DFEN vs. CRMG

Last updated Jun 4, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and CRMG (Leverage Shares 2X Long CRM Daily ETF) are both Leveraged Equities funds. DFEN is passively managed, while CRMG is actively managed. Over the past year, DFEN returned 59.57% vs -59.79% for CRMG. At a 0.05 correlation, their price movements are largely independent. DFEN charges 0.99%/yr vs 0.75%/yr for CRMG.

Performance

DFEN vs. CRMG - 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 CRM Daily ETF (CRMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEN achieves a 2.17% return, which is significantly higher than CRMG's -55.22% return.

DFEN

• 1D: -4.54%
• 1M: 12.97%
• YTD: 2.17%
• 6M: 21.41%
• 1Y: 59.57%
• 3Y*: 63.19%
• 5Y*: 26.54%
• 10Y*: —

CRMG

• 1D: -10.50%
• 1M: 1.49%
• YTD: -55.22%
• 6M: -45.71%
• 1Y: -59.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFEN vs. CRMG - Yearly Performance Comparison

	2026 (YTD)	2025
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	2.17%	245.81%
CRMG Leverage Shares 2X Long CRM Daily ETF	-55.22%	3.69%

Correlation

The correlation between DFEN and CRMG is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.05

Return for Risk

DFEN vs. CRMG — Risk / Return Rank

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

DFEN

DFEN Risk / Return Rank: 27
DFEN Sharpe Ratio Rank: 26
DFEN Sortino Ratio Rank: 29
DFEN Omega Ratio Rank: 27
DFEN Calmar Ratio Rank: 29
DFEN Martin Ratio Rank: 25

CRMG

CRMG Risk / Return Rank: 2
CRMG Sharpe Ratio Rank: 3
CRMG Sortino Ratio Rank: 3
CRMG Omega Ratio Rank: 3
CRMG Calmar Ratio Rank: 2
CRMG Martin Ratio Rank: 1

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. CRMG - 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 CRM Daily ETF (CRMG). 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.

	DFEN	CRMG	Difference
Sharpe ratio: Return per unit of total volatility	0.95	-0.80	+1.74
Sortino ratio: Return per unit of downside risk	1.59	-1.11	+2.70
Omega ratio: Gain probability vs. loss probability	1.19	0.87	+0.32
Calmar ratio: Return relative to maximum drawdown	1.43	-0.85	+2.28
Martin ratio: Return relative to average drawdown	3.44	-1.46	+4.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFEN vs. CRMG - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 0.95, which is higher than the CRMG Sharpe Ratio of -0.80. The chart below compares the historical Sharpe Ratios of DFEN and CRMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFEN	CRMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	-0.80	+1.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	-0.64	+0.85

Drawdowns

DFEN vs. CRMG - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than CRMG's maximum drawdown of -74.38%. Use the drawdown chart below to compare losses from any high point for DFEN and CRMG.

Drawdown Indicators

	DFEN	CRMG	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-74.38%	-16.98%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-70.91%	+29.16%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-56.23%	—	—
Current Drawdown Current decline from peak	-33.04%	-67.23%	+34.19%
Average Drawdown Average peak-to-trough decline	-45.27%	-37.71%	-7.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.36%	40.88%	-23.52%

Volatility

DFEN vs. CRMG - Volatility Comparison

The current volatility for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) is 22.35%, while Leverage Shares 2X Long CRM Daily ETF (CRMG) has a volatility of 34.00%. This indicates that DFEN experiences smaller price fluctuations and is considered to be less risky than CRMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	CRMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.35%	34.00%	-11.65%
Volatility (6M) Calculated over the trailing 6-month period	53.06%	63.89%	-10.83%
Volatility (1Y) Calculated over the trailing 1-year period	63.21%	75.33%	-12.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.16%	75.73%	-15.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.48%	75.73%	-4.25%

DFEN vs. CRMG - Expense Ratio Comparison

DFEN has a 0.99% expense ratio, which is higher than CRMG's 0.75% expense ratio.

Dividends

DFEN vs. CRMG - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 8.74%, while CRMG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRMG Leverage Shares 2X Long CRM 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	8.74%	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 CRMG in my portfolio?

DFEN and CRMG have a correlation of -0.02, 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 CRMG?

CRMG has higher volatility (34.00%) compared to DFEN (22.35%). In terms of maximum drawdown, DFEN dropped -91.36% vs CRMG's -74.38%.

Which ETF is better, DFEN or CRMG?

On 1-year performance, DFEN leads with 59.57% vs -59.79% for CRMG. On fees, CRMG is cheaper at 0.75% per year. On volatility, DFEN has been the lower-risk option at 22.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or CRMG?

Over the 1-year period, DFEN has performed better with a 59.57% return vs -59.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or CRMG?

CRMG is cheaper with a 0.75% expense ratio, compared with 0.99% for DFEN.

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

DFEN has the higher dividend yield at 8.74%, compared with 0.00% for CRMG.

What is the main difference between DFEN and CRMG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 0.99% for DFEN and 0.75% for CRMG.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (0.95 vs -0.80), 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.