DFEN vs. DPST

Last updated Jul 21, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and DPST (Direxion Daily Regional Banks Bull 3X Shares) are both Leveraged Equities funds from Direxion - DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily) while DPST tracks the Solactive US Regional Banks Total Return Index (300%). Both are passively managed. Over the past 5 years, DFEN returned 30.50%/yr vs -15.29%/yr for DPST. A 0.57 correlation means they provide meaningful diversification when combined. DFEN charges 0.96%/yr vs 0.99%/yr for DPST.

Performance

DFEN vs. DPST - Performance Comparison

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

Returns By Period

In the year-to-date period, DFEN achieves a 4.62% return, which is significantly lower than DPST's 45.71% return.

DFEN

• 1D: -1.88%
• 1M: -13.52%
• 6M: -27.89%
• YTD: 4.62%
• 1Y: 27.31%
• 3Y*: 60.14%
• 5Y*: 30.50%
• 10Y*: —
• ALL TIME*: 15.17%

DPST

• 1D: -3.03%
• 1M: 19.22%
• 6M: 28.20%
• YTD: 45.71%
• 1Y: 44.45%
• 3Y*: 26.24%
• 5Y*: -15.29%
• 10Y*: -11.53%
• ALL TIME*: -13.02%

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

DFEN vs. DPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	4.62%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%
DPST Direxion Daily Regional Banks Bull 3X Shares	45.71%	-5.90%	15.48%	-55.79%	-54.10%	108.31%	-76.53%	70.65%	-56.75%	21.38%

Correlation

The correlation between DFEN and DPST is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.57

Over the past year, the correlation between DFEN and DPST has dropped to 0.35 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

DFEN vs. DPST - Sectors Allocation Comparison

Sectors	DFEN	DPST
Industrials	22.0%	-
Technology	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.0%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DFEN vs. DPST — 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: 18
DFEN Sortino Ratio Rank: 24
DFEN Omega Ratio Rank: 22
DFEN Calmar Ratio Rank: 20
DFEN Martin Ratio Rank: 19

DPST

DPST Risk / Return Rank: 28
DPST Sharpe Ratio Rank: 24
DPST Sortino Ratio Rank: 30
DPST Omega Ratio Rank: 31
DPST Calmar Ratio Rank: 29
DPST Martin Ratio Rank: 25

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. DPST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Direxion Daily Regional Banks Bull 3X Shares (DPST). 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	DPST	Difference
Sharpe ratio: Return per unit of total volatility	0.41	0.65	-0.24
Sortino ratio: Return per unit of downside risk	1.05	1.29	-0.24
Omega ratio: Gain probability vs. loss probability	1.12	1.17	-0.05
Calmar ratio: Return relative to maximum drawdown	0.66	1.10	-0.45
Martin ratio: Return relative to average drawdown	1.42	2.46	-1.04

DFEN vs. DPST - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 0.41, which is lower than the DPST Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of DFEN and DPST, 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. DPST - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, smaller than the maximum DPST drawdown of -97.73%. Use the drawdown chart below to compare losses from any high point for DFEN and DPST.

Drawdown Indicators

	DFEN	DPST	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-97.73%	+6.37%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-40.44%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	-68.38%	+25.25%
Max Drawdown (5Y) Largest decline over 5 years	-51.96%	-93.99%	+42.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-97.73%	—
Current Drawdown Current decline from peak	-31.44%	-91.08%	+59.64%
Average Drawdown Average peak-to-trough decline	-44.95%	-64.43%	+19.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.27%	18.14%	+1.13%

Volatility

DFEN vs. DPST - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Direxion Daily Regional Banks Bull 3X Shares (DPST) have volatilities of 16.75% and 17.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	DPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.75%	17.35%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	54.39%	49.08%	+5.31%
Volatility (1Y) Calculated over the trailing 1-year period	66.89%	68.48%	-1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.56%	88.49%	-27.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.53%	94.23%	-22.70%

DFEN vs. DPST - Expense Ratio Comparison

DFEN has a 0.96% expense ratio, which is lower than DPST's 0.99% expense ratio.

Dividends

DFEN vs. DPST - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 8.48%, more than DPST's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	8.48%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
DPST Direxion Daily Regional Banks Bull 3X Shares	1.50%	2.18%	1.55%	1.78%	1.51%	0.58%	0.90%	1.29%	2.18%	0.30%

Frequently Asked Questions

Can I hold both DFEN and DPST in my portfolio?

DFEN and DPST have a correlation of 0.35, 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 DPST?

DPST has higher volatility (17.35%) compared to DFEN (16.75%). In terms of maximum drawdown, DFEN dropped -91.36% vs DPST's -97.73%.

Which ETF is better, DFEN or DPST?

On 5-year performance, DFEN leads with 30.50% vs -15.29% for DPST. On fees, DFEN is cheaper at 0.96% per year. On volatility, DFEN has been the lower-risk option at 16.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or DPST?

Over the 5-year period, DFEN has performed better with a 30.50% return vs -15.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or DPST?

DFEN is cheaper with a 0.96% expense ratio, compared with 0.99% for DPST.

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

DFEN has the higher dividend yield at 8.48%, compared with 1.50% for DPST.

What is the main difference between DFEN and DPST?

DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while DPST tracks Solactive US Regional Banks Total Return Index (300%). Their fees differ too: 0.96% for DFEN and 0.99% for DPST.

Which has better risk-adjusted returns?

DPST currently has the higher Sharpe Ratio (0.65 vs 0.41), 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.