DFEN vs. DBE
DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, DFEN returned 26.54%/yr vs 19.66%/yr for DBE. At a 0.19 correlation, their price movements are largely independent. DFEN charges 0.99%/yr vs 0.78%/yr for DBE.
Performance
DFEN vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, DFEN achieves a 2.17% return, which is significantly lower than DBE's 83.68% return.
DFEN
- 1D
- -4.54%
- 1M
- 12.97%
- YTD
- 2.17%
- 6M
- 21.41%
- 1Y
- 59.57%
- 3Y*
- 63.19%
- 5Y*
- 26.54%
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
DFEN vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 2.17% | 156.62% | 27.07% | 24.70% | 6.99% | 12.72% | -70.23% | 95.09% | -32.86% | 83.64% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 19.72% | -12.95% | 21.69% |
Correlation
The correlation between DFEN and DBE is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since May 4, 2017 | 0.19 |
The correlation between DFEN and DBE shifts across timeframes, from -0.13 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DFEN vs. DBE — Risk / Return Rank
DFEN
DBE
DFEN vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.40 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 5.89 | -4.46 |
| Martin ratioReturn relative to average drawdown | 3.44 | 11.53 | -8.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DFEN | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.95 | 2.43 | -1.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.67 | -0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.09 | +0.12 |
Drawdowns
DFEN vs. DBE - Drawdown Comparison
The maximum DFEN drawdown since its inception was -91.36%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for DFEN and DBE.
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Drawdown Indicators
| DFEN | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.36% | -86.69% | -4.67% |
Max Drawdown (1Y)Largest decline over 1 year | -41.75% | -14.41% | -27.34% |
Max Drawdown (3Y)Largest decline over 3 years | -43.13% | -23.89% | -19.24% |
Max Drawdown (5Y)Largest decline over 5 years | -56.23% | -38.74% | -17.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -33.04% | -30.27% | -2.77% |
Average DrawdownAverage peak-to-trough decline | -45.27% | -57.31% | +12.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.36% | 7.35% | +10.01% |
Volatility
DFEN vs. DBE - Volatility Comparison
Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 22.35% compared to Invesco DB Energy Fund (DBE) at 12.95%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFEN | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.35% | 12.95% | +9.40% |
Volatility (6M)Calculated over the trailing 6-month period | 53.06% | 30.86% | +22.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.21% | 34.97% | +28.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.16% | 29.39% | +30.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.48% | 28.33% | +43.15% |
DFEN vs. DBE - Expense Ratio Comparison
DFEN has a 0.99% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
DFEN vs. DBE - Dividend Comparison
DFEN's dividend yield for the trailing twelve months is around 8.74%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% | 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
DFEN and DBE have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFEN has higher volatility (22.35%) compared to DBE (12.95%). In terms of maximum drawdown, DFEN dropped -91.36% vs DBE's -86.69%.
On 5-year performance, DFEN leads with 26.54% vs 19.66% for DBE. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 12.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DFEN has performed better with a 26.54% return vs 19.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.99% for DFEN.
DFEN has the higher dividend yield at 8.74%, compared with 2.10% for DBE.
DFEN is categorized as Leveraged Equities, while DBE is Oil & Gas. DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 0.99% for DFEN and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 0.95), 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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