DFEN vs. FNGU

Last updated Jun 13, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and FNGU (MicroSectors FANG+ 3X Leveraged ETNs) are both Leveraged Equities funds - DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%) while FNGU tracks the NYSE FANG+ Index (Gross Total Return) (300%). Both are passively managed. Over the past year, DFEN returned 76.99% vs 21.24% for FNGU. At a 0.44 correlation, their price movements are largely independent. DFEN charges 0.99%/yr vs 2.60%/yr for FNGU.

Performance

DFEN vs. FNGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU). 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 FNGU's 3.96% return.

DFEN

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

FNGU

• 1D: -2.52%
• 1M: -12.41%
• YTD: 3.96%
• 6M: -3.67%
• 1Y: 21.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFEN vs. FNGU - Yearly Performance Comparison

	2026 (YTD)	2025
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	119.03%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	3.96%	3.02%

Correlation

The correlation between DFEN and FNGU is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.44

DFEN vs. FNGU - Sectors Allocation Comparison

Sectors	DFEN	FNGU
Industrials	19.7%	-
Technology	0.0%	60.6%
Basic Materials	-	-
Communication Services	-	29.8%
Consumer Cyclical	-	9.6%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DFEN vs. FNGU — 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

FNGU

FNGU Risk / Return Rank: 16
FNGU Sharpe Ratio Rank: 15
FNGU Sortino Ratio Rank: 19
FNGU Omega Ratio Rank: 19
FNGU Calmar Ratio Rank: 14
FNGU Martin Ratio Rank: 14

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. FNGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU). 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	FNGU	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.35	+0.83
Sortino ratio: Return per unit of downside risk	1.85	0.87	+0.98
Omega ratio: Gain probability vs. loss probability	1.22	1.11	+0.11
Calmar ratio: Return relative to maximum drawdown	1.85	0.36	+1.50
Martin ratio: Return relative to average drawdown	4.29	0.85	+3.44

DFEN vs. FNGU - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 1.18, which is higher than the FNGU Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of DFEN and FNGU, 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. FNGU - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than FNGU's maximum drawdown of -61.30%. Use the drawdown chart below to compare losses from any high point for DFEN and FNGU.

Drawdown Indicators

	DFEN	FNGU	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-61.30%	-30.06%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-59.55%	+17.80%
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%	-27.36%	+1.49%
Average Drawdown Average peak-to-trough decline	-45.20%	-22.25%	-22.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.99%	24.91%	-6.92%

Volatility

DFEN vs. FNGU - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and MicroSectors FANG+ 3X Leveraged ETNs (FNGU) have volatilities of 27.31% and 27.31%, 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	FNGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.31%	27.31%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	55.81%	50.15%	+5.66%
Volatility (1Y) Calculated over the trailing 1-year period	65.81%	61.43%	+4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.74%	79.93%	-19.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.66%	79.93%	-8.27%

DFEN vs. FNGU - Expense Ratio Comparison

DFEN has a 0.99% expense ratio, which is lower than FNGU's 2.60% expense ratio.

Dividends

DFEN vs. FNGU - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.89%, while FNGU 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	7.89%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
FNGU MicroSectors FANG+ 3X Leveraged ETNs	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 FNGU in my portfolio?

DFEN and FNGU have a correlation of 0.36, 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 FNGU?

FNGU has higher volatility (27.31%) compared to DFEN (27.31%). In terms of maximum drawdown, DFEN dropped -91.36% vs FNGU's -61.30%.

Which ETF is better, DFEN or FNGU?

On 1-year performance, DFEN leads with 76.99% vs 21.24% for FNGU. On fees, DFEN is cheaper at 0.99% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or FNGU?

Over the 1-year period, DFEN has performed better with a 76.99% return vs 21.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or FNGU?

DFEN is cheaper with a 0.99% expense ratio, compared with 2.60% for FNGU.

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

DFEN has the higher dividend yield at 7.89%, compared with 0.00% for FNGU.

What is the main difference between DFEN and FNGU?

DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%), while FNGU tracks NYSE FANG+ Index (Gross Total Return) (300%). They also come from different issuers: Direxion and Bank of Montreal. Their fees differ too: 0.99% for DFEN and 2.60% for FNGU.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.18 vs 0.35), 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.