PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
DFEN vs. ITA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DFEN vs. ITA

Last updated Jun 23, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and ITA (iShares U.S. Aerospace & Defense ETF) are both exchange-traded funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while ITA is a Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense Index. Both are passively managed. Over the past 5 years, DFEN returned 30.72%/yr vs 17.33%/yr for ITA. With a 1.00 correlation, they move nearly in lockstep. DFEN charges 0.96%/yr vs 0.38%/yr for ITA.

Performance

DFEN vs. ITA - 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 U.S. Aerospace & Defense ETF (ITA). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, DFEN achieves a 15.08% return, which is significantly higher than ITA's 9.85% return.

DFEN

1D
-4.87%
1M
11.39%
YTD
15.08%
6M
7.37%
1Y
78.27%
3Y*
68.61%
5Y*
30.72%
10Y*
—

ITA

1D
-1.46%
1M
4.57%
YTD
9.85%
6M
7.51%
1Y
31.18%
3Y*
28.43%
5Y*
17.33%
10Y*
15.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DFEN vs. ITA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		15.08%156.62%27.07%24.70%6.99%12.72%-70.23%95.09%-32.86%83.64%
ITA
iShares U.S. Aerospace & Defense ETF		9.85%48.64%15.81%14.33%9.96%9.39%-13.57%30.51%-7.22%23.57%

Correlation

The correlation between DFEN and ITA is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

1.00

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

1.00

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

1.00

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

1.00

The correlation between DFEN and ITA has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

DFEN vs. ITA - Sectors Allocation Comparison

Sectors
DFEN
ITA

Industrials

18.7%
99.6%

Technology

0.0%
0.1%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Utilities

-

-

Industrials

DFEN
18.7%
ITA
99.6%

Technology

DFEN
0.0%
ITA
0.1%

Basic Materials

DFEN

-

ITA

-

Communication Services

DFEN

-

ITA

-

Consumer Cyclical

DFEN

-

ITA

-

Consumer Defensive

DFEN

-

ITA

-

Energy

DFEN

-

ITA

-

Financial Services

DFEN

-

ITA

-

Healthcare

DFEN

-

ITA

-

Real Estate

DFEN

-

ITA

-

Utilities

DFEN

-

ITA

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Aerospace & Defense Bull 3X Shares

iShares U.S. Aerospace & Defense ETF

Often compared with DFEN:
DFEN vs. XARDFEN vs. PPADFEN vs. SOXLDFEN vs. SPXLDFEN vs. VOODFEN vs. EUDF.DEDFEN vs. TECL
Often compared with ITA:
ITA vs. XARITA vs. PPAITA vs. SHLDITA vs. ARKXITA vs. VOOITA vs. FSDAXITA vs. XLI

Return for Risk

DFEN vs. ITA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DFEN
DFEN Risk / Return Rank: 3535
Overall Rank
DFEN Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
DFEN Sortino Ratio Rank: 3737
Sortino Ratio Rank
DFEN Omega Ratio Rank: 3333
Omega Ratio Rank
DFEN Calmar Ratio Rank: 3939
Calmar Ratio Rank
DFEN Martin Ratio Rank: 3131
Martin Ratio Rank
ITA
ITA Risk / Return Rank: 3939
Overall Rank
ITA Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
ITA Sortino Ratio Rank: 4242
Sortino Ratio Rank
ITA Omega Ratio Rank: 3838
Omega Ratio Rank
ITA Calmar Ratio Rank: 4141
Calmar Ratio Rank
ITA Martin Ratio Rank: 3535
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. ITA - 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 U.S. Aerospace & Defense ETF (ITA). 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.

DFENITADifference
Sharpe ratioReturn per unit of total volatility
1.19
1.43

-0.24

Sortino ratioReturn per unit of downside risk
1.86
2.10

-0.24

Omega ratioGain probability vs. loss probability

1.22

1.25

-0.03

Calmar ratioReturn relative to maximum drawdown

1.88

1.98

-0.09

Martin ratioReturn relative to average drawdown

4.31

5.21

-0.90

DFEN vs. ITA - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 1.19, which is comparable to the ITA Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of DFEN and ITA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

DFEN vs. ITA - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than ITA's maximum drawdown of -59.72%. Use the drawdown chart below to compare losses from any high point for DFEN and ITA.

Loading charts...

Drawdown Indicators

DFENITADifference

Max Drawdown

Largest peak-to-trough decline

-91.36%

-59.72%

-31.64%

Max Drawdown (1Y)

Largest decline over 1 year

-41.75%

-15.82%

-25.93%

Max Drawdown (3Y)

Largest decline over 3 years

-43.13%

-15.82%

-27.31%

Max Drawdown (5Y)

Largest decline over 5 years

-55.30%

-18.72%

-36.58%

Max Drawdown (10Y)

Largest decline over 10 years

—

-51.00%

—

Current Drawdown

Current decline from peak

-24.59%

-5.89%

-18.70%

Average Drawdown

Average peak-to-trough decline

-45.14%

-9.45%

-35.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.23%

6.00%

+12.23%

Volatility

DFEN vs. ITA - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 25.05% compared to iShares U.S. Aerospace & Defense ETF (ITA) at 8.50%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than ITA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

DFENITADifference

Volatility (1M)

Calculated over the trailing 1-month period

25.05%

8.50%

+16.55%

Volatility (6M)

Calculated over the trailing 6-month period

56.07%

18.55%

+37.52%

Volatility (1Y)

Calculated over the trailing 1-year period

66.43%

21.95%

+44.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

60.78%

20.23%

+40.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

71.64%

23.26%

+48.38%

DFEN vs. ITA - Expense Ratio Comparison

DFEN has a 0.96% expense ratio, which is higher than ITA's 0.38% expense ratio.

Dividends

DFEN vs. ITA - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.76%, more than ITA's 0.45% yield.

PositionTTM20252024202320222021202020192018201720162015
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		7.76%8.89%14.12%1.13%0.46%1.89%0.48%0.50%1.07%1.50%0.00%0.00%
ITA
iShares U.S. Aerospace & Defense ETF		0.45%0.55%0.85%0.93%0.95%0.82%1.07%1.54%1.13%0.91%1.07%1.04%

Frequently Asked Questions

With a correlation of 1.00, DFEN and ITA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

DFEN has higher volatility (25.05%) compared to ITA (8.50%). In terms of maximum drawdown, DFEN dropped -91.36% vs ITA's -59.72%.

On 5-year performance, DFEN leads with 30.72% vs 17.33% for ITA. On fees, ITA is cheaper at 0.38% per year. On volatility, ITA has been the lower-risk option at 8.50%. 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 30.72% return vs 17.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ITA is cheaper with a 0.38% expense ratio, compared with 0.96% for DFEN.

DFEN has the higher dividend yield at 7.76%, compared with 0.45% for ITA.

DFEN is categorized as Leveraged Equities, while ITA is Aerospace & Defense. DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while ITA tracks Dow Jones U.S. Select Aerospace & Defense Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 0.96% for DFEN and 0.38% for ITA.

ITA currently has the higher Sharpe Ratio (1.43 vs 1.19), 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.

Portfolio Optimizer

Find the right allocation for DFEN and ITA

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer