Which came closer to its stated multiple, EURL or XEUR?

Over the window to Sep 30, 2026, EURL finished 3.7 points from what its multiple implies and XEUR finished 3.3 points from its own, so XEUR came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are EURL and XEUR levered on the same thing?

Yes. Both are levered on Vanguard FTSEEuropean ETF, EURL at +3 times and XEUR at +2 times the daily move.

Which one decays faster, EURL or XEUR?

Decay follows how much the underlying moves about. Over this window EURL’s moved at 12% annualized and XEUR’s at 12%, so EURL has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold EURL or XEUR for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, EURL or XEUR?

EURL charges 1.04% a year and XEUR charges 0.45%, so XEUR is cheaper. Fees come from each fund's prospectus.

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EURL vs XEUR: which held to its multiple?

Over three months against its own daily promise, EURL finished 2.6 points short and XEUR 2.9 points short. Direxion Daily FTSE Europe Bull 3X ETF and Corgi Europe Equities 2x Daily ETF.

−6.3%

EURL returned, 3 months

−5.0%

XEUR returned, 3 months

−3.7 pts

EURL from its stated multiple

−3.3 pts

XEUR from its stated multiple

EURL · 3 months to Sep 30, 20263.7 pts short of its stated multiple

EURL returned −6.3% while 3 times VGK's move would have been −2.6%

XEUR · 3 months to Sep 30, 20263.3 pts short of its stated multiple

XEUR returned −5.0% while 2 times VGK's move would have been −1.7%

ETFIQ Decay Resistance Score · EURL scores higherDid it keep up with its own daily multiple, compounded day by day?

EURL 50.9

XEUR 42.6

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	EURL	XEUR	EURL	XEUR	EURL	XEUR
1 month	−16.1%	−11.0%	−15.2%	−10.1%	−0.9 pts	−0.9 pts
3 months	−6.3%	−5.0%	−2.6%	−1.7%	−3.7 pts	−3.3 pts
6 months	+7.2%	not published	+16.4%	not published	−9.3 pts	not published
1 year	+17.5%	not published	+36.3%	not published	−18.8 pts	not published
3 years	+152.9%	not published	+193.5%	not published	−40.6 pts	not published
Since launch EURL Jan 2014 · XEUR Jun 2026	+23.9%	−3.9%	not meaningful	+0.7%	not meaningful	−4.6 pts

EURL and XEUR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

EURL

Direxion Daily FTSE Europe Bull 3X ETF · Aims to return three times the daily move of Vanguard FTSEEuropean ETF (VGK)

XEUR

Corgi Europe Equities 2x Daily ETF · Aims to return twice the daily move of Vanguard FTSEEuropean ETF (VGK)

Issuer Direxion Corgi

Sets out to return +3x +2x

Underlying asset VGK VGK

Segment country index

Fund returned, 3 months or since launch −6.3% −5.0%

Underlying returned, over that window −0.9% −0.9%

What the stated multiple implies, over that window −2.6% −1.7%

Difference from stated, over that window −3.7 pts −3.3 pts

Fund returned, 1 year or since launch +17.5% −3.9%

Difference from stated, over that window −18.8 pts −4.6 pts

Underlying volatility 12% 12%

Difference over the days both have traded no shared window −3.3 pts

Expense ratio 1.04% 0.45%

Launched Jan 22, 2014 Jun 3, 2026

Net assets $40m $234,654

EURL and XEUR on the same fields, as of Sep 30, 2026. Source: ETFIQ.

EURL in plain words

Three months to Sep 30, 2026: EURL returned −6.3% where its own daily promise gave −3.6%, 2.6 points short. Read the multiple against the whole window instead and 3 times VGK's −0.9% implies −2.6%, which makes EURL look 3.7 points short. 1.1 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. EURL aims to return +3 times VGK's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. VGK moved at 12% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

XEUR in plain words

Three months to Sep 30, 2026: XEUR returned −5.0% where its own daily promise gave −2.1%, 2.9 points short. Read the multiple against the whole window instead and 2 times VGK's −0.9% implies −1.7%, which makes XEUR look 3.3 points short. 0.3 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. XEUR aims to return +2 times VGK's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, EURL or XEUR?: Over the window to Sep 30, 2026, EURL finished 3.7 points from what its multiple implies and XEUR finished 3.3 points from its own, so XEUR came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are EURL and XEUR levered on the same thing?: Yes. Both are levered on Vanguard FTSEEuropean ETF, EURL at +3 times and XEUR at +2 times the daily move.
Which one decays faster, EURL or XEUR?: Decay follows how much the underlying moves about. Over this window EURL’s moved at 12% annualized and XEUR’s at 12%, so EURL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold EURL or XEUR for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, EURL or XEUR?: EURL charges 1.04% a year and XEUR charges 0.45%, so XEUR is cheaper. Fees come from each fund's prospectus.

Other comparisons

EURL vs UPV EURL vs EPV XEUR vs EPV XEUR vs UPV

VGK →EURL on its own →XEUR on its own →How every figure is computed →Standards and sources →

Where these figures came from

EURL filings on SEC EDGAR ↗EURL prospectus with the expense ratio (SEC) ↗Direxion website ↗XEUR filings on SEC EDGAR ↗XEUR prospectus with the expense ratio (SEC) ↗Corgi website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, EURL against XEUR, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/eurl-vs-xeur

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.