DFEN vs. INTW

Last updated Aug 2, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and INTW (GraniteShares 2x Long INTC Daily ETF) are both Leveraged Equities funds. DFEN is passively managed, while INTW is actively managed. Over the past year, DFEN returned 45.63% vs 991.22% for INTW. Their 0.18 correlation means their historical movements had little consistent relationship. DFEN charges 0.96%/yr vs 1.50%/yr for INTW.

Performance

DFEN vs. INTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and GraniteShares 2x Long INTC Daily ETF (INTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEN achieves a 18.12% return, which is significantly lower than INTW's 259.86% return.

DFEN

• 1D: 2.21%
• 1M: -12.11%
• 6M: -5.05%
• YTD: 18.12%
• 1Y: 45.63%
• 3Y*: 65.26%
• 5Y*: 33.44%
• 10Y*: —
• ALL TIME*: 16.64%

INTW

• 1D: -2.27%
• 1M: -47.68%
• 6M: 152.57%
• YTD: 259.86%
• 1Y: 991.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 233.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	$13.59M	$13.06M	$15.26M
INTW GraniteShares 2x Long INTC Daily ETF	$147.32M	$136.96M	$217.62M

DFEN vs. INTW - Yearly Performance Comparison

	2026 (YTD)	2025
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	18.12%	110.23%
INTW GraniteShares 2x Long INTC Daily ETF	259.86%	60.89%

Correlation

The correlation between DFEN and INTW is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.18

DFEN vs. INTW - Sectors Allocation Comparison

Sectors	DFEN	INTW
Industrials	18.5%	-
Basic Materials	0.4%	-
Technology	0.0%	66.6%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DFEN vs. INTW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFEN

DFEN Risk / Return Rank: 30
DFEN Sharpe Ratio Rank: 27
DFEN Sortino Ratio Rank: 34
DFEN Omega Ratio Rank: 32
DFEN Calmar Ratio Rank: 32
DFEN Martin Ratio Rank: 27

INTW

INTW Risk / Return Rank: 97
INTW Sharpe Ratio Rank: 99
INTW Sortino Ratio Rank: 95
INTW Omega Ratio Rank: 93
INTW Calmar Ratio Rank: 99
INTW Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFEN vs. INTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and GraniteShares 2x Long INTC Daily ETF (INTW). 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	INTW	Difference
Sharpe ratio: Return per unit of total volatility	0.64	5.98	-5.34
Sortino ratio: Return per unit of downside risk	1.31	4.00	-2.70
Omega ratio: Gain probability vs. loss probability	1.15	1.49	-0.33
Calmar ratio: Return relative to maximum drawdown	1.05	13.60	-12.55
Martin ratio: Return relative to average drawdown	2.21	36.74	-34.54

DFEN vs. INTW - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 0.64, which is lower than the INTW Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of DFEN and INTW, 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. INTW - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than INTW's maximum drawdown of -69.16%. Use the drawdown chart below to compare losses from any high point for DFEN and INTW.

Drawdown Indicators

	DFEN	INTW	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-69.16%	-22.20%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-69.16%	+27.41%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-51.96%	—	—
Current Drawdown Current decline from peak	-22.59%	-62.96%	+40.37%
Average Drawdown Average peak-to-trough decline	-44.87%	-30.60%	-14.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.77%	25.56%	-5.79%

Volatility

DFEN vs. INTW - Volatility Comparison

The current volatility for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) is 21.99%, while GraniteShares 2x Long INTC Daily ETF (INTW) has a volatility of 48.12%. This indicates that DFEN experiences smaller price fluctuations and is considered to be less risky than INTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	INTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.99%	48.12%	-26.13%
Volatility (6M) Calculated over the trailing 6-month period	55.26%	117.12%	-61.86%
Volatility (1Y) Calculated over the trailing 1-year period	67.94%	157.38%	-89.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.84%	150.65%	-89.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.57%	150.65%	-79.08%

DFEN vs. INTW - Expense Ratio Comparison

DFEN has a 0.96% expense ratio, which is lower than INTW's 1.50% expense ratio.

Dividends

DFEN vs. INTW - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.51%, while INTW 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	7.51%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
INTW GraniteShares 2x Long INTC Daily ETF	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 INTW in my portfolio?

DFEN and INTW have a correlation of 0.17, 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 INTW?

INTW has higher volatility (48.12%) compared to DFEN (21.99%). In terms of maximum drawdown, DFEN dropped -91.36% vs INTW's -69.16%.

Which ETF is better, DFEN or INTW?

On 1-year performance, INTW leads with 991.22% vs 45.63% for DFEN. On fees, DFEN is cheaper at 0.96% per year. On volatility, DFEN has been the lower-risk option at 21.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or INTW?

Over the 1-year period, INTW has performed better with a 991.22% return vs 45.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or INTW?

DFEN is cheaper with a 0.96% expense ratio, compared with 1.50% for INTW.

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

DFEN has the higher dividend yield at 7.51%, compared with 0.00% for INTW.

What is the main difference between DFEN and INTW?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 0.96% for DFEN and 1.50% for INTW.

Which has better risk-adjusted returns?

INTW currently has the higher Sharpe Ratio (5.98 vs 0.64), 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.