily FTSE Europe Bull 3x Shares	7.25%	105.85%	-11.42%	44.19%	-54.41%	46.59%	-23.19%	72.61%	-46.39%	91.32%
VGK Vanguard FTSE Europe ETF	6.16%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%

Correlation

The correlation between EURL and VGK is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 22, 2014	0.99

The correlation between EURL and VGK has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

EURL vs. VGK - Sectors Allocation Comparison

Sectors	EURL	VGK
Financial Services	23.5%	23.6%
Industrials	20.4%	19.3%
Healthcare	12.5%	11.9%
Technology	8.5%	8.2%
Consumer Defensive	7.9%	8.4%
Consumer Cyclical	7.0%	6.8%
Basic Materials	5.5%	5.3%
Energy	5.4%	5.3%
Utilities	4.7%	4.7%
Communication Services	3.1%	3.3%
Real Estate	1.6%	1.5%

Return for Risk

EURL vs. VGK — 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: 25
EURL Sortino Ratio Rank: 27
EURL Omega Ratio Rank: 26
EURL Calmar Ratio Rank: 26
EURL Martin Ratio Rank: 29

VGK

VGK Risk / Return Rank: 35
VGK Sharpe Ratio Rank: 35
VGK Sortino Ratio Rank: 35
VGK Omega Ratio Rank: 34
VGK Calmar Ratio Rank: 33
VGK Martin Ratio Rank: 39

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. VGK - 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 Europe ETF (VGK). 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	VGK	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.21	-0.37
Sortino ratio: Return per unit of downside risk	1.41	1.79	-0.38
Omega ratio: Gain probability vs. loss probability	1.17	1.22	-0.05
Calmar ratio: Return relative to maximum drawdown	1.22	1.59	-0.37
Martin ratio: Return relative to average drawdown	3.80	5.89	-2.09

EURL vs. VGK - Sharpe Ratio Comparison

The current EURL Sharpe Ratio is 0.84, which is lower than the VGK Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of EURL and VGK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EURL vs. VGK - Drawdown Comparison

The maximum EURL drawdown since its inception was -84.65%, which is greater than VGK's maximum drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for EURL and VGK.

Drawdown Indicators

	EURL	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-84.65%	-63.61%	-21.04%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-12.09%	-20.96%
Max Drawdown (3Y) Largest decline over 3 years	-38.81%	-14.31%	-24.50%
Max Drawdown (5Y) Largest decline over 5 years	-75.24%	-32.74%	-42.50%
Max Drawdown (10Y) Largest decline over 10 years	-84.65%	-37.24%	-47.41%
Current Drawdown Current decline from peak	-13.96%	-1.91%	-12.05%
Average Drawdown Average peak-to-trough decline	-36.86%	-13.31%	-23.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.59%	3.25%	+7.34%

Volatility

EURL vs. VGK - Volatility Comparison

Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a higher volatility of 15.92% compared to Vanguard FTSE Europe ETF (VGK) at 4.96%. This indicates that EURL's price experiences larger fluctuations and is considered to be riskier than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EURL	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.92%	4.96%	+10.96%
Volatility (6M) Calculated over the trailing 6-month period	40.62%	13.38%	+27.24%
Volatility (1Y) Calculated over the trailing 1-year period	47.94%	15.81%	+32.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.51%	17.96%	+35.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.72%	18.56%	+36.16%

EURL vs. VGK - Expense Ratio Comparison

EURL has a 1.07% expense ratio, which is higher than VGK's 0.06% expense ratio.

Dividends

EURL vs. VGK - Dividend Comparison

EURL's dividend yield for the trailing twelve months is around 1.46%, less than VGK's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EURL Direxion Daily FTSE Europe Bull 3x Shares	1.46%	1.50%	3.51%	2.50%	1.80%	0.33%	0.41%	1.17%	3.07%	0.38%	0.00%	0.00%
VGK Vanguard FTSE Europe ETF	2.95%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both EURL and VGK in my portfolio?

With a correlation of 0.97, EURL and VGK 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 VGK?

EURL has higher volatility (15.92%) compared to VGK (4.96%). In terms of maximum drawdown, EURL dropped -84.65% vs VGK's -63.61%.

Which ETF is better, EURL or VGK?

On 10-year performance, EURL leads with 11.85% vs 10.38% for VGK. On fees, VGK is cheaper at 0.06% per year. On volatility, VGK has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EURL or VGK?

Over the 10-year period, EURL has performed better with a 11.85% return vs 10.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EURL or VGK?

VGK is cheaper with a 0.06% expense ratio, compared with 1.07% for EURL.

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

VGK has the higher dividend yield at 2.95%, compared with 1.46% for EURL.

What is the main difference between EURL and VGK?

EURL is categorized as Leveraged Equities, while VGK is Europe Equities. EURL tracks FTSE Developed Europe Index (300%), while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: Direxion and Vanguard. Their fees differ too: 1.07% for EURL and 0.06% for VGK.

Which has better risk-adjusted returns?

VGK currently has the higher Sharpe Ratio (1.21 vs 0.84), 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.