AVGX vs. DFEN

Last updated Jun 13, 2026

AVGX (Defiance Daily Target 2X Long AVGO ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both Leveraged Equities funds. AVGX is actively managed, while DFEN is passively managed. Over the past year, AVGX returned 58.36% vs 76.99% for DFEN. At a 0.35 correlation, their price movements are largely independent. AVGX charges 1.29%/yr vs 0.99%/yr for DFEN.

Performance

AVGX vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long AVGO ETF (AVGX) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVGX achieves a 3.39% return, which is significantly lower than DFEN's 13.12% return.

AVGX

• 1D: -1.88%
• 1M: -20.84%
• YTD: 3.39%
• 6M: -5.26%
• 1Y: 58.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFEN

• 1D: -2.71%
• 1M: 7.74%
• YTD: 13.12%
• 6M: 20.44%
• 1Y: 76.99%
• 3Y*: 64.38%
• 5Y*: 29.22%
• 10Y*: —

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

AVGX vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVGX Defiance Daily Target 2X Long AVGO ETF	3.39%	46.98%	54.13%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	156.62%	-4.22%

Correlation

The correlation between AVGX and DFEN is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.35

Return for Risk

AVGX vs. DFEN — Risk / Return Rank

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

AVGX

AVGX Risk / Return Rank: 26
AVGX Sharpe Ratio Rank: 21
AVGX Sortino Ratio Rank: 30
AVGX Omega Ratio Rank: 31
AVGX Calmar Ratio Rank: 26
AVGX Martin Ratio Rank: 22

DFEN

DFEN Risk / Return Rank: 38
DFEN Sharpe Ratio Rank: 37
DFEN Sortino Ratio Rank: 40
DFEN Omega Ratio Rank: 36
DFEN Calmar Ratio Rank: 42
DFEN Martin Ratio Rank: 33

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.

AVGX vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long AVGO ETF (AVGX) 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.

	AVGX	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.18	-0.53
Sortino ratio: Return per unit of downside risk	1.44	1.85	-0.42
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	1.08	1.85	-0.77
Martin ratio: Return relative to average drawdown	2.35	4.29	-1.94

AVGX vs. DFEN - Sharpe Ratio Comparison

The current AVGX Sharpe Ratio is 0.64, which is lower than the DFEN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of AVGX and DFEN, 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

AVGX vs. DFEN - Drawdown Comparison

The maximum AVGX drawdown since its inception was -70.97%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for AVGX and DFEN.

Drawdown Indicators

	AVGX	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-70.97%	-91.36%	+20.39%
Max Drawdown (1Y) Largest decline over 1 year	-54.09%	-41.75%	-12.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-43.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-55.30%	—
Current Drawdown Current decline from peak	-39.65%	-25.87%	-13.78%
Average Drawdown Average peak-to-trough decline	-23.11%	-45.20%	+22.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.90%	17.99%	+6.91%

Volatility

AVGX vs. DFEN - Volatility Comparison

Defiance Daily Target 2X Long AVGO ETF (AVGX) has a higher volatility of 42.68% compared to Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) at 27.31%. This indicates that AVGX's price experiences larger fluctuations and is considered to be riskier than DFEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVGX	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	42.68%	27.31%	+15.37%
Volatility (6M) Calculated over the trailing 6-month period	71.57%	55.81%	+15.76%
Volatility (1Y) Calculated over the trailing 1-year period	91.19%	65.81%	+25.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.96%	60.74%	+46.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.96%	71.66%	+35.30%

AVGX vs. DFEN - Expense Ratio Comparison

AVGX has a 1.29% expense ratio, which is higher than DFEN's 0.99% expense ratio.

Dividends

AVGX vs. DFEN - Dividend Comparison

AVGX's dividend yield for the trailing twelve months is around 1.60%, less than DFEN's 7.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVGX Defiance Daily Target 2X Long AVGO ETF	1.60%	1.65%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.89%	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 AVGX and DFEN in my portfolio?

AVGX and DFEN have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVGX or DFEN?

AVGX has higher volatility (42.68%) compared to DFEN (27.31%). In terms of maximum drawdown, AVGX dropped -70.97% vs DFEN's -91.36%.

Which ETF is better, AVGX or DFEN?

On 1-year performance, DFEN leads with 76.99% vs 58.36% for AVGX. On fees, DFEN is cheaper at 0.99% per year. On volatility, DFEN has been the lower-risk option at 27.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVGX or DFEN?

Over the 1-year period, DFEN has performed better with a 76.99% return vs 58.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVGX or DFEN?

DFEN is cheaper with a 0.99% expense ratio, compared with 1.29% for AVGX.

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

DFEN has the higher dividend yield at 7.89%, compared with 1.60% for AVGX.

What is the main difference between AVGX and DFEN?

They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.29% for AVGX and 0.99% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.18 vs 0.64), 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.