ORR vs. EURL

Last updated Jun 14, 2026

ORR (Militia Long/Short Equity ETF) and EURL (Direxion Daily FTSE Europe Bull 3x Shares) are both exchange-traded funds - ORR is a Long-Short fund actively managed by Militia Investments, while EURL is a Leveraged Equities fund tracking the FTSE Developed Europe Index (300%). ORR is actively managed, while EURL is passively managed. Over the past year, ORR returned 24.62% vs 43.44% for EURL. At a 0.49 correlation, their price movements are largely independent. ORR charges 14.19%/yr vs 1.07%/yr for EURL.

Performance

ORR vs. EURL - Performance Comparison

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

Returns By Period

In the year-to-date period, ORR achieves a 5.06% return, which is significantly lower than EURL's 13.73% return.

ORR

• 1D: 0.62%
• 1M: -1.91%
• YTD: 5.06%
• 6M: 7.33%
• 1Y: 24.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EURL

• 1D: -0.06%
• 1M: 12.42%
• YTD: 13.73%
• 6M: 19.84%
• 1Y: 43.44%
• 3Y*: 31.61%
• 5Y*: 5.43%
• 10Y*: 11.27%

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

ORR vs. EURL - Yearly Performance Comparison

	2026 (YTD)	2025
ORR Militia Long/Short Equity ETF	5.06%	31.99%
EURL Direxion Daily FTSE Europe Bull 3x Shares	13.73%	108.15%

Correlation

The correlation between ORR and EURL is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.49

The correlation between ORR and EURL has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.

Return for Risk

ORR vs. EURL — Risk / Return Rank

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

ORR

ORR Risk / Return Rank: 57
ORR Sharpe Ratio Rank: 63
ORR Sortino Ratio Rank: 63
ORR Omega Ratio Rank: 58
ORR Calmar Ratio Rank: 57
ORR Martin Ratio Rank: 44

EURL

EURL Risk / Return Rank: 26
EURL Sharpe Ratio Rank: 24
EURL Sortino Ratio Rank: 27
EURL Omega Ratio Rank: 26
EURL Calmar Ratio Rank: 26
EURL Martin Ratio Rank: 28

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.

ORR vs. EURL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Militia Long/Short Equity ETF (ORR) 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.

	ORR	EURL	Difference
Sharpe ratio: Return per unit of total volatility	1.81	0.77	+1.05
Sortino ratio: Return per unit of downside risk	2.54	1.33	+1.21
Omega ratio: Gain probability vs. loss probability	1.31	1.16	+0.15
Calmar ratio: Return relative to maximum drawdown	2.51	1.11	+1.40
Martin ratio: Return relative to average drawdown	6.32	3.50	+2.82

ORR vs. EURL - Sharpe Ratio Comparison

The current ORR Sharpe Ratio is 1.81, which is higher than the EURL Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of ORR and EURL, 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

ORR vs. EURL - Drawdown Comparison

The maximum ORR drawdown since its inception was -9.90%, smaller than the maximum EURL drawdown of -84.65%. Use the drawdown chart below to compare losses from any high point for ORR and EURL.

Drawdown Indicators

	ORR	EURL	Difference
Max Drawdown Largest peak-to-trough decline	-9.90%	-84.65%	+74.75%
Max Drawdown (1Y) Largest decline over 1 year	-9.90%	-33.05%	+23.15%
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	-8.16%	-8.76%	+0.60%
Average Drawdown Average peak-to-trough decline	-2.31%	-36.91%	+34.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	10.56%	-6.63%

Volatility

ORR vs. EURL - Volatility Comparison

The current volatility for Militia Long/Short Equity ETF (ORR) is 4.07%, while Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a volatility of 17.98%. This indicates that ORR experiences smaller price fluctuations and is considered to be less risky than EURL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORR	EURL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	17.98%	-13.91%
Volatility (6M) Calculated over the trailing 6-month period	11.16%	40.51%	-29.35%
Volatility (1Y) Calculated over the trailing 1-year period	13.74%	48.09%	-34.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.34%	53.55%	-38.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	55.82%	-40.48%

ORR vs. EURL - Expense Ratio Comparison

ORR has a 14.19% expense ratio, which is higher than EURL's 1.07% expense ratio.

Dividends

ORR vs. EURL - Dividend Comparison

ORR has not paid dividends to shareholders, while EURL's dividend yield for the trailing twelve months is around 1.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EURL Direxion Daily FTSE Europe Bull 3x Shares	1.37%	1.50%	3.51%	2.50%	1.80%	0.33%	0.41%	1.17%	3.07%	0.38%
ORR Militia Long/Short Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORR and EURL in my portfolio?

ORR and EURL have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORR or EURL?

EURL has higher volatility (17.98%) compared to ORR (4.07%). In terms of maximum drawdown, ORR dropped -9.90% vs EURL's -84.65%.

Which ETF is better, ORR or EURL?

On 1-year performance, EURL leads with 43.44% vs 24.62% for ORR. On fees, EURL is cheaper at 1.07% per year. On volatility, ORR has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ORR or EURL?

Over the 1-year period, EURL has performed better with a 43.44% return vs 24.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ORR or EURL?

EURL is cheaper with a 1.07% expense ratio, compared with 14.19% for ORR.

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

EURL has the higher dividend yield at 1.37%, compared with 0.00% for ORR.

What is the main difference between ORR and EURL?

ORR is categorized as Long-Short, while EURL is Leveraged Equities. They also come from different issuers: Militia Investments and Direxion. Their fees differ too: 14.19% for ORR and 1.07% for EURL.

Which has better risk-adjusted returns?

ORR currently has the higher Sharpe Ratio (1.81 vs 0.77), 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.