DFEN vs. EUAD

Last updated Jun 13, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and EUAD (Select STOXX Europe Aerospace & Defense ETF) are both exchange-traded funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%), while EUAD is a Aerospace & Defense fund tracking the STOXX Europe Total Market Aerospace & Defense Index. Both are passively managed. Over the past year, DFEN returned 76.99% vs 2.75% for EUAD. A 0.52 correlation means they provide meaningful diversification when combined. DFEN charges 0.99%/yr vs 0.50%/yr for EUAD.

Performance

DFEN vs. EUAD - Performance Comparison

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

Returns By Period

In the year-to-date period, DFEN achieves a 13.12% return, which is significantly higher than EUAD's -2.37% return.

DFEN

• 1D: -2.71%
• 1M: 7.74%
• YTD: 13.12%
• 6M: 20.44%
• 1Y: 76.99%
• 3Y*: 64.38%
• 5Y*: 29.22%
• 10Y*: —

EUAD

• 1D: -0.77%
• 1M: 4.47%
• YTD: -2.37%
• 6M: -0.54%
• 1Y: 2.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFEN vs. EUAD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	156.62%	-22.18%
EUAD Select STOXX Europe Aerospace & Defense ETF	-2.37%	74.51%	-6.86%

Correlation

The correlation between DFEN and EUAD is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Oct 22, 2024	0.52

The correlation between DFEN and EUAD has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.

DFEN vs. EUAD - Sectors Allocation Comparison

Sectors	DFEN	EUAD
Industrials	19.7%	99.4%
Technology	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	0.1%
Real Estate	-	-
Utilities	-	-

Return for Risk

DFEN vs. EUAD — Risk / Return Rank

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

DFEN

DFEN Risk / Return Rank: 38
DFEN Sharpe Ratio Rank: 37
DFEN Sortino Ratio Rank: 40
DFEN Omega Ratio Rank: 36
DFEN Calmar Ratio Rank: 42
DFEN Martin Ratio Rank: 33

EUAD

EUAD Risk / Return Rank: 11
EUAD Sharpe Ratio Rank: 11
EUAD Sortino Ratio Rank: 11
EUAD Omega Ratio Rank: 11
EUAD Calmar Ratio Rank: 11
EUAD Martin Ratio Rank: 11

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. EUAD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Select STOXX Europe Aerospace & Defense ETF (EUAD). 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	EUAD	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.09	+1.08
Sortino ratio: Return per unit of downside risk	1.85	0.35	+1.50
Omega ratio: Gain probability vs. loss probability	1.22	1.04	+0.18
Calmar ratio: Return relative to maximum drawdown	1.85	0.13	+1.73
Martin ratio: Return relative to average drawdown	4.29	0.30	+4.00

DFEN vs. EUAD - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 1.18, which is higher than the EUAD Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of DFEN and EUAD, 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. EUAD - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than EUAD's maximum drawdown of -22.04%. Use the drawdown chart below to compare losses from any high point for DFEN and EUAD.

Drawdown Indicators

	DFEN	EUAD	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-22.04%	-69.32%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-22.04%	-19.71%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-55.30%	—	—
Current Drawdown Current decline from peak	-25.87%	-14.81%	-11.06%
Average Drawdown Average peak-to-trough decline	-45.20%	-5.88%	-39.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.99%	9.34%	+8.65%

Volatility

DFEN vs. EUAD - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 27.31% compared to Select STOXX Europe Aerospace & Defense ETF (EUAD) at 9.65%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than EUAD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	EUAD	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.31%	9.65%	+17.66%
Volatility (6M) Calculated over the trailing 6-month period	55.81%	24.40%	+31.41%
Volatility (1Y) Calculated over the trailing 1-year period	65.81%	29.15%	+36.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.74%	29.90%	+30.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.66%	29.90%	+41.76%

DFEN vs. EUAD - Expense Ratio Comparison

DFEN has a 0.99% expense ratio, which is higher than EUAD's 0.50% expense ratio.

Dividends

DFEN vs. EUAD - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.89%, more than EUAD's 0.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.89%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
EUAD Select STOXX Europe Aerospace & Defense ETF	0.41%	0.40%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFEN and EUAD in my portfolio?

DFEN and EUAD have a correlation of 0.58, 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 EUAD?

DFEN has higher volatility (27.31%) compared to EUAD (9.65%). In terms of maximum drawdown, DFEN dropped -91.36% vs EUAD's -22.04%.

Which ETF is better, DFEN or EUAD?

On 1-year performance, DFEN leads with 76.99% vs 2.75% for EUAD. On fees, EUAD is cheaper at 0.50% per year. On volatility, EUAD has been the lower-risk option at 9.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or EUAD?

Over the 1-year period, DFEN has performed better with a 76.99% return vs 2.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or EUAD?

EUAD is cheaper with a 0.50% expense ratio, compared with 0.99% for DFEN.

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

DFEN has the higher dividend yield at 7.89%, compared with 0.41% for EUAD.

What is the main difference between DFEN and EUAD?

DFEN is categorized as Leveraged Equities, while EUAD is Aerospace & Defense. DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%), while EUAD tracks STOXX Europe Total Market Aerospace & Defense Index. They also come from different issuers: Direxion and Select Funds. Their fees differ too: 0.99% for DFEN and 0.50% for EUAD.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.18 vs 0.09), 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.