DFEN vs. DLLL

Last updated Jul 17, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily) while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. Over the past year, DFEN returned 33.31% vs 540.38% for DLLL. At a 0.33 correlation, their price movements are largely independent. DFEN charges 0.96%/yr vs 1.50%/yr for DLLL.

Performance

DFEN vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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 lower than DLLL's 589.77% return.

DFEN

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

DLLL

• 1D: -10.21%
• 1M: -10.70%
• 6M: 667.04%
• YTD: 589.77%
• 1Y: 540.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFEN vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.11%	110.23%
DLLL GraniteShares 2x Long DELL Daily ETF	589.77%	-3.72%

Correlation

The correlation between DFEN and DLLL is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.33

DFEN vs. DLLL - Sectors Allocation Comparison

Sectors	DFEN	DLLL
Industrials	20.1%	-
Technology	0.0%	66.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DFEN vs. DLLL — 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

DLLL

DLLL Risk / Return Rank: 94
DLLL Sharpe Ratio Rank: 98
DLLL Sortino Ratio Rank: 93
DLLL Omega Ratio Rank: 90
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 93

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. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	0.50	4.00	-3.49
Sortino ratio: Return per unit of downside risk	1.15	3.79	-2.64
Omega ratio: Gain probability vs. loss probability	1.13	1.46	-0.33
Calmar ratio: Return relative to maximum drawdown	0.80	9.53	-8.73
Martin ratio: Return relative to average drawdown	1.75	19.00	-17.25

DFEN vs. DLLL - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 0.50, which is lower than the DLLL Sharpe Ratio of 4.00. The chart below compares the historical Sharpe Ratios of DFEN and DLLL, 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. DLLL - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for DFEN and DLLL.

Drawdown Indicators

	DFEN	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-68.58%	-22.78%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-57.19%	+15.44%
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%	-34.75%	+4.94%
Average Drawdown Average peak-to-trough decline	-44.97%	-25.70%	-19.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.07%	28.64%	-9.57%

Volatility

DFEN vs. DLLL - Volatility Comparison

The current volatility for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) is 17.73%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 43.56%. This indicates that DFEN experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.73%	43.56%	-25.83%
Volatility (6M) Calculated over the trailing 6-month period	54.48%	110.12%	-55.64%
Volatility (1Y) Calculated over the trailing 1-year period	66.77%	136.53%	-69.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.92%	131.16%	-70.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.56%	131.16%	-59.60%

DFEN vs. DLLL - Expense Ratio Comparison

DFEN has a 0.96% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

DFEN vs. DLLL - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFEN and DLLL in my portfolio?

DFEN and DLLL have a correlation of 0.28, 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 DLLL?

DLLL has higher volatility (43.56%) compared to DFEN (17.73%). In terms of maximum drawdown, DFEN dropped -91.36% vs DLLL's -68.58%.

Which ETF is better, DFEN or DLLL?

On 1-year performance, DLLL leads with 540.38% vs 33.31% for DFEN. On fees, DFEN is cheaper at 0.96% per year. On volatility, DFEN has been the lower-risk option at 17.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or DLLL?

Over the 1-year period, DLLL has performed better with a 540.38% return vs 33.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or DLLL?

DFEN is cheaper with a 0.96% expense ratio, compared with 1.50% for DLLL.

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

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

What is the main difference between DFEN and DLLL?

DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 0.96% for DFEN and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (4.00 vs 0.50), 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.