DFEN vs. BITI
DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, DFEN returned 65.26%/yr vs -31.77%/yr for BITI. Their -0.25 correlation means they have often moved in opposite directions in the past. DFEN charges 0.96%/yr vs 1.03%/yr for BITI.
Performance
DFEN vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, DFEN achieves a 18.12% return, which is significantly lower than BITI's 27.11% return.
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%
BITI
- 1D
- 3.01%
- 1M
- -2.58%
- 6M
- 22.77%
- YTD
- 27.11%
- 1Y
- 58.64%
- 3Y*
- -31.77%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -35.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.10M | $26.49M | $38.71M | |
| $13.59M | $13.06M | $15.26M |
DFEN vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 18.12% | 156.62% | 27.07% | 24.70% | 51.20% |
BITI ProShares Short Bitcoin ETF | 27.11% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between DFEN and BITI is -0.34, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.34 |
Correlation (3Y) Balances recent behavior with more history. | -0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.25 |
The correlation between DFEN and BITI shifts across timeframes, from -0.34 (1 year) to -0.24 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
DFEN vs. BITI — Risk / Return Rank
DFEN
BITI
DFEN vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and ProShares Short Bitcoin ETF (BITI). 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.
| DFEN | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.24 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 2.53 | -1.49 |
| Martin ratioReturn relative to average drawdown | 2.21 | 6.17 | -3.97 |
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Drawdowns
DFEN vs. BITI - Drawdown Comparison
The maximum DFEN drawdown since its inception was -91.36%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for DFEN and BITI.
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Drawdown Indicators
| DFEN | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.36% | -92.16% | +0.80% |
Max Drawdown (1Y)Largest decline over 1 year | -41.75% | -25.28% | -16.47% |
Max Drawdown (3Y)Largest decline over 3 years | -43.13% | -84.63% | +41.50% |
Max Drawdown (5Y)Largest decline over 5 years | -51.96% | — | — |
Current DrawdownCurrent decline from peak | -22.59% | -86.12% | +63.53% |
Average DrawdownAverage peak-to-trough decline | -44.87% | -68.59% | +23.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.77% | 10.35% | +9.42% |
Volatility
DFEN vs. BITI - Volatility Comparison
Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 21.99% compared to ProShares Short Bitcoin ETF (BITI) at 9.13%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFEN | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.99% | 9.13% | +12.86% |
Volatility (6M)Calculated over the trailing 6-month period | 55.26% | 33.31% | +21.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.94% | 44.23% | +23.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.84% | 52.03% | +8.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.57% | 52.03% | +19.54% |
DFEN vs. BITI - Expense Ratio Comparison
DFEN has a 0.96% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
DFEN vs. BITI - Dividend Comparison
DFEN's dividend yield for the trailing twelve months is around 7.51%, less than BITI's 15.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.17% | 1.60% | 3.91% | 3.33% | 0.06% | 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
DFEN and BITI have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFEN has higher volatility (21.99%) compared to BITI (9.13%). In terms of maximum drawdown, DFEN dropped -91.36% vs BITI's -92.16%.
On 3-year performance, DFEN leads with 65.26% vs -31.77% for BITI. On fees, DFEN is cheaper at 0.96% per year. On volatility, BITI has been the lower-risk option at 9.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DFEN has performed better with a 65.26% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFEN is cheaper with a 0.96% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.17%, compared with 7.51% for DFEN.
DFEN is categorized as Leveraged Equities, while BITI is Cryptocurrency. DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.96% for DFEN and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.45 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.
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