BTCI vs. DFEN

Last updated Jun 21, 2026

BTCI (NEOS Bitcoin High Income ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - BTCI is a Cryptocurrency fund actively managed by Neos, while DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). BTCI is actively managed, while DFEN is passively managed. Over the past year, BTCI returned -34.62% vs 87.39% for DFEN. At a 0.29 correlation, their price movements are largely independent. BTCI charges 0.99%/yr vs 0.96%/yr for DFEN.

Performance

BTCI vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Bitcoin High Income ETF (BTCI) 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, BTCI achieves a -25.54% return, which is significantly lower than DFEN's 20.97% return.

BTCI

• 1D: -2.32%
• 1M: -16.42%
• YTD: -25.54%
• 6M: -25.93%
• 1Y: -34.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFEN

• 1D: -4.32%
• 1M: 17.09%
• YTD: 20.97%
• 6M: 21.25%
• 1Y: 87.39%
• 3Y*: 67.96%
• 5Y*: 33.49%
• 10Y*: —

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

BTCI vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCI NEOS Bitcoin High Income ETF	-25.54%	-1.09%	26.12%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	20.97%	156.62%	-20.98%

Correlation

The correlation between BTCI and DFEN is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Oct 17, 2024	0.29

Return for Risk

BTCI vs. DFEN — Risk / Return Rank

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

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 3
BTCI Omega Ratio Rank: 3
BTCI Calmar Ratio Rank: 3
BTCI Martin Ratio Rank: 2

DFEN

DFEN Risk / Return Rank: 40
DFEN Sharpe Ratio Rank: 41
DFEN Sortino Ratio Rank: 42
DFEN Omega Ratio Rank: 37
DFEN Calmar Ratio Rank: 46
DFEN Martin Ratio Rank: 36

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.

BTCI vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Bitcoin High Income ETF (BTCI) 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.

	BTCI	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	1.40	-2.28
Sortino ratio: Return per unit of downside risk	-1.19	2.04	-3.24
Omega ratio: Gain probability vs. loss probability	0.86	1.24	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.74	2.21	-2.96
Martin ratio: Return relative to average drawdown	-1.31	5.08	-6.39

BTCI vs. DFEN - Sharpe Ratio Comparison

The current BTCI Sharpe Ratio is -0.89, which is lower than the DFEN Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of BTCI 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

BTCI vs. DFEN - Drawdown Comparison

The maximum BTCI drawdown since its inception was -47.16%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for BTCI and DFEN.

Drawdown Indicators

	BTCI	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-47.16%	-91.36%	+44.20%
Max Drawdown (1Y) Largest decline over 1 year	-47.16%	-41.75%	-5.41%
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	-44.94%	-20.73%	-24.21%
Average Drawdown Average peak-to-trough decline	-15.92%	-45.15%	+29.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.71%	18.16%	+8.55%

Volatility

BTCI vs. DFEN - Volatility Comparison

The current volatility for NEOS Bitcoin High Income ETF (BTCI) is 12.11%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 25.14%. This indicates that BTCI experiences smaller price fluctuations and is considered to be less risky than DFEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCI	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.11%	25.14%	-13.03%
Volatility (6M) Calculated over the trailing 6-month period	31.18%	56.03%	-24.85%
Volatility (1Y) Calculated over the trailing 1-year period	39.53%	66.17%	-26.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.31%	60.80%	-20.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.31%	71.64%	-31.33%

BTCI vs. DFEN - Expense Ratio Comparison

BTCI has a 0.99% expense ratio, which is higher than DFEN's 0.96% expense ratio.

Dividends

BTCI vs. DFEN - Dividend Comparison

BTCI's dividend yield for the trailing twelve months is around 48.02%, more than DFEN's 7.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTCI NEOS Bitcoin High Income ETF	48.02%	36.46%	6.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.38%	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 BTCI and DFEN in my portfolio?

BTCI and DFEN have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCI or DFEN?

DFEN has higher volatility (25.14%) compared to BTCI (12.11%). In terms of maximum drawdown, BTCI dropped -47.16% vs DFEN's -91.36%.

Which ETF is better, BTCI or DFEN?

On 1-year performance, DFEN leads with 87.39% vs -34.62% for BTCI. On fees, DFEN is cheaper at 0.96% per year. On volatility, BTCI has been the lower-risk option at 12.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCI or DFEN?

Over the 1-year period, DFEN has performed better with a 87.39% return vs -34.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCI or DFEN?

DFEN is cheaper with a 0.96% expense ratio, compared with 0.99% for BTCI.

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

BTCI has the higher dividend yield at 48.02%, compared with 7.38% for DFEN.

What is the main difference between BTCI and DFEN?

BTCI is categorized as Cryptocurrency, while DFEN is Leveraged Equities. They also come from different issuers: Neos and Direxion. Their fees differ too: 0.99% for BTCI and 0.96% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.40 vs -0.89), 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.