HFEQ vs. EURL

Last updated Jul 17, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and EURL (Direxion Daily FTSE Europe Bull 3x Shares) are both exchange-traded funds - HFEQ is a Long-Short fund actively managed by Unlimited, while EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%). HFEQ is actively managed, while EURL is passively managed. A 0.72 correlation means they provide meaningful diversification when combined. HFEQ charges 1.00%/yr vs 1.07%/yr for EURL.

Performance

HFEQ vs. EURL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Direxion Daily FTSE Europe Bull 3x Shares (EURL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HFEQ

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EURL

• 1D: -0.99%
• 1M: -1.46%
• 6M: 4.62%
• YTD: 13.55%
• 1Y: 38.77%
• 3Y*: 28.36%
• 5Y*: 7.92%
• 10Y*: 10.83%

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

HFEQ vs. EURL - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.98%	14.35%
EURL Direxion Daily FTSE Europe Bull 3x Shares	13.55%	20.93%

Correlation

The correlation between HFEQ and EURL is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.72

The correlation between HFEQ and EURL has been stable across timeframes, ranging from 0.72 to 0.72 - a consistent structural relationship.

Return for Risk

HFEQ vs. EURL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HFEQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

EURL

EURL Risk / Return Rank: 29
EURL Sharpe Ratio Rank: 27
EURL Sortino Ratio Rank: 31
EURL Omega Ratio Rank: 28
EURL Calmar Ratio Rank: 29
EURL Martin Ratio Rank: 31

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.

HFEQ vs. EURL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Direxion Daily FTSE Europe Bull 3x Shares (EURL). 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.

	HFEQ	EURL	Difference
Sharpe ratio: Return per unit of total volatility	—	0.82	—
Sortino ratio: Return per unit of downside risk	—	1.38	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	1.18	—
Martin ratio: Return relative to average drawdown	—	3.59	—

Drawdowns

Drawdown Indicators

	HFEQ	EURL	Difference
Max Drawdown Largest peak-to-trough decline	—	-84.65%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-33.05%	—
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	—	-8.90%	—
Average Drawdown Average peak-to-trough decline	—	-36.72%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.84%	—

Volatility

Volatility by Period

	HFEQ	EURL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.29%	—
Volatility (6M) Calculated over the trailing 6-month period	—	41.23%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	47.79%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	53.52%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	54.41%	—

HFEQ vs. EURL - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is lower than EURL's 1.07% expense ratio.

Dividends

HFEQ vs. EURL - Dividend Comparison

HFEQ has not paid dividends to shareholders, while EURL's dividend yield for the trailing twelve months is around 1.59%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EURL Direxion Daily FTSE Europe Bull 3x Shares	1.59%	1.50%	3.51%	2.50%	1.80%	0.33%	0.41%	1.17%	3.07%	0.38%
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFEQ and EURL in my portfolio?

HFEQ and EURL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFEQ or EURL?

On fees, HFEQ is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or EURL?

HFEQ is cheaper with a 1.00% expense ratio, compared with 1.07% for EURL.

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

HFEQ has the higher dividend yield at 9.59%, compared with 1.59% for EURL.

What is the main difference between HFEQ and EURL?

HFEQ is categorized as Long-Short, while EURL is Leveraged Equities. They also come from different issuers: Unlimited and Direxion. Their fees differ too: 1.00% for HFEQ and 1.07% for EURL.