DFEN vs. BOEG

Last updated Jul 17, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and BOEG (Leverage Shares 2X Long BA Daily ETF) are both Leveraged Equities funds. DFEN is passively managed, while BOEG is actively managed. Over the past year, DFEN returned 33.31% vs -29.91% for BOEG. A 0.60 correlation means they provide meaningful diversification when combined. DFEN charges 0.96%/yr vs 0.75%/yr for BOEG.

Performance

DFEN vs. BOEG - Performance Comparison

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

Returns By Period

In the year-to-date period, DFEN achieves a 7.11% return, which is significantly higher than BOEG's -13.35% return.

DFEN

• 1D: -6.88%
• 1M: -12.09%
• 6M: -23.80%
• YTD: 7.11%
• 1Y: 33.31%
• 3Y*: 60.70%
• 5Y*: 32.85%
• 10Y*: —

BOEG

• 1D: -3.33%
• 1M: -12.16%
• 6M: -32.81%
• YTD: -13.35%
• 1Y: -29.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFEN vs. BOEG - Yearly Performance Comparison

	2026 (YTD)	2025
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.11%	56.46%
BOEG Leverage Shares 2X Long BA Daily ETF	-13.35%	6.85%

Correlation

The correlation between DFEN and BOEG is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025	0.60

The correlation between DFEN and BOEG has been stable across timeframes, ranging from 0.60 to 0.60 - a consistent structural relationship.

Return for Risk

DFEN vs. BOEG — Risk / Return Rank

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

DFEN

DFEN Risk / Return Rank: 21
DFEN Sharpe Ratio Rank: 19
DFEN Sortino Ratio Rank: 24
DFEN Omega Ratio Rank: 23
DFEN Calmar Ratio Rank: 22
DFEN Martin Ratio Rank: 20

BOEG

BOEG Risk / Return Rank: 5
BOEG Sharpe Ratio Rank: 5
BOEG Sortino Ratio Rank: 6
BOEG Omega Ratio Rank: 6
BOEG Calmar Ratio Rank: 4
BOEG Martin Ratio Rank: 3

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.

DFEN vs. BOEG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Leverage Shares 2X Long BA Daily ETF (BOEG). 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	BOEG	Difference
Sharpe ratio: Return per unit of total volatility	0.50	-0.47	+0.97
Sortino ratio: Return per unit of downside risk	1.15	-0.36	+1.51
Omega ratio: Gain probability vs. loss probability	1.13	0.96	+0.17
Calmar ratio: Return relative to maximum drawdown	0.80	-0.65	+1.45
Martin ratio: Return relative to average drawdown	1.75	-1.21	+2.96

DFEN vs. BOEG - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 0.50, which is higher than the BOEG Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of DFEN and BOEG, 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

DFEN vs. BOEG - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than BOEG's maximum drawdown of -46.47%. Use the drawdown chart below to compare losses from any high point for DFEN and BOEG.

Drawdown Indicators

	DFEN	BOEG	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-46.47%	-44.89%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-46.47%	+4.72%
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	-29.81%	-34.94%	+5.13%
Average Drawdown Average peak-to-trough decline	-44.97%	-20.22%	-24.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.07%	24.74%	-5.67%

Volatility

DFEN vs. BOEG - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 17.73% compared to Leverage Shares 2X Long BA Daily ETF (BOEG) at 15.88%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than BOEG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	BOEG	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.73%	15.88%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	54.48%	47.24%	+7.24%
Volatility (1Y) Calculated over the trailing 1-year period	66.77%	63.88%	+2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.92%	63.79%	-2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.56%	63.79%	+7.77%

DFEN vs. BOEG - Expense Ratio Comparison

DFEN has a 0.96% expense ratio, which is higher than BOEG's 0.75% expense ratio.

Dividends

DFEN vs. BOEG - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 8.28%, while BOEG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BOEG Leverage Shares 2X Long BA Daily 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	8.28%	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 DFEN and BOEG in my portfolio?

DFEN and BOEG have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFEN or BOEG?

DFEN has higher volatility (17.73%) compared to BOEG (15.88%). In terms of maximum drawdown, DFEN dropped -91.36% vs BOEG's -46.47%.

Which ETF is better, DFEN or BOEG?

On 1-year performance, DFEN leads with 33.31% vs -29.91% for BOEG. On fees, BOEG is cheaper at 0.75% per year. On volatility, BOEG has been the lower-risk option at 15.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or BOEG?

Over the 1-year period, DFEN has performed better with a 33.31% return vs -29.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or BOEG?

BOEG is cheaper with a 0.75% expense ratio, compared with 0.96% for DFEN.

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

DFEN has the higher dividend yield at 8.28%, compared with 0.00% for BOEG.

What is the main difference between DFEN and BOEG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 0.96% for DFEN and 0.75% for BOEG.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (0.50 vs -0.47), 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.