DFEN vs. IFED
DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, DFEN returned 68.94%/yr vs 15.90%/yr for IFED. A 0.61 correlation means they provide meaningful diversification when combined. DFEN charges 0.96%/yr vs 0.45%/yr for IFED.
Performance
DFEN vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, DFEN achieves a 15.77% return, which is significantly higher than IFED's -4.64% return.
DFEN
- 1D
- 0.08%
- 1M
- 12.05%
- YTD
- 15.77%
- 6M
- 6.52%
- 1Y
- 75.05%
- 3Y*
- 68.94%
- 5Y*
- 29.60%
- 10Y*
- —
IFED
- 1D
- -1.62%
- 1M
- 0.81%
- YTD
- -4.64%
- 6M
- -5.76%
- 1Y
- -0.20%
- 3Y*
- 15.90%
- 5Y*
- —
- 10Y*
- —
DFEN vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 15.77% | 156.62% | 27.07% | 24.70% | 6.99% | -2.61% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -4.64% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between DFEN and IFED is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.61 |
Over the past year, the correlation between DFEN and IFED has dropped to 0.38 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
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Return for Risk
DFEN vs. IFED — Risk / Return Rank
DFEN
IFED
DFEN vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.01 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | -0.01 | +1.82 |
| Martin ratioReturn relative to average drawdown | 4.10 | -0.03 | +4.14 |
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Drawdowns
DFEN vs. IFED - Drawdown Comparison
The maximum DFEN drawdown since its inception was -91.36%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for DFEN and IFED.
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Drawdown Indicators
| DFEN | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.36% | -22.36% | -69.00% |
Max Drawdown (1Y)Largest decline over 1 year | -41.75% | -14.65% | -27.10% |
Max Drawdown (3Y)Largest decline over 3 years | -43.13% | -22.36% | -20.77% |
Max Drawdown (5Y)Largest decline over 5 years | -55.30% | — | — |
Current DrawdownCurrent decline from peak | -24.13% | -6.60% | -17.53% |
Average DrawdownAverage peak-to-trough decline | -45.13% | -5.83% | -39.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.36% | 5.90% | +12.46% |
Volatility
DFEN vs. IFED - Volatility Comparison
Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 24.94% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 6.86%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFEN | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.94% | 6.86% | +18.08% |
Volatility (6M)Calculated over the trailing 6-month period | 55.34% | 13.89% | +41.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.15% | 16.90% | +49.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.76% | 19.92% | +40.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.61% | 19.92% | +51.69% |
DFEN vs. IFED - Expense Ratio Comparison
DFEN has a 0.96% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
DFEN vs. IFED - Dividend Comparison
DFEN's dividend yield for the trailing twelve months is around 7.66%, while IFED 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 | 7.66% | 8.89% | 14.12% | 1.13% | 0.46% | 1.89% | 0.48% | 0.50% | 1.07% | 1.50% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DFEN and IFED have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFEN has higher volatility (24.94%) compared to IFED (6.86%). In terms of maximum drawdown, DFEN dropped -91.36% vs IFED's -22.36%.
On 3-year performance, DFEN leads with 68.94% vs 15.90% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 6.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DFEN has performed better with a 68.94% return vs 15.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.96% for DFEN.
DFEN has the higher dividend yield at 7.66%, compared with 0.00% for IFED.
DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: Direxion and UBS. Their fees differ too: 0.96% for DFEN and 0.45% for IFED.
DFEN currently has the higher Sharpe Ratio (1.14 vs -0.01), 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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