DFEN vs. FAS

Last updated Aug 2, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and FAS (Direxion Daily Financial Bull 3X ETF) are both Leveraged Equities funds from Direxion - DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily) while FAS tracks the Financial Select Sector Index. Both are passively managed. Over the past 5 years, DFEN returned 33.44%/yr vs 13.37%/yr for FAS. Their 0.65 correlation means they have sometimes moved together and sometimes differently. DFEN charges 0.96%/yr vs 0.88%/yr for FAS.

Performance

DFEN vs. FAS - 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 Financial Bull 3X ETF (FAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEN achieves a 18.12% return, which is significantly higher than FAS's 4.28% return.

DFEN

• 1D: 2.21%
• 1M: -12.11%
• 6M: -5.05%
• YTD: 18.12%
• 1Y: 45.63%
• 3Y*: 65.26%
• 5Y*: 33.44%
• 10Y*: —
• ALL TIME*: 16.64%

FAS

• 1D: -0.26%
• 1M: 6.21%
• 6M: 13.95%
• YTD: 4.28%
• 1Y: 20.90%
• 3Y*: 39.15%
• 5Y*: 13.37%
• 10Y*: 22.40%
• ALL TIME*: 14.10%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	$13.59M	$13.06M	$15.26M
FAS Direxion Daily Financial Bull 3X ETF	$68.48M	$83.31M	$86.79M

DFEN vs. FAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	18.12%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%
FAS Direxion Daily Financial Bull 3X ETF	4.28%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	53.01%

Correlation

The correlation between DFEN and FAS is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (5Y) Shows whether the relationship held over a longer period.	0.61
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.65

Over the past year, the correlation between DFEN and FAS has dropped to 0.39 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

DFEN vs. FAS - Sectors Allocation Comparison

Sectors	DFEN	FAS
Industrials	18.5%	0.2%
Basic Materials	0.4%	-
Technology	0.0%	1.6%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	98.2%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DFEN vs. FAS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFEN

DFEN Risk / Return Rank: 30
DFEN Sharpe Ratio Rank: 27
DFEN Sortino Ratio Rank: 34
DFEN Omega Ratio Rank: 32
DFEN Calmar Ratio Rank: 32
DFEN Martin Ratio Rank: 27

FAS

FAS Risk / Return Rank: 19
FAS Sharpe Ratio Rank: 18
FAS Sortino Ratio Rank: 21
FAS Omega Ratio Rank: 21
FAS Calmar Ratio Rank: 17
FAS Martin Ratio Rank: 16

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFEN vs. FAS - 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 Financial Bull 3X ETF (FAS). 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	FAS	Difference
Sharpe ratio: Return per unit of total volatility	0.64	0.33	+0.32
Sortino ratio: Return per unit of downside risk	1.31	0.73	+0.58
Omega ratio: Gain probability vs. loss probability	1.15	1.09	+0.06
Calmar ratio: Return relative to maximum drawdown	1.05	0.35	+0.70
Martin ratio: Return relative to average drawdown	2.21	0.78	+1.43

DFEN vs. FAS - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 0.64, which is higher than the FAS Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of DFEN and FAS, 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. FAS - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, roughly equal to the maximum FAS drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for DFEN and FAS.

Drawdown Indicators

	DFEN	FAS	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-91.61%	+0.25%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-40.88%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	-43.10%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-51.96%	-66.88%	+14.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-85.99%	—
Current Drawdown Current decline from peak	-22.59%	-4.32%	-18.27%
Average Drawdown Average peak-to-trough decline	-44.87%	-30.97%	-13.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.77%	18.40%	+1.37%

Volatility

DFEN vs. FAS - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 21.99% compared to Direxion Daily Financial Bull 3X ETF (FAS) at 11.99%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than FAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	FAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.99%	11.99%	+10.00%
Volatility (6M) Calculated over the trailing 6-month period	55.26%	32.90%	+22.36%
Volatility (1Y) Calculated over the trailing 1-year period	67.94%	43.83%	+24.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.84%	54.99%	+5.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.57%	61.11%	+10.46%

DFEN vs. FAS - Expense Ratio Comparison

DFEN has a 0.96% expense ratio, which is higher than FAS's 0.88% expense ratio.

Dividends

DFEN vs. FAS - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.51%, less than FAS's 8.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.51%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
FAS Direxion Daily Financial Bull 3X ETF	8.05%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%

Frequently Asked Questions

Can I hold both DFEN and FAS in my portfolio?

DFEN and FAS have a correlation of 0.39, 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 FAS?

DFEN has higher volatility (21.99%) compared to FAS (11.99%). In terms of maximum drawdown, DFEN dropped -91.36% vs FAS's -91.61%.

Which ETF is better, DFEN or FAS?

On 5-year performance, DFEN leads with 33.44% vs 13.37% for FAS. On fees, FAS is cheaper at 0.88% per year. On volatility, FAS has been the lower-risk option at 11.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or FAS?

Over the 5-year period, DFEN has performed better with a 33.44% return vs 13.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or FAS?

FAS is cheaper with a 0.88% expense ratio, compared with 0.96% for DFEN.

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

FAS has the higher dividend yield at 8.05%, compared with 7.51% for DFEN.

What is the main difference between DFEN and FAS?

DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while FAS tracks Financial Select Sector Index. Their fees differ too: 0.96% for DFEN and 0.88% for FAS.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (0.64 vs 0.33), 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.