DFEN vs. NGD

Last updated Jun 13, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) is Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%), while NGD (New Gold Inc.) is a stock. At a 0.15 correlation, their price movements are largely independent.

Performance

DFEN vs. NGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and New Gold Inc. (NGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DFEN

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

NGD

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFEN vs. NGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
NGD New Gold Inc.	4.25%	251.21%	69.86%	48.98%	-34.67%	-31.51%	148.86%	16.28%	-77.00%	19.64%

Correlation

The correlation between DFEN and NGD is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.15

The correlation between DFEN and NGD shifts across timeframes, from 0.15 (all time) to 0.27 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DFEN vs. NGD — 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

NGD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and New Gold Inc. (NGD). 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	NGD	Difference
Sharpe ratio: Return per unit of total volatility	1.18	—	—
Sortino ratio: Return per unit of downside risk	1.85	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.85	—	—
Martin ratio: Return relative to average drawdown	4.29	—	—

Drawdowns

Drawdown Indicators

	DFEN	NGD	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-55.30%	—	—
Current Drawdown Current decline from peak	-25.87%	—	—
Average Drawdown Average peak-to-trough decline	-45.20%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	17.99%	—	—

Volatility

Volatility by Period

	DFEN	NGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.31%	—	—
Volatility (6M) Calculated over the trailing 6-month period	55.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	65.81%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.74%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.66%	—	—

Dividends

DFEN vs. NGD - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.89%, while NGD 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	7.89%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
NGD New Gold Inc.	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 NGD in my portfolio?

DFEN and NGD have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.