ARMY vs. DFEN

Last updated Aug 2, 2026

ARMY (Tema International Defense ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - ARMY is a Aerospace & Defense fund actively managed by Tema, while DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). ARMY is actively managed, while DFEN is passively managed. Their 0.77 correlation means they have sometimes moved together and sometimes differently. ARMY charges 0.68%/yr vs 0.96%/yr for DFEN.

Performance

ARMY vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema International Defense ETF (ARMY) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ARMY

• 1D: 0.13%
• 1M: -0.13%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

DFEN

• 1D: 2.21%
• 1M: -12.11%
• 6M: -5.05%
• YTD: 18.12%
• 1Y: 45.63%
• 3Y*: 65.26%
• 5Y*: 33.44%
• 10Y*: —
• ALL TIME*: 16.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARMY Tema International Defense ETF	$60.49K	$59.12K	$65.58K
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	$13.59M	$13.06M	$15.26M

ARMY vs. DFEN - Yearly Performance Comparison

	2026 (YTD)
ARMY Tema International Defense ETF	2.13%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	32.88%

Correlation

The correlation between ARMY and DFEN is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 31, 2026	0.77

Return for Risk

ARMY vs. DFEN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ARMY

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

DFEN

DFEN Risk / Return Rank: 30
DFEN Sharpe Ratio Rank: 27
DFEN Sortino Ratio Rank: 34
DFEN Omega Ratio Rank: 32
DFEN Calmar Ratio Rank: 32
DFEN Martin Ratio Rank: 27

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ARMY vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema International Defense ETF (ARMY) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). 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.

	ARMY	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	—	0.64	—
Sortino ratio: Return per unit of downside risk	—	1.31	—
Omega ratio: Gain probability vs. loss probability	—	1.15	—
Calmar ratio: Return relative to maximum drawdown	—	1.05	—
Martin ratio: Return relative to average drawdown	—	2.21	—

Drawdowns

ARMY vs. DFEN - Drawdown Comparison

The maximum ARMY drawdown since its inception was -16.37%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for ARMY and DFEN.

Drawdown Indicators

	ARMY	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-16.37%	-91.36%	+74.99%
Max Drawdown (1Y) Largest decline over 1 year	—	-41.75%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-43.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-51.96%	—
Current Drawdown Current decline from peak	-6.39%	-22.59%	+16.20%
Average Drawdown Average peak-to-trough decline	-7.53%	-44.87%	+37.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	19.77%	—

Volatility

Volatility by Period

	ARMY	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	21.99%	—
Volatility (6M) Calculated over the trailing 6-month period	—	55.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	31.33%	67.94%	-36.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.33%	60.84%	-29.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.33%	71.57%	-40.24%

ARMY vs. DFEN - Expense Ratio Comparison

ARMY has a 0.68% expense ratio, which is lower than DFEN's 0.96% expense ratio.

Dividends

ARMY vs. DFEN - Dividend Comparison

ARMY has not paid dividends to shareholders, while DFEN's dividend yield for the trailing twelve months is around 7.51%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARMY Tema International Defense ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.51%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%

Frequently Asked Questions

Can I hold both ARMY and DFEN in my portfolio?

ARMY and DFEN have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ARMY or DFEN?

On fees, ARMY is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ARMY or DFEN?

ARMY is cheaper with a 0.68% expense ratio, compared with 0.96% for DFEN.

Which ETF pays a higher dividend yield, ARMY or DFEN?

DFEN has the higher dividend yield at 7.51%, compared with 0.00% for ARMY.

What is the main difference between ARMY and DFEN?

ARMY is categorized as Aerospace & Defense, while DFEN is Leveraged Equities. They also come from different issuers: Tema and Direxion. Their fees differ too: 0.68% for ARMY and 0.96% for DFEN.