DFEN vs. FGTAX

Last updated Jun 4, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and FGTAX (Fidelity Advisor Mega Cap Stock Fund Class A) are both funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%), while FGTAX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, DFEN returned 26.54%/yr vs 15.99%/yr for FGTAX. A 0.70 correlation means they provide meaningful diversification when combined. DFEN charges 0.99%/yr vs 0.90%/yr for FGTAX.

Performance

DFEN vs. FGTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Fidelity Advisor Mega Cap Stock Fund Class A (FGTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEN achieves a 2.17% return, which is significantly lower than FGTAX's 10.34% return.

DFEN

• 1D: -4.54%
• 1M: 12.97%
• YTD: 2.17%
• 6M: 21.41%
• 1Y: 59.57%
• 3Y*: 63.19%
• 5Y*: 26.54%
• 10Y*: —

FGTAX

• 1D: -0.32%
• 1M: 3.36%
• YTD: 10.34%
• 6M: 12.25%
• 1Y: 30.98%
• 3Y*: 25.22%
• 5Y*: 15.99%
• 10Y*: 16.25%

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

DFEN vs. FGTAX - 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%
FGTAX Fidelity Advisor Mega Cap Stock Fund Class A	10.34%	26.58%	25.62%	26.18%	-9.26%	25.98%	12.59%	30.74%	-7.68%	11.66%

Correlation

The correlation between DFEN and FGTAX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since May 4, 2017	0.70

The correlation between DFEN and FGTAX has been stable across timeframes, ranging from 0.60 to 0.70 - a consistent structural relationship.

Return for Risk

DFEN vs. FGTAX — Risk / Return Rank

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

DFEN

DFEN Risk / Return Rank: 27
DFEN Sharpe Ratio Rank: 26
DFEN Sortino Ratio Rank: 29
DFEN Omega Ratio Rank: 27
DFEN Calmar Ratio Rank: 29
DFEN Martin Ratio Rank: 25

FGTAX

FGTAX Risk / Return Rank: 79
FGTAX Sharpe Ratio Rank: 82
FGTAX Sortino Ratio Rank: 77
FGTAX Omega Ratio Rank: 74
FGTAX Calmar Ratio Rank: 78
FGTAX Martin Ratio Rank: 84

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. FGTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Fidelity Advisor Mega Cap Stock Fund Class A (FGTAX). 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	FGTAX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.67	-1.72
Sortino ratio: Return per unit of downside risk	1.59	3.66	-2.07
Omega ratio: Gain probability vs. loss probability	1.19	1.49	-0.30
Calmar ratio: Return relative to maximum drawdown	1.43	3.53	-2.10
Martin ratio: Return relative to average drawdown	3.44	15.97	-12.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFEN vs. FGTAX - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 0.95, which is lower than the FGTAX Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of DFEN and FGTAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DFEN	FGTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	2.67	-1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.96	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.59	-0.38

Drawdowns

DFEN vs. FGTAX - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than FGTAX's maximum drawdown of -53.07%. Use the drawdown chart below to compare losses from any high point for DFEN and FGTAX.

Drawdown Indicators

	DFEN	FGTAX	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-53.07%	-38.29%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-9.04%	-32.71%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	-18.52%	-24.61%
Max Drawdown (5Y) Largest decline over 5 years	-56.23%	-23.48%	-32.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.21%	—
Current Drawdown Current decline from peak	-33.04%	-0.32%	-32.72%
Average Drawdown Average peak-to-trough decline	-45.27%	-6.78%	-38.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.36%	1.99%	+15.37%

Volatility

DFEN vs. FGTAX - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 22.35% compared to Fidelity Advisor Mega Cap Stock Fund Class A (FGTAX) at 2.71%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than FGTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	FGTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.35%	2.71%	+19.64%
Volatility (6M) Calculated over the trailing 6-month period	53.06%	9.04%	+44.02%
Volatility (1Y) Calculated over the trailing 1-year period	63.21%	11.97%	+51.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.16%	16.68%	+43.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.48%	18.11%	+53.37%

DFEN vs. FGTAX - Expense Ratio Comparison

DFEN has a 0.99% expense ratio, which is higher than FGTAX's 0.90% expense ratio.

Dividends

DFEN vs. FGTAX - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 8.74%, more than FGTAX's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
FGTAX Fidelity Advisor Mega Cap Stock Fund Class A	3.37%	3.72%	2.48%	1.86%	4.17%	4.61%	7.84%	12.91%	21.65%	16.21%	1.75%	3.75%

Frequently Asked Questions

Can I hold both DFEN and FGTAX in my portfolio?

DFEN and FGTAX have a correlation of 0.60, 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 FGTAX?

DFEN has higher volatility (22.35%) compared to FGTAX (2.71%). In terms of maximum drawdown, DFEN dropped -91.36% vs FGTAX's -53.07%.

Which has better risk-adjusted returns?

FGTAX currently has the higher Sharpe Ratio (2.67 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.