DFEN vs. HIBL

Last updated Jun 13, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and HIBL (Direxion Daily S&P 500 High Beta Bull 3X Shares) are both Leveraged Equities funds from Direxion - DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%) while HIBL tracks the S&P 500 High Beta Index (300%). Both are passively managed. Over the past 5 years, DFEN returned 29.22%/yr vs 10.57%/yr for HIBL. A 0.67 correlation means they provide meaningful diversification when combined. DFEN charges 0.99%/yr vs 1.12%/yr for HIBL.

Performance

DFEN vs. HIBL - 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 S&P 500 High Beta Bull 3X Shares (HIBL). 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 lower than HIBL's 80.33% return.

DFEN

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

HIBL

• 1D: 4.55%
• 1M: 15.37%
• YTD: 80.33%
• 6M: 73.92%
• 1Y: 226.21%
• 3Y*: 49.52%
• 5Y*: 10.57%
• 10Y*: —

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

DFEN vs. HIBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	-3.01%
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	80.33%	60.38%	-0.40%	81.02%	-68.24%	129.14%	-24.96%	19.23%

Correlation

The correlation between DFEN and HIBL is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019	0.67

The correlation between DFEN and HIBL shifts across timeframes, from 0.50 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

DFEN vs. HIBL - Sectors Allocation Comparison

Sectors	DFEN	HIBL
Industrials	19.7%	11.7%
Technology	0.0%	45.8%
Basic Materials	-	4.6%
Communication Services	-	3.7%
Consumer Cyclical	-	12.9%
Consumer Defensive	-	0.6%
Energy	-	2.2%
Financial Services	-	12.5%
Healthcare	-	2.9%
Real Estate	-	-
Utilities	-	3.2%

Return for Risk

DFEN vs. HIBL — 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

HIBL

HIBL Risk / Return Rank: 88
HIBL Sharpe Ratio Rank: 94
HIBL Sortino Ratio Rank: 78
HIBL Omega Ratio Rank: 78
HIBL Calmar Ratio Rank: 95
HIBL Martin Ratio Rank: 95

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. HIBL - 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 S&P 500 High Beta Bull 3X Shares (HIBL). 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	HIBL	Difference
Sharpe ratio: Return per unit of total volatility	1.18	3.19	-2.01
Sortino ratio: Return per unit of downside risk	1.85	3.01	-1.15
Omega ratio: Gain probability vs. loss probability	1.22	1.40	-0.18
Calmar ratio: Return relative to maximum drawdown	1.85	7.25	-5.40
Martin ratio: Return relative to average drawdown	4.29	25.38	-21.08

DFEN vs. HIBL - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 1.18, which is lower than the HIBL Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of DFEN and HIBL, 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. HIBL - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, roughly equal to the maximum HIBL drawdown of -88.27%. Use the drawdown chart below to compare losses from any high point for DFEN and HIBL.

Drawdown Indicators

	DFEN	HIBL	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-88.27%	-3.09%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-31.39%	-10.36%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	-69.66%	+26.53%
Max Drawdown (5Y) Largest decline over 5 years	-55.30%	-81.58%	+26.28%
Current Drawdown Current decline from peak	-25.87%	-10.19%	-15.68%
Average Drawdown Average peak-to-trough decline	-45.20%	-44.05%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.99%	8.96%	+9.03%

Volatility

DFEN vs. HIBL - Volatility Comparison

The current volatility for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) is 27.31%, while Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a volatility of 34.70%. This indicates that DFEN experiences smaller price fluctuations and is considered to be less risky than HIBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	HIBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.31%	34.70%	-7.39%
Volatility (6M) Calculated over the trailing 6-month period	55.81%	57.54%	-1.73%
Volatility (1Y) Calculated over the trailing 1-year period	65.81%	71.43%	-5.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.74%	83.04%	-22.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.66%	92.32%	-20.66%

DFEN vs. HIBL - Expense Ratio Comparison

DFEN has a 0.99% expense ratio, which is lower than HIBL's 1.12% expense ratio.

Dividends

DFEN vs. HIBL - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.89%, more than HIBL's 1.28% 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%
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	1.28%	2.43%	0.82%	0.69%	0.00%	0.06%	0.19%	0.19%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFEN and HIBL in my portfolio?

DFEN and HIBL have a correlation of 0.50, 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 HIBL?

HIBL has higher volatility (34.70%) compared to DFEN (27.31%). In terms of maximum drawdown, DFEN dropped -91.36% vs HIBL's -88.27%.

Which ETF is better, DFEN or HIBL?

On 5-year performance, DFEN leads with 29.22% vs 10.57% for HIBL. On fees, DFEN is cheaper at 0.99% per year. On volatility, DFEN has been the lower-risk option at 27.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or HIBL?

Over the 5-year period, DFEN has performed better with a 29.22% return vs 10.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or HIBL?

DFEN is cheaper with a 0.99% expense ratio, compared with 1.12% for HIBL.

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

DFEN has the higher dividend yield at 7.89%, compared with 1.28% for HIBL.

What is the main difference between DFEN and HIBL?

DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%), while HIBL tracks S&P 500 High Beta Index (300%). Their fees differ too: 0.99% for DFEN and 1.12% for HIBL.

Which has better risk-adjusted returns?

HIBL currently has the higher Sharpe Ratio (3.19 vs 1.18), 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.