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DFEN vs. ICSH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DFEN vs. ICSH

Last updated Jun 13, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and ICSH (iShares Ultra Short Duration Bond Active ETF) are both exchange-traded funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%), while ICSH is a Ultrashort Bond fund actively managed by iShares. DFEN is passively managed, while ICSH is actively managed. Over the past 5 years, DFEN returned 29.22%/yr vs 3.69%/yr for ICSH. At a 0.06 correlation, their price movements are largely independent. DFEN charges 0.99%/yr vs 0.08%/yr for ICSH.

Performance

DFEN vs. ICSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and iShares Ultra Short Duration Bond Active ETF (ICSH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DFEN achieves a 13.12% return, which is significantly higher than ICSH's 1.53% return.

DFEN

1D
-2.71%
1M
9.77%
YTD
13.12%
6M
20.44%
1Y
75.01%
3Y*
64.38%
5Y*
29.22%
10Y*
—

ICSH

1D
0.00%
1M
0.32%
YTD
1.53%
6M
1.81%
1Y
4.32%
3Y*
5.16%
5Y*
3.69%
10Y*
2.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DFEN vs. ICSH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		13.12%156.62%27.07%24.70%6.99%12.72%-70.23%95.09%-32.86%83.64%
ICSH
iShares Ultra Short Duration Bond Active ETF		1.53%4.96%5.52%5.58%0.97%0.16%1.61%3.17%2.25%1.02%

Correlation

The correlation between DFEN and ICSH is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.20

Correlation (3Y)
Calculated over the trailing 3-year period

0.11

Correlation (5Y)
Calculated over the trailing 5-year period

0.10

Correlation (All Time)
Calculated using the full available price history since May 3, 2017

0.06

The correlation between DFEN and ICSH shifts across timeframes, from 0.06 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

DFEN vs. ICSH - Sectors Allocation Comparison

Sectors
DFEN
ICSH

Industrials

19.7%

-

Technology

0.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Utilities

-

100.0%

Industrials

DFEN
19.7%
ICSH

-

Technology

DFEN
0.0%
ICSH

-

Basic Materials

DFEN

-

ICSH

-

Communication Services

DFEN

-

ICSH

-

Consumer Cyclical

DFEN

-

ICSH

-

Consumer Defensive

DFEN

-

ICSH

-

Energy

DFEN

-

ICSH

-

Financial Services

DFEN

-

ICSH

-

Healthcare

DFEN

-

ICSH

-

Real Estate

DFEN

-

ICSH

-

Utilities

DFEN

-

ICSH
100.0%

Compare stocks, funds, or ETFs

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Direxion Daily Aerospace & Defense Bull 3X Shares

iShares Ultra Short Duration Bond Active ETF

Often compared with DFEN:
DFEN vs. ITADFEN vs. XARDFEN vs. PPADFEN vs. SOXLDFEN vs. VOODFEN vs. SPXLDFEN vs. EUDF.DE
Often compared with ICSH:
ICSH vs. SGOVICSH vs. JPSTICSH vs. PULSICSH vs. SPAXXICSH vs. BILICSH vs. FLDRICSH vs. SHV

Return for Risk

DFEN vs. ICSH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DFEN
DFEN Risk / Return Rank: 3838
Overall Rank
DFEN Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
DFEN Sortino Ratio Rank: 4040
Sortino Ratio Rank
DFEN Omega Ratio Rank: 3636
Omega Ratio Rank
DFEN Calmar Ratio Rank: 4242
Calmar Ratio Rank
DFEN Martin Ratio Rank: 3333
Martin Ratio Rank
ICSH
ICSH Risk / Return Rank: 9999
Overall Rank
ICSH Sharpe Ratio Rank: 100100
Sharpe Ratio Rank
ICSH Sortino Ratio Rank: 9999
Sortino Ratio Rank
ICSH Omega Ratio Rank: 9999
Omega Ratio Rank
ICSH Calmar Ratio Rank: 9999
Calmar Ratio Rank
ICSH Martin Ratio Rank: 9999
Martin Ratio Rank
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. ICSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and iShares Ultra Short Duration Bond Active ETF (ICSH). 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.

DFENICSHDifference
Sharpe ratioReturn per unit of total volatility
1.18
10.98

-9.81

Sortino ratioReturn per unit of downside risk
1.85
27.49

-25.64

Omega ratioGain probability vs. loss probability

1.22

6.59

-5.37

Calmar ratioReturn relative to maximum drawdown

1.85

43.88

-42.02

Martin ratioReturn relative to average drawdown

4.29

290.20

-285.91

DFEN vs. ICSH - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 1.18, which is lower than the ICSH Sharpe Ratio of 10.98. The chart below compares the historical Sharpe Ratios of DFEN and ICSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

DFEN vs. ICSH - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than ICSH's maximum drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for DFEN and ICSH.

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Drawdown Indicators

DFENICSHDifference

Max Drawdown

Largest peak-to-trough decline

-91.36%

-3.94%

-87.42%

Max Drawdown (1Y)

Largest decline over 1 year

-41.75%

-0.10%

-41.65%

Max Drawdown (3Y)

Largest decline over 3 years

-43.13%

-0.10%

-43.03%

Max Drawdown (5Y)

Largest decline over 5 years

-55.30%

-0.73%

-54.57%

Max Drawdown (10Y)

Largest decline over 10 years

—

-3.94%

—

Current Drawdown

Current decline from peak

-25.87%

0.00%

-25.87%

Average Drawdown

Average peak-to-trough decline

-45.20%

-0.08%

-45.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.99%

0.01%

+17.98%

Volatility

DFEN vs. ICSH - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 27.31% compared to iShares Ultra Short Duration Bond Active ETF (ICSH) at 0.13%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DFENICSHDifference

Volatility (1M)

Calculated over the trailing 1-month period

27.31%

0.13%

+27.18%

Volatility (6M)

Calculated over the trailing 6-month period

55.81%

0.29%

+55.52%

Volatility (1Y)

Calculated over the trailing 1-year period

65.81%

0.39%

+65.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

60.74%

0.48%

+60.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

71.66%

1.06%

+70.60%

DFEN vs. ICSH - Expense Ratio Comparison

DFEN has a 0.99% expense ratio, which is higher than ICSH's 0.08% expense ratio.

Dividends

DFEN vs. ICSH - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.89%, more than ICSH's 4.34% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
ICSH
iShares Ultra Short Duration Bond Active ETF		4.34%4.55%5.24%4.78%1.66%0.42%1.21%2.61%2.20%1.36%0.88%0.54%

Frequently Asked Questions

DFEN and ICSH have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DFEN has higher volatility (27.31%) compared to ICSH (0.13%). In terms of maximum drawdown, DFEN dropped -91.36% vs ICSH's -3.94%.

On 5-year performance, DFEN leads with 29.22% vs 3.69% for ICSH. On fees, ICSH is cheaper at 0.08% per year. On volatility, ICSH has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, DFEN has performed better with a 29.22% return vs 3.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ICSH is cheaper with a 0.08% expense ratio, compared with 0.99% for DFEN.

DFEN has the higher dividend yield at 7.89%, compared with 4.34% for ICSH.

DFEN is categorized as Leveraged Equities, while ICSH is Ultrashort Bond. They also come from different issuers: Direxion and iShares. Their fees differ too: 0.99% for DFEN and 0.08% for ICSH.

ICSH currently has the higher Sharpe Ratio (10.98 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.

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